"RENQ is a Unified Platform toa Decentralized World"
No Registration, No KYC, Truly Decentralized
Renq aims to connect all isolated blockchains and establish across-chain asset exchange network, providing all necessary
underlying support for the DeFi ecosystem. Let every digital asset
holder experience a truly safe, free and transparent DeFi service.

Abstract
One of the most significant changes in human history in the twentyfirst century has been the paradigm shift toward financial
decentralization. There are many benefits to leaving the centralized
financial system, but there are also economic biases in the end. Any
economy must have financial democracy to thrive, and fortunately,
this process has already started with the development ofcryptocurrencies and blockchain technology. Many centralizedexchanges today provide excellent services (convenience anddependability for their users), but they are run by centralized
authorities that go against the fundamental tenets of blockchain
technology—anonymity, transparency, and control. Conversely, wellestablished decentralized exchanges provide excellent anonymity
and trust but fall short in terms of efficiency and convenience.
A protocol that successfully combines the benefits of both
centralized and decentralized exchanges is desperately needed
to hasten the adoption of cryptocurrencies and decentralized
finance as a whole. There have been numerous attempts to solve
this issue, but the majority have been unsuccessful.

ABSTRACT

Renq is a community-driven organization that is established to finda solution to what has been referred to as the "liquidity problem."
One way to think about this issue is that it pertains to the incapacityof various types of liquidity to connect with markets in adecentralized manner, and vice versa. Renq's progress is designed
to create a wider variety of network effects, in contrast to theincrementally progressive advances that other solutions provide
toward the solution of the liquidity problem. Renq does not restrict
itself to a single solution; rather, it weaves together a number ofdifferent decentralized markets and instruments.

Renq's mission is to offer a comprehensive solution that isaccessible to all types of traders, from novices to seasoned
professionals. At the moment, new users are forced to use
centralized exchanges because it is simpler for them to doso. However, with Renq wallet, new users will be able to enjoy
all of the benefits of centralized exchanges while using adecentralized solution.

In the world of Web3, there is a proverb that goes like this: "Not yourkeys, not your coins." When users trade on a centralized exchange,
they do not retain full custody of their assets. The custody is held by
the exchange. Users of Renq receive full custody of their assets whenusing the platform. The top-level security provided by Renq Walletguarantees that all users' transactions are kept safe while the walletparses call data and displays the information in a way that isfriendly to users. Technology known as Renq Enclave is turned on bydefault. Renq would also provide an extra layer of security bykeeping optional Two-factor authentication (2FA) for users to keep
their seed/private key secure. This ensures that Renq users havesecurity similar to a centralized exchange while keeping the fullcustody of their assets.

Table of Contents
1

Introduction

7

RENQ Token

2

Total Accessible Market

8

Governance3

Problems in Current Market

9Roadmap

4

The Need of DeFi

10

Team

5

Renq's Solution

11

Community

6

Ecosystem

12

Acknowledgments

13

Disclaimer

14

Risk Assessment

WalletSwap
Exchange
Aggregation Protocol
Bridge
Farms
Pools
Vault
Lending Protocol
Perpetuals
Options
DeFi Launchpad
NFT Launchpad

Introduction
The proliferation of blockchains has made it possible for anyone toown and transfer assets over an open network without having to relyon third parties. Unlike existing financial architecture, blockchainsare globally accessible and freely accessible. This has resulted in a
substantial and rapidly expanding quantity of digital assets existingon the blockchain. Existing and developing centralized anddecentralized platforms designed to facilitate the efficientexchange of these assets are numerous. Such platforms permit
investors to hold long positions in diverse assets. Nevertheless, it iscurrently extremely challenging or impossible to take more complex
financial positions.

Renq enables the creation of entirely new
asset classes whose value is derived from blockchainbased assets. Financial products such as derivatives andmargin trades enable investors to achieve superior portfolio
risk management and open up new speculation avenues. In
addition, they increase market efficiency for the underlying asset byfacilitating price discovery and permitting individuals to express morenuanced opinions on price and volatility. Renq offers advantages overconventional financial products by eliminating the need for aregulated central clearing house, providing global and equal access,and granting users permanent control over their funds. The derivatives
market on existing financial infrastructure is vastly larger than any
other market for financial assets. It is estimated to be greater than $1.2
quadrillion, or more than 10 times the global GDP. We believe that asdecentralized platforms mature and begin to offer substantial
advantages over traditional financial systems, a growing number of
traditional assets will be listed on the blockchain. Renq will provide anumber of decentralized protocols that implement a variety of cryptoasset-based financial products.

Total Accessible Market
The global market for Decentralized Finance (DeFi) platforms is projected to reach
USD 507,92 billion by 2028, at a CAGR of 43.8%, according to the most recent reportby Emergen Research. DeFi is a decentralized financial platform that can replaceintermediaries like banks and brokerages. It facilitates automatic contract
execution and interest payment management. These factors are anticipated tostimulate revenue expansion in the DeFi platforms market.

Transparent financial transactions on DeFi platforms and real-time payment
settlements are major market growth drivers. Using smart contracts, DeFi
platforms help automate a variety of financial services. It is a peer-to-peer
financial services system where users can access services such as borrowings,
derivatives, and margin trading without a central intermediary. However, DeFi
platforms are distinct from conventional banks, and users may be exposed to avariety of risks during transactions.

In recent years, the DeFi platform market has gained popularity among cryptoenthusiasts and attracted investors from all over the world. This blockchain-based
platform aims to replace centralized financial institutions because it does notcollect transaction fees and charges. The DeFi platform provides an extensive arrayof financial services, including asset management, borrowing, lending, and trading,which is driving market expansion.

