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

189
SHARES
1.5k
VIEWS

Related articles



The decentralized finance (DeFi) “stimulus checks” hold coming as Twister.Money joins Uniswap, Badger DAO, StakeDAO, and others in “airdropping” a now-tradable TORN governance token to early protocol contributors.

Twister Money, which is an Ethereum “tumbling” service that obscures transactional historical past in an effort to protect person privateness (in addition to permit scammers and hackers a method to launder their funds), first introduced the launch of a governance token in December. A snapshot for the airdrop was taken for Ethereum block 11400000, which was mined on December sixth, and addresses which had interacted with the protocol previous to that time have been entitled to an quantity of TORN tokens weighted to the frequency and quantity of Ether they used.

At present valuations, the distribution was one of the most lucrative for recipients to this point. Based on a post on group boards, the typical recipient acquired 66.54 TORN tokens at the moment price over $23,000, and the median person took in 21.24 tokens, price $7500. The one largest recipient harvested over 2500 tokens price a whopping $888,000.

The five hundred,000 airdropped tokens symbolize simply 5% of the eventual 10,000,000 complete TORN provide. The token had been locked as non-transferrable for 45 days, however that was launched yesterday, and an extra 10% of the whole provide is set aside for a “anonymity mining” program similar to liquidity mining.

Buying and selling for the younger token has been notably unstable. A liquidity pool on change aggregator and automatic market maker (AMM) 1inch was established shortly after the token was unlocked, and TORN has a 24-hour excessive and low of $428 and $113, per Coingecko. On the time of writing the token at the moment trades at $350, and a pool has additionally been established on Uniswap.

Regardless of the airdrop bonanza, nonetheless, some have expressed skepticism that Twister.Money wants a governance token in any respect. The protocol at the moment works as meant, and the staff transitioned the contracts to a state of immutability last year.

Moreover, within the governance announcement weblog post the staff didn’t specify what the DAO treasury or staff reserves — a mixed complete of 8,500,000 TORN tokens locked in a 3-5 yr vesting schedule at the moment price $3 billion — might be used for, solely that by way of a DAO “the customers of Ethereum will management their very own privateness protocol.”

In a Tweet from final yr, Ethereum co-founder Vitalik Buterin appeared to echo this sentiment, saying that Twister.Money capabilities finest as a “software” slightly than as an “ecosystem.”

Nonetheless, as asset valuations inflate across DeFi, this maybe superfluous token drop doubtless gained’t be the final.