News 1
Tornado.Cash launches new governance token $TORN
Tornado.Cash announced the launch of a new governance proposal wherein users will gain governance rights through the TORN Token.
The Torn token is an ERC-20 compatible token with a fixed supply that governs Tornado.Cash. TORN holders can make proposals and vote to change the protocol via governance.
However, the protocol stated that TORN is not a fundraising device or investment opportunity. It will remain non-transferable until the community decides that unlocking transfers via a governance vote, not earlier than 45 days following deployment, would comply with all applicable laws.
The initial distribution of TORN would be as follows:
- 5% (500,000 TORN): Airdrop to early users of Tornado.Cash ETH pools
- 10% (1,000,000 TORN):Anonymity mining for Tornado.Cash ETH pools, distributed linearly over one year.
- 55% (5,500,000 TORN): DAO treasury, will be unlocked linearly over 5 years with a 3-month cliff
- 30% (3,000,000 TORN): Founding developers and early supporters, will be unlocked linearly over 3 years with 1-year cliff
Tornado Cash stated that early users of the platform should have a say in governing the protocol and as such early adopters will receive an airdrop of TORN.
Source: Dune Analytics
Some users have already received TORN airdrops and data
from Dune Analytics shows that ETH deposits into the Tornado.Cash pool has increased significantly of late, reaching an all-time high just days before this announcement."Dear scammers & ruggers. Thanks for using our services. To give back to our community, we're doing an airdrop for early users that washed their stolen loot through our service."
— ??♂️The Whitepaper Wizard ??♂️ (@John_ACW) December 18, 2020
There is mixed sentiment around this announcement, since Tornado.Cash has typically been used by hackers to move stolen funds, a few users were displeased that these addresses would be rewarded in such a scenario.