Problems in Current Market
Cryptocurrencies and the blockchain industry as a whole were founded on
the premise of making finance more inclusive, transparent, efficient, and,most importantly, independent of the vast majority of rigid financial
institutions and other participants such as Wall Street. As this nascentindustry continued to gain traction across the globe, however, "big money"
players began to take notice, and massive amounts of institutional capitalbegan to flow in, acting as one of the most significant catalysts for thecrypto market's constantly renewing all-time highs not so long ago.
As the industry became increasingly "institutionalized," the most successful
entities in the sector turned out to be centralized crypto exchanges (CEXs)
and other platforms where, despite their ostensibly decentralized
foundations, complete control over decision-making processes wascentralized in the hands of a small number of individuals or organisations.
Even then, most things were proceeding smoothly, until they weren't.
In the past few months, a string of high-profile disasters have engulfed
some of the biggest names in the cryptocurrency industry, including
Terra Network, major lending platform Celsius, and most recently,
behemoth exchange FTX.
While some observers may argue that all of them were the result of "foulplay" — i.e., large competitors "bullying" each other — this does not change
the fact that those companies were inherently prone to such mishaps
due to their highly centralized nature and resulting lack of transparency,
where complete control and power have been centralized in the hands ofa single entity.
Does this indicate that the utopian vision of a decentralized global economy
arrived dead? Not even close. Recent examples have demonstrated, however,that only by adhering to Bitcoin's founding principles of decentralization andtransparency can the industry move forward with confidence. And there isalready a sector that, due to its inherent characteristics and principles, isperhaps the closest to this vision: decentralized finance (DeFi).

The Need of DeFi
DeFi platforms are distinguished from their centralized counterparts by
their strict adherence to autonomous smart contracts — the majority ofwhich are open-sourced, meaning that literally anyone can "look under
the hood" and verify what's going on inside.
Developers of DeFi platforms cannot easily "misappropriate customer
funds" without additional shenanigans, such as utilizing their massive
holdings in community voting. While developers can still modify the smart
contracts of their platforms in the future, this is typically done bypublishing new proposals and asking their communities for approval. The
majority of the time, DeFi platforms operate automatically and according
to their code.
Even though this system is not completely "bulletproof," it is leagues
ahead of centralized finance in terms of transparency and fairness,
providing users with a diverse and inclusive environment in which theyretain complete control over their assets.
In contrast to CEXs, which hold users' funds on their behalf, DeFi platforms
cannot act unilaterally with people's funds. The phrase "Not your keys, notyour coins" has become so popular for a reason, and the failure of FTX
lends it even more credence. In general, it is advisable to always maintaincontrol over your assets, even if you are actively trading with them.
This is precisely what DeFi enables individuals to do. Working
autonomously, decentralized exchanges facilitate transactions but do nothold users' cryptocurrencies in custody. This enables, among other things,
the avoidance of so-called "liquidity crunches" — situations in which a
cryptocurrency exchange is forced to freeze withdrawals because it lacks
sufficient assets.
Moreover, a number of CEXs have previously stated in their user
agreements that customers' digital assets lack bankruptcy protections"because custodially held crypto assets could be considered the property
of a bankruptcy estate" and "could be subject to bankruptcy
proceedings," thereby treating users as general unsecured creditors. Or, inother instances, a CEX may accidentally send millions of dollars worth ofcryptocurrency under their custody to an incorrect address.

Solution
It is common knowledge that decentralized exchanges provide
users with anonymity, security, and transparency. The vast majority
of decentralized exchanges available on the market at the moment
are performing exceptionally well in these areas. However, they arestill plagued by cons such as failed trades, delayed order execution,
front-running, high slippage, and the absence of many otheradvanced features that are being offered by centralized exchanges.
These cons are still present in decentralized exchanges.
The presence of these factors makes it less likely for traders tochoose decentralized exchanges. They would rather use acentralized exchange that doesn't have any of these disadvantages
and has many different offerings aggregated onto a single platform.
However, by doing this, they will give up control of their financial
resources.

With Renq Exchange, that won't be the case. Renq, an innovative
multi chain non-custodial decentralized exchange, elevates
decentralized trading by providing users with a direct trading option
through their wallet app. Comparatively to centralized exchanges
like Binance or Coinbase.

Renq will utilize a hybrid infrastructure model, a combination of onchain and off-chain. In contrast to the AMM model, Renq will offer
institutional, liquid, and slippage-free trading to the DeFi community.
The trades will be executed via the off-chain order book, which will
provide a speed advantage comparable to that of conventional
centralized perpetual exchanges.

What is the difference between
on-chain and off-chain?

On-chain

Off-chain

The on-chain contract willcontain a mapping of walletaddresses used as an off-chainauthenticator.

The off-chain logic handles
trades, liquidations, transfers,deleveraging, and oracle priceupdates.

This ensures that when a user
withdraws funds from an offchain vault using his own
private key, only he can control
those funds using his wallet.

It stores the total accountbalance of all users andprovides regular confirmation of
the validity of account balancechanges, taking into accountthe users' transactions.

In addition, the on-chain
contract naturally handles
registration, deposits, andwithdrawals of USDT to/from thesystem, and it also includes theobligation to the full systembalance located in the vault.

Highlights of Renq
All-in-one Solution
Renq provides a unified platform for all trading requirements.

NEVER ENDING
LIQUIDITY
The aggregation protocol
utilized by Renq obtains its
liquidity from a variety of
exchanges and has thecapacity to distribute asingle trade transaction
across multiple DEXs inorder to obtain the mostcompetitive prices.

SIGNIFICANT POSITIONVOLUME WITH A
NARROW SPREAD
Using an order book will
significantly reduce the spreadcompared to AMM models.

HIGH LEVERAGE
Long or short, highleverage traders can tradewith up to 100x leverage.

GOVERNANCEPORTAL
Utilize the GovernancePortal to add newmarkets or propose
other protocol changes.

CROSS-CHAINCOMPATIBILITY
Cross-chain is theinteroperability between
two blockchains that are
relatively autonomous.

SECURITY
Renq doesn't store any user assets, moreover Renq offers 2FA
security options for users to keep their Keys and Funds secure.

