TORN soars 200% as Tornado.Cash’s governance token becomes tradable

Decentralized financial “stimulus operations” (DeFi) continue to emerge with Tornado.Cash joining Uniswap, Badger DAO, StakeDAO and others in “Airdrops,” a TORN governance code now negotiable for early protocol participants.

Tornado Cash, an Ethereum “landing” service that blocks transaction history in order to preserve user privacy (in addition to allowing fraudsters and hackers a way to launder their money), announced for the first time the launch of a governance token in December. A snapshot of an aerial drop of the Ethereum block 11,400,000 was taken, which was mined on December 6th, and addresses that interacted with the protocol prior to that point were entitled to have a number of TORN tokens weighted for the frequency and amount of Ether they used.

In current evaluations, distribution has been one of the most profitable to date. According to a post on community forums, the average recipient received 66.54 TORN tokens that are currently worth more than $ 23,000, and the average user received 21.24 tokens worth $ 7,500. The largest single recipient collected more than 2,500 tokens, valued at $ 888,000.

The 500,000 tokens dropped by the air represent only 5% of the final TORN supply of 10,000,000. The token was locked as non-transferable for 45 days, but this was released yesterday, and an additional 10% of the total was allocated For the “anonymous mining” program similar to liquidity mining.

The small token trading was remarkably volatile. Created a liquidity pool on the exchange and automated market maker (AMM) 1 inch shortly after the token was opened, TORN has a 24-hour high and low of $ 428 and $ 113 per Coingecko. At the time of writing, the token is currently trading at $ 350, and a pool has also been set up on Uniswap.

Despite the resurgence of the airdrops, some have expressed doubts that the Tornado Cash needs a verdict code at all. The protocol is currently working as intended, and the team moved the contracts to static status last year.

Additionally, in the governance declaration blog post, the team did not specify what a DAO treasury or team reserves would be – a total of 8,500,000 locked TORN tokens would be used in a 3 to 5 year maturity schedule of $ 3 billion currently – from For this only, through a DAO, “Ethereum users will have control over their privacy protocol.”

In a tweet from last year, Ethereum co-founder Vitalik Buterin appeared to echo these sentiments, saying that Tornado.Cash works better as a “tool” rather than as an “ecosystem.”

However, with asset valuations ballooning across DeFi, this unnecessary drop in token is likely not the last.