Ecosystem
Renq's mission is to provide a one stop solution for all kind of traders
under one platform in the DeFi world. We aim to empower our users
with a comprehensive solution by providing them a platform that has
benefits of a centralized exchange and beyond. Renq aims to connect
all isolated blockchains and establish a cross-chain asset exchange
network, providing all necessary underlying support for the DeFi
ecosystem. Let every digital asset holder experience a truly safe, free
and transparent DeFi service.

1. DeFi Wallet
Renq Wallet is an all-in-one solution for all of
your trading requirements. It integrates all DEXs
into a single app and provides access to a wide
variety of liquidity sources. Users will be able toeffectively perform all of the traditional DeFi
activities such as swapping, farming, mining,staking, lending, borrowing, and shorting with awhole new range of new offerings that are
currently only being offered by large centralizedexchanges.
The top-level security provided by Renq Wallet guarantees that all users' transactions
are kept safe while the wallet parses call data and displays the information in a waythat is friendly to users. Technology known as Renq Enclave is turned on by default.
Renq wallet allows users to quickly import wallets by allowing them to use their phone
cameras to scan a private key string or seed phrase directly within the app. The
function is driven by machine learning and artificial intelligence (AI).
Secure backup to Apple iCloud - Installing the app on a different device enables theuser to log in to their iCloud wallet using the same password they use on their primarydevice.
Renq would also provide an extra layer of security by keeping optional Two-factor
authentication (2FA) for users to keep their seed/private key secure. 2FA ensures only
the device owner could open the wallet. We will have mandatory passcode/Face ID in
the app as alternative second layer security.

2. Cross Chain Swap
With Renq's DeFi swap its easier than ever to trade tokens at the lowest fees.
The main point of the appeal behind Renq Swap will be that it is a fully
decentralized exchange where the orders and trades are automatically executed
through smart contracts.
Renq Swap will work on automated market maker model (AMM), which means thatwhile you can trade digital assets on the platform, there is not an order book where
you are directly matched with someone else. All trading occurs against a liquiditypool.
You can only swap tokens on Renq Swap if there is enough liquidity for those
tokens. If nobody has added much liquidity for the token or tokens you want toswap, it will be difficult, expensive, or impossible to do so.
Providing liquidity will get you LP Tokens, which will earn you rewards in the form of
trading fees.

What is automated market maker (AMM)?
The pricing of assets in a decentralised exchange (DEX) protocol that is known
as an automated market maker (AMM) is determined by the application of amathematical equation. An asset's value is determined not by an order book,
as is done in a conventional exchange, but rather by an algorithm for pricing.
This formula might look different depending on the protocol. For instance, Renq
employs the formula x * y = k, in which x represents the quantity of one token in
the liquidity pool and y represents the quantity of the other token. The value k isa constant in this formula, and it represents the total liquidity of the pool.

How Does Automated Market Maker (AMM) work?
Trading pairs, such as ETH and DAI, are present on an AMM, which functions in amanner analogous to that of an order book exchange. To make a trade, it is notnecessary to have a counterparty, which is another trader, on the other side of thetransaction. You engage in digital conversation with a smart contract that "creates"
the market on your behalf.
Direct transactions between user wallets are what take place when using a centralised
exchange such as Binance. On Binance, if you sell BNB in exchange for BUSD, there will
be another user on the other side of the trade who will be purchasing BNB using their
BUSD. We can refer to this kind of exchange as a peer-to-peer, or P2P, transaction.
On the other hand, you could consider AMMs to be peer-to-contract marketplaces(P2C). Due to the fact that trades are conducted between users and contracts, there is
no requirement for counterparties in the conventional sense. There are no different
order types available on an AMM because there is no order book to begin with. Insteadof human judgement, the price that you pay for an asset that you want to buy or sell isdetermined by a formula. Nevertheless, it is important to note that some future designsof AMM may be able to circumvent this limitation.

Therefore, there is no requirement for counterparties; however, the market
must still be established by somebody, right? Correct. Users, who arecollectively referred to as liquidity providers (LPs), must continue to supply thesmart contract with liquidity.

3. Exchange
The deficiencies of centralised exchanges
are well-established. They require anintermediary for order book management andexecution, are susceptible to various security
risks, such as the retention of private keys, andare ultimately slower and costlier than a DEX.
The CLOB model, which enables users totransparently match their orders on a"price-time-priority" basis, is a particularly
useful component of their design. Users have the option to cross this bid-ask spread inorder to execute the order immediately. Due to the system's transparency, users can view
market depth in real time. While these CLOB features are quite powerful, implementing
them in an on-chain system is challenging. This difficulty stems primarily from the order
book's high throughput and low execution cost requirements. Thus, in order for a CLOB to
operate effectively on-chain, gas fees and transaction speeds must be low.

Many of the earliest DEX protocols recognised these obstacles andattempted to replace the conventional CLOB model with an AMM. Under
Uniswap's AMM system, DeFi users could execute trades quickly and at avery low cost. However, several essential order book functions, such as limit
orders, bids, and offers, were absent. In addition, liquidity providers wererequired to provide liquidity to both parties, were unable to provide liquidity
at a price other than the current market price, and were unable to provide
liquidity at a price other than the current market price. Consequently, theadvantages of an AMM model come with certain drawbacks.
Renq has created a fully decentralised, on-chain order book that enables
users to execute orders directly with a smart contract while retaining pricing
and order size flexibility. Its CLOB and matching engine provides liquidity andprice-time-priority-basis matching to users, allowing them to choose theprice, size, and direction of their trades just as they would when interactingwith a traditional CLOB, but without the inefficiencies associated with this. In
addition, other protocols within the space can use Renq to bootstrap liquidity
and matching services, adding a further layer of composability.

Renq's CLOB is designed to be asset agnostic and can generate an orderbook for any Solana-based trading instrument, such as options and futures. It
also includes other powerful features, such as cross-chain swaps (e.g. ETH
and BTC). It can also extend its backend matching engine to virtually any
financial or non-financial instrument, making the protocol highly
composable and allowing a large number of applications and participants toshare middleware in a single location. Overall, the architecture of Renq isbetter suited to modularity and gives external applications greater flexibility
due to its design.

Renq has unlocked many of the core benefits of traditional order books forthe DeFi ecosystem while preserving the efficacy of decentralised exchanges
by developing a fully on-chain order book. In addition, this strategy enables
other applications to connect to Renq and leverage its infrastructure to build
their respective projects, such as a trading application that utilises Renq's
liquidity.

4. Aggregation Protocol
The aggregation protocol utilised by
Renq obtains its liquidity from a variety
of exchanges and has the capacity to
distribute a single trade transaction
across multiple DEXs in order to obtainthe most competitive prices.
The protocol is responsible for the provisionof information aggregation services
on exchange protocols and networks. The Renq
smart contract is the most important component of the
protocol because it is responsible for verifying the execution of transactions at runtime.

As a consequence of this, user funds are immune to loss, even in the eventthat they interact with a risky source of liquidity. Because the smart contract
provides an additional layer of security, the protocol can be implemented in avariety of aggregation information services, such as Pathfinder, which was
created and is managed by Renq Finance.

5. Bridge

Every blockchain has its own distinct set of services it offers, as well as its own
community and development ecosystem. We need a quick, secure, affordable,
and dependable way to exchange value, data, and control between chains forour industry to advance consumers. This clear need for communication
between various and diverse blockchains is met by Renq Bridge.

The solutions developed by Renq allow almost all blockchains to inter-operate.
There is no restriction to Ethereum like chains (e.g. Binance Smart Chain), or
different Layer 2 chains requiring finality to Ethereum (e.g. Polygon), or a network
of Parachains (e.g. Moonbeam in the PolkaDot system), or Bitcoin types of chain(e.g. Litecoin), or COSMOS chains (e.g. Terra).

6. Farms
Yield Farms allow users to earn $RENQ while supporting Liquidity bystaking LP Tokens.
When users make trades on the Renq Swap exchange, a 0.18% fee ischarged. This fee is added to the Renq pool in the form of LP tokens. Whenthe rewards contract is called (minimum once per day) all the LP tokens
are sold for $RENQ. The newly purchased $RENQ is then divided up
proportionally between all of the RENQ LP holders in the pool, meaning
their LP is now worth more $RENQ. Because of the way the rewards are
generated, the price of $RENQ will increase with the value.

Reward calculations
Yield Farm APR calculations include both:LP rewards APR earned
through providing liquidity

Farm base rewards APR earned
staking LP Tokens in the Farm.

While you stake your LP Tokens in a Farm to earnmore Renq Tokens, you're still providing liquidity to therespective pool, hence you earn LP rewards as well!

Calculating Farm Base Reward APR
The Farm Base APR is calculated according to the farm multiplier andthe total amount of liquidity in the farm -- this is the amount of Renq
Tokens distributed to the farm.
On top of that, farmers receive LP rewards for providing liquidity. Here's
an example of calculating LP rewards:

Calculating LP Reward APR
Example:Assume Total Liquidity: $387.42M
Volume 24H: $96.97M
Volume 7D: 709.73M

Use the 24H volume to calculate the fee share of liquidity providers
in the pool (based on the 0.18% trading fee structure):$96,970,000*0.17/100 = $174,546

Next, use that fee share to estimate the projected yearly fees earned
by the pool (based on the current 24h volume): $174,546*365 =$63,709,290

We can now use the yearly fees to calculate the LP rewards APR:
That's yearly fees divided by liquidity: ($60,169,885/$387,420,000)*100= 16.45% LP reward AP

7. Pools
By allocating a portion of their tokens to holders of RENQ tokens, Renq Pools
enable projects from all supported chains to bootstrap adoption. Core andCommunity are the two divisions of Renq Pool. The Renq team will initiallychoose Core Pool. Projects that are approved by the community on thegovernance portal will be considered Community Pool. It should be notedthat any project can distribute tokens via Renq Pool.

8. Vault
Renq Vault is a Decentralized, Multichain Yield Optimizer that allows its users
to earn compound interest on their crypto holdings. Renq earns you thehighest APYs with safety and efficiency in mind.
Vaults employ a specific set of strategies for yield farming. They make use of
automation to continually invest and reinvest deposited funds, which helps toachieve high levels of compound interest. By using a Renq vault tocompound your gains, you save thousands of transactions with theirassociated gas costs and precious personal time. Instead of manually
harvesting and selling rewards, buying more tokens, and reinvesting that
continuously, a vault does all that automatically at a high frequency.

Through a set of strategies secured and enforced by smart contracts, Renq
automatically maximizes the user rewards from various liquidity pools (LPs),‌‌automated market-making (AMM) projects,‌‌and‌‌other yield‌farming‌opportunities in the DeFi ecosystem.
The main product offered by Renq Finance are the Vaults in which you stake
your crypto tokens. The strategy tied to the Vault will automatically increase
your deposited token amount by compounding arbitrary yield farm reward
tokens back into your initially deposited asset. Despite the name Vault
suggests, your funds are never locked in any Vault on Renq: you can always
withdraw at any moment in time.
DeFi applications are unique in the sense that they are permissionless andtrustless, meaning that anyone with a supported wallet can interact withthem without the need for a trusted middleman. While you have funds staked
in a vault, you remain 100% in control of your crypto assets.

9. Lending Protocol
The lending protocol implements money markets for lending andborrowing, with pools of assets and floating interest rates algorithmicallydetermined by the supply and demand for the asset.
Compared to peer-to-peer lending, this pool-based approach allows
improved liquidity, provides transparent interest rates, reduces speculative
risks, and streamlines the lending process without the need for acounterparty.
It will ultimately allow users to deposit assets of one blockchain andborrow assets of another, without the risk of entrusting funds to centralizedintermediaries.
Interest rates are determined algorithmically based on the supply anddemand for the asset. If the amount of deposits in the market increases,
the interest rates decrease, making borrowing more advantageous. If theamount of borrows increase, the interest rates increase, making depositing
more advantageous.
Furthermore, the interest calculation is designed to be compounding, andas transactions increase in the market, it increasingly approaches 'perblock compounding'.

Deposit/Lend
When users deposit their assets to the lending protocol, it is aggregated into
a pool from which other users may borrow. Deposited assets accrue interest
according to the deposit interest rate for that asset set by the supply anddemand in the market.
Unlike peer-to-peer lending, this pool-based approach allows users towithdraw their funds at any time.
Like money market accounts in traditional banking, deposits allow users toearn interest on their idle assets with minimal risk.

Borrow
Once users deposit their asset, they can use their deposit as collateral toborrow another asset. Borrowed assets accrue interest according to theborrowing interest rates for the assets set by the supply and demand in
the market for each asset. Unlike peer-to-peer lending, this collateralized
approach allows users to borrow funds without specifying terms likematurity dates.
The maximum amount of borrowing users can do with their deposit isdetermined by the collateral ratio. For example, if a user deposits an asset
worth 1,000 USD and with 80% collateral ratio, he or she can borrow up to
800 USD. Users cannot borrow more or withdraw deposits if that would
bring the value of collateral exceed this ratio. To borrow more, they may
deposit more or repay the loans to lower the ratio.
Collateral ratio is set differently for each money market, and the
maximum borrowable amount, or borrow limit is determined by the total
deposits that can be used as collateral. For example, if a user deposited
1,000 USDT (1,000 USD) and 1,000 DAI (1,000 USD), with collateral ratio of
each set to 70% and 80% respectively, their borrow limit is 1,500 USD (700
and 800 USD, respectively) and the effective net collateral ratio is 75%.
The collateralized borrowing enables more financial flexibility for
individuals and strategies for traders. For example, an individual who
wishes to hold ETH but needs USDT in the short term can borrow USDT andkeep ETH as a collateral. Traders can take a long position on ETH bydepositing ETH, borrowing DAI against it, and purchasing more ETH with it.
They can also take a short position by depositing DAI, borrowing ETH,
selling at an exchange, and buying ETH at a lower price to repay the loan.

Interest Rates
Interest rates for deposited and borrowed assets are determinedalgorithmically by the supply and demand for each asset.

Liquidation
Loan-to-Value ratio (LTV) is the ratio of the values of deposited assets overborrowed assets, representing the status of the collateral loan of a user.
The LTV of a user may increase based on several factors:● Decrease in price of the asset deposited as collateral● Increase in price of the asset borrowed● When the value of deposit amount with interest becomes smaller thanthe value of borrowed amount with interest

A financial service must execute a liquidation process before the LTV
exceeds 1 (100%) in order to preserve assets. A decentralized financial
service cannot execute liquidation by itself. Therefore, it must create an
economic system that incentivizes the liquidators to quickly repay theoutstanding loan and protect the protocol.
The level of LTV when the collateralized assets become subject toliquidation is the Liquidation Threshold. When a user's LTV is above theliquidation threshold, a liquidator may pay for the outstanding loan in
return for the collateral. BiFi sets the liquidation threshold above thecollateral ratio and below 1 (100%), so that the difference between 1 and theliquidation threshold becomes the maximum profit for the liquidator(Liquidation Incentive).
For example, assume that the collateral ratio for the deposited asset was
80% and that the liquidation threshold is 90%. If a user has deposited assets
worth 100 and borrowed other assets worth 80, his or her LTV ratio is 80%,
since . If the value of collateral decreases or the value of borrows increase
due to price changes, the LTV could reach 92%. Since the LTV exceeds theliquidation threshold, the deposited asset becomes subject to liquidation. A
liquidator can pay for the outstanding loan on behalf of the user (expected
cost of repayment of 92) and claim the collateral (expected gain of 100),
profiting 8 or about 8.7%. This potential profit incentivizes liquidators tomake the repayment before LTV exceeds 1 and protocol suffers losses.

10. Perpetuals
One of the most popular trading products
available right now is called a perpetual
future, and it gives investors the opportunity
to profit from the price risk of a specificfinancial instrument without actually having
to own the asset that the instrument is basedon. In the past, only well-known centralised
trading platforms like BitMEX, Binance, andPoloniex were able to provide customers withaccess to these popular trading products.
However, ever since FTX was shut down, users
have become increasingly concerned about
the safety of their funds as well as otherpotential threats. "NOT YOUR KEYS, NOT YOURCOINS" this is why an increasing number ofusers are switching away from CEX andmoving their trading activities to DEX instead.

A trader borrows an asset and immediately exchanges it for another asset in a
margin trade. Typically, the asset must be returned to the lender with interest at alater date. Included in margin trading are both short sales and leveraged longs.

A short sale occurs when an investor borrows an asset and then sells it for thequoted currency. The investor profits if the asset's price falls, since repurchasing it
to repay the lender will cost less than the original selling price. If the asset's priceincreases, the investor loses money because repurchasing the asset to repay thelender will cost more than the original selling price. The lender profits from thetrader's interest payment. An investor borrows the quote currency and uses it topurchase an asset in a leveraged long. The investor profits if the asset's priceincreases and loses money if it falls. Gains or losses from the position areproportional to the price change of the underlying asset multiplied by the leverage
ratio, which is the ratio of the borrowed amount plus the amount paid by the trader
to the amount paid by the trader.

Short sales are utilized to enable investors to profit from a depreciating
asset. Short sales can serve both speculative and hedging purposes.
When speculating that the price of an asset will decrease, investors canengage in short selling. By shorting a correlated asset, short sales may
be used to hedge existing positions.
Leveraged long positions are used to multiply price appreciation gains.
Long positions with leverage can be used for speculation because they
enable traders to achieve greater profits with less capital. Leveraged
longs allow investors to allocate capital more efficiently, as less capitalis required to achieve the same results from each trade.
We are proud to introduce Renq Finance, a SuperDEX that has
implemented cutting-edge technology to provide traders with anexperience unlike any other and reshape the concept of trading on
Decentralized Exchanges.

Contracts that represent the value of a particular cryptocurrency
are known as perpetual futures. When you buy a futures contract,
you do not become the owner of the underlying cryptocurrency.
Instead, you are the owner of a contract that commits you tobuying or selling a particular cryptocurrency at a later time.

With Renq's Perpetual Feature users will be able to do leverage tradingwith the flexibility to long or short, Trading futures can be highly
profitable, especially with the high leverage it provides. However, withouta clear understanding of how it operates and how to minimize
associated risks, one can lose all their capital. Renq's Perpetual futures
are undoubtedly great financial instruments to invest in if you are looking
to realize huge profits. Good money and risk management can help you
maximize returns and reduce the losses incurred trading Renq's
Prepetual futures.

11. Options
A holder of an asset sells the right to buy or sell that asset at a specified strikeprice and future date via an option. The option to purchase an asset is known as acall, while the option to sell an asset is known as a put.
The option seller (the writer) collects a premium upon sale, but is also obligated tobuy or sell the asset at the agreed-upon price and date if the option holder sochooses. A covered option indicates that the underlying asset is pledged ascollateral, ensuring that it can be retrieved in the future. It is possible to trade theoption on the open market. We describe the implementation of an American
covered option, or one that can be exercised at any time prior to the option's
expiration.
Options allow for a variety of trading strategies that can be designed for
speculation or risk management.
Options can be utilized to increase speculation's leverage.
Suppose, for instance, that the price of xTOKEN is $100 and an investor with $1000
to invest believes it will rise. The investor could purchase 10 shares at $100 each,and if the price increases to $110, he or she would realise a 10% profit, or $100.
Suppose instead that the investor purchased $100 strike call options with a $2
premium. With $1000, the investor could afford 500 of these options. If the pricerose to $110 once more, the investor could exercise the options to buy at $100 andsell at $110 for a profit of $10 per option. Since the investor paid $2 for each option,
there would have been a profit of $8 per option. This indicates that the investor
would have earned $8 * $500, or a 400% return. This demonstrates how, with thesame amount of capital, investors can generate much higher returns by utilising
options as opposed to holding the asset outright.

Options can also be utilised to hedge or reduce financial risk. Imagine that an
investor holds 100 shares of xTOKEN, which are currently trading at $100 per share.
For a premium of $2, the investor could acquire a put option with a strike price of$90. Such an option would guarantee, for a fee of only 2%, that the investor
cannot lose more than 10% on the trade over the life of the option. Options alsoenable more sophisticated trading strategies, such as straddles, strangles, andcollars, among others. These strategies can, among other things, lock in a price,profit from volatility in any direction, or profit from an asset's price stability.
Per option type, the Renq option protocol uses one Ethereum Smart Contract. A
type refers to a predetermined set of input parameters, such as the base token,
quote token, strike price, and expiration date. quote token refers to the token inwhich the premium and strike price are denominated. base token refers to theasset for which the option is written. Each option contract may issue new optionsof its type at any time prior to the expiration date of the option. The contracts canfunction as either a put or a call option by inverting the strike price and swapping
the base token and quote token.

Option list writers make offers for a specified lot size and premium on a nonblockchain platform. Sending a transaction containing a write offer to the smart
contract enables buyers to purchase options from a writer. After receiving such atransaction, the smart contract transfers the premium in quote token to thewriter while retaining the base token amount offered.
Options are issued to the purchaser that can be transferred and traded as anyother ERC20 token. The contract retains the base token until either the option is
exercised or it expires. Any option holder may exercise at any time prior to theoption's expiration date. The option holder pays strike price (# options) of quote
token upon exercise and receives # options of base token from the smart
contract. The writer or writers of an option receive the quote token paid to thecontract. After the option's expiration, all writers may withdraw base tokens fromthe smart contract (in proportion to the total number of tokens held).

12. DeFi Launchpad
The most promising blockchain projects can be found on the Renq DeFi
Launchpad, a full-service multi chain launch platform where users can get
early access and take part in DeFi projects across all chains.
The advanced SmartLocks technology from Renq is used in the Launchpad
toolkit. In order to securely lock tokens for teams, developers, and/or earlystakeholder, our technology offers customizable and fully audited services.
These tokens are released via our smart contracts technology following thefulfilment of particular development milestones and vesting periods.
Launchpad projects' goals are pursued with integrity and dependability
thanks to SmartLocks technology. Therefore, we accomplish this by making
it possible for projects to lock in liquidity, making it convenient for them toprevent token dumps and rug pulls.

13. NFT Launchpad
Renq NFT Launchpad is the first of its kind NFT Launchpad designed to assist
projects and creators in fairly launching their NFTs on various chains.
Creators and projects can develop an early community through an Initial NFT
Offering (INO) with Renq NFT Launchpad. This presents a special chance forprojects and creators to reduce the barrier to entry for developing resourceintensive NFT projects.
We have all seen the unheard-of expansion of NFTs in 2021–2022. The demand
for superior NFTs will increase as the NFTs market develops.
A method of rewarding and motivating supporters that is inclusive and lowers
the entry barrier for NFT and project supporters has been discovered by Renq
NFT Launchpad. The main problem with current launchpads is that desirable
NFTs are out of reach for most people; even if you have the money to buy the
NFT, you might not have the means. By giving creators and projects the option
to choose between a first-come, first-served (FCFS) and lottery system modelof engagement for fairly allocating their NFTs, Renq NFT Launchpad empowers
them to launch NFTs.

RENQ Token$RENQ is the governancetoken of Renq Finance. At
inception $RENQ will be
deployed on Ethereum
blockchain (ERC20) and will
be bridged through all thechains after launch.

Token Name: Renq FinanceTicker: RENQ
Maximum Supply: 1,000,000,000 RENQ Tokens
Contract Address: ​0xff8C479134A18918059493243943150776cF8CF2
Chain: Ethereum blockchain (ERC20)
Decimals: 18

TOKEN DETAILSPUBLIC SALE

RENQ POOLRENQ VAULTRENQ FARMS

EXCHANGE LISTINGSLIQUIDITY

500,000,000 (50%)

100,000,000 (10%)

100,000,000 (10%)

100,000,000 (10%)

100,000,000 (10%)

TEAM

50,000,000 (5%)

50,000,000 (5%)

Governance
Renq will be ultimately governed by its community, via forum
discussions and, when pertinent, voting on proposals held on the
Renq's Snapshot. At start, only proposals posted to the Snapshot
voting system by the CORE can be considered binding if passed witha quorum.

Changes to the renq's fundamental architecture and the use of thepresale wallet will be put to a vote by the community. On the other
hand, the core development team makes decisions regarding moreinconsequential alterations to the renq's operations, such asalterations to the Renq menu farming pairs.

Our objective is to create a decentralized autonomous organisation(DAO) with trustless governance that is functional. This is not going
to be a rushed endeavour in any way, shape, or form because it is
not a simple task by any standard. By taking part in the discussions
that take place on our forums, anyone is free to share their thoughts
on how the future DAO should function, as well as how thegovernance model that is in place at the moment.

Proposals & Voting
Any member of the community is free to submit an idea for discussion
on our forums; however, we ask that you make every effort to adhere
to the format that is displayed when a new thread is created. This will
ensure that the ideas submitted can be easily understood andevaluated by potential voters. Please get in touch with a member of
either the core team or the community team if you would like a poll tobe added to the thread you have started.
It is possible for your proposal to garner enough support for the coreteam to put it up for voting on our Snapshot voting platform. If thishappens, the community along with RENQPOWER will vote to determine
the outcome of the vote.
Our voting is based on RENQPOWER, and the results are decided as follows:

01

Each $RENQ-LP in
the RENQ-ETH pool isworth 2 RENQPOWER

02

Each $RENQ held
as RENQ tokens is
worth 1 RENQPOWER

A vote needs to receive a quorum of at least 100 million RENQPOWER inorder for it to be successful and take effect immediately.
Note that in order to participate in the voting process for any of the
proposals presented on our Snapshot, you are required to have
RENQPOWER from one of the two options presented earlier (or both ofthem) at the time the voting process was initiated. This means that you
cannot simply buy $RENQ tokens in order to vote on a vote that isalready in progress. This is done in order to reduce the risk of influenceby whales and flashloaners.

Roadmap
Date: Q2 2023

Development
The core product development starts.
Date: Q3 2023

Launch on Testnet
Renq will launch it's basic services on testnet
with several core features such as crosschain swap protocol, leveraged tokens.

Date: Q4 2023

Date: Q1 2024

Renq's own off-chain order book for ETHUSDT trading with a new execution engine.
The modification is expected to bring fasterorder creation and matching, tighter
spreads, and lower slippage.

Launch on Mainnet
Renq will launch all the DeFi services,
including mobile wallet app and desktop
wallet plugin, with all core features such as
margin loans, and ERC-721 positions toenable token holders to close positions.

Date: Q3 2024

Launchpad
Renq Launchpad will help new andupcoming DeFi projects to launch and raise
funds on Renq platform, Renq NFT's will help
upcoming artists to get exposure to millionsof DeFi users.

Date: Q1 2025

Native Order-Book

Date: Q2 2024

DAO Governance
Renq forum will be available for the users tostart the discussion on future proposals, thisstep will achieve our most important goal ofdecentralization.

Date: Q4 2024

BountyBounty program will be launched for public
to report bugs to make renq better andsafer place.

Metaverse
Renq will launch it's support and big rewards
program for future metaverse projects.

Date: Q2 2025

Enhancements
Renq will continue future endeavors with thehelp of Renq community, All proposal's shallbe made through Renq forums and will be
subject to voting process.

Team

Renq is a team made up of incredibly intelligent and enthusiastic
individuals from all over the world. It is for anyone who wishes toparticipate in the development of a decentralized future. Our team iscomprised of blockchain network specialists, technologists,
entrepreneurs, and engineers who come from a wide variety ofbackgrounds and possesses a wide range of skills. As our businessexpands, one of our top priorities is to bring on board the most talented
people and most knowledgeable industry veterans who can assist us inbringing our vision to fruition.

James Bladen

Nathan Hudson

Samar A

Johan van Asseldonk

Markus Trafford

Hiroyoshi Nozawa

CPO

Development Lead

Marketing Lead

Senior Backend

Zachery Salter
Blockchain Expert

Lead Strategist

Web3 Engineer

Community
The goal of the RENQ DAO is to decentralise the Renq community while
also encouraging its growth and innovation.
Participate actively in the ecosystem. If you join the RENQ DAO, you will
become an integral part of the Renq Ecosystem and will have theopportunity to interact with various communities, developers,
professionals, and projects.

Instagram https://www.instagram.com/renqfinance

Telegramhttps://t.me/renqfinance

Twitter

https://twitter.com/RenQ_Finance

Facebook

https://www.facebook.com/renqfinanceYoutubehttps://www.youtube.com/@renqfinanceReddithttps://www.reddit.com/r/renq

Mediumhttps://medium.com/@renq

Acknowledgments
On behalf of the Renq team, we would like to express our
gratitude to the many friends, mentors, and advisors who
have contributed to the development of this project.

Disclaimer
The information contained in this White Paper is subject to change or
update and should not be construed as a commitment, promise, or
guarantee by Renq or any other individual or organization mentioned in thiswhite paper regarding the future availability of services related to the use of
tokens, or their future performance or value. This document is not an offer orsolicitation to purchase or sell shares or securities. It does not constitute orform part of, and should not be construed as an offer for sale orsubscription of, or an invitation to purchase or subscribe for, any securities,
nor should it or any portion thereof form the basis of or be relied upon inconnection with any contract or commitment whatsoever. Renq expressly
disclaims any and all liability for any direct or indirect loss or damage of any
kind resulting directly or indirectly from reliance on any information
contained in the white paper, any error, omission, or inaccuracy in suchinformation, or any action taken in reliance thereon. This is purely
informational and not a recommendation to purchase or financial advice.
Do not trade or invest in tokens, companies, or other entities solely on thebasis of this information. Any trade entails substantial risks, including but notlimited to price volatility, insufficient liquidity, and the possibility of a total
loss of principal. Prior to making a financial decision, investors should
conduct independent due diligence with the assistance of professional
financial, legal, and tax experts on the topics discussed in this document
and develop an independent opinion of the relevant markets.

We obtained all of the information in this report from credible and accurate
sources. However, such information is provided "as is" without express or
implied warranty of any kind. All market prices, data, and other information
are not warranted for completeness or accuracy, are based on selectedpublic market data, reflect current market conditions, and reflect our opinion
as of this date; they are therefore subject to change without notice. The
graphs, charts, and other visual aids are provided solely for illustrative
purposes. These graphs, charts, and visual aids cannot be used
independently to make financial decisions. No guarantee is made that thesewill assist anyone in making financial decisions, and no graph, chart, or othervisual aid can capture all of the necessary factors and variables. This
document may contain or incorporate by reference forward-looking
statements, which include all statements that are not historical facts. No
representations or warranties are made regarding the accuracy of theseWhitepaper RENQ DAO (renq.io) forward-looking statements. This document
contains projections, forecasts, and estimates that are necessarily
speculative and based on certain assumptions. These forward-looking
statements may prove to be inaccurate and may be influenced by incorrect
assumptions or by known or unknown risks, uncertainties, and other factors,
the majority of which are beyond the control of the author. It is possible thatsome or all of these forward-looking assumptions will not materialize or will
differ substantially from actual results.

Risk Assessment
Please read the following risk warnings
carefully before using cryptocurrencies.
The trading of cryptocurrencies entails certain risks. This document provides
you with information about some of these risks, but cannot predict all of therisks which may arise nor can it describe how such risks relate to yourpersonal circumstances. If you are in any doubt about whether
cryptocurrencies are right for you, you may wish to seek guidance from a
professional adviser.
You should carefully assess whether your financial situation and tolerance
for risk is suitable for any form of exposure to cryptocurrencies.

Cryptocurrencies are unregulated.

01

Since the trading of cryptocurrencies are not subject toregulation, cryptocurrencies are not governed by any specific UKor European regulatory framework. This means that, when using
cryptocurrencies, you will not benefit from the protections
available to customers receiving regulated services.

02

Given the unregulated nature of cryptocurrencies, customers
are not covered by the Financial Services Compensation
Scheme (FSCS)

Trading in cryptocurrencies
carries special risks.

01

02

Cryptocurrencies also carry special risks not generally sharedwith official currencies or goods or commodities in a market.
Unlike most currencies, which are backed by governments orother legal entities, or by commodities such as gold or silver,
cryptocurrency is a unique medium of exchange, in that there isno central bank that can take corrective measures to protect
the value of cryptocurrency in a crisis.

Instead, cryptocurrencies are an as-yet autonomous andlargely unregulated worldwide system of currency. Traders ofsuch currencies put their trust in a digital, decentralised andpartially anonymous system that relies on peer-to-peer
networking and cryptography to maintain its integrity.

The value of cryptocurrencies is highly volatile.
The market for cryptocurrencies is still relatively new and uncertain.
The price of cryptocurrencies can rapidly increase or decrease at any
time and may even fall to zero. The risk of loss in trading or holding aninterest in cryptocurrencies can be substantial and can result in theloss of the entire value of your cryptocurrency.

01

The cryptocurrency market is highly susceptible to market
manipulation and other misuse for illegal activities. The market is likely
to be adversely affected if law enforcement agencies investigate any
allegedly illegal activities on the Cryptocurrency Exchange or any
other cryptocurrency platform.

02

More generally, cryptocurrencies are susceptible to bubbles or loss ofconfidence (irrational or otherwise), which could collapse demand
relative to supply. For example, confidence might collapse in any
given cryptocurrency because of unexpected changes imposed by
the software developers or others, a government crackdown, thecreation of superior competing alternative currencies, or a
deflationary or inflationary spiral. Confidence might also collapse
because of technical problems: if the anonymity of the system iscompromised, if money is lost or stolen, or if hackers or governments
are able to prevent any transactions from settling.

03

Cryptocurrency Exchanges are vulnerable
to cyber attacks.

01

Cryptocurrency exchanges are entirely digital and, as with any
virtual system, are at risk from hackers, malware andoperational glitches. Even though Cryptocurrency Exchanges
take various steps to preserve the security of their platforms,
cryptocurrency which is held in wallets provided by suchexchanges remain vulnerable to hacking.

02

03

If a thief gains access to one or more cryptocurrencies (i.e. bystealing the private encryption key to the Cryptocurrency
Exchange wallets), he/she could transfer the stolen assets toanother account. This is particularly problematic since all
cryptocurrency transactions are permanent and irreversible.

Accordingly, a hack is likely to lead to substantial depletion of
the cryptocurrency held on your behalf. Whilst the
Cryptocurrency Exchange may be willing to compensate users
for any such loss, they are not obliged to do so. A serious hackcould also have the effect of putting a Cryptocurrency Exchange
into insolvency.

The legal status of cryptocurrency is uncertain
and constantly evolving.

01

Given that the market for cryptocurrencies is relatively new, thelegal nature of cryptocurrency is – in most jurisdictions – yet to
be determined by statute, regulation or case law. In the absenceof such authority, it is not clear how a regulator or court maytreat interests or rights arising trading in cryptocurrencies.

02

It is possible that a national or supranational regulator may takeunilateral action to legislate the cryptocurrency market in amanner which prevents or encumbers the proper operation of
the market in your jurisdiction. This may impact whether we canoffer cryptocurrencies to you.

NOT FINANCIAL ADVICE – The Information on this whitepaper, Renq, is provided for
educational and informational purposes only, without any express or implied
warranty of any kind, including warranties of accuracy, completeness, or fitness forany particular purpose. Cryptocurrencies may be unregulated in your jurisdiction.
The value of cryptocurrencies may go down as well as up. Profits may be subject
to capital gains or other taxes applicable in your jurisdiction.