Tornado Cash’s token is now tradable as TORN surges by 200%
- Torn Cash airdropped vTORN to strengthen its decentralized ownership of the platform.
- 500,000 TORN tokens were airdropped for early participants, representing only 5% of the total TORN supply.
- The TORN token has remained very volatile, with record swings of highs and lows with 24 hours.
In a bid to become a native token, Tornado Cash (TORN) has announced that it has passed its first governance proposal.
The platform allows users to make use of an anonymous tool to privately trade crypto and other digital assets between any two addresses.
The airdrop was very lucrative
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The airdrop distribution is regarded as one of the most rewarding for recipients when it comes to the current valuation.
The report about the distribution revealed that the highest recipient received 2,500 TORN tokens, which is worth $888,000. The medium user received 21.24 tokens valued at about $7,500. For the average recipient, each of them received an average of 66.54 TORN tokens, which are currently valued at over $23,000.
For over 45 days, the TORN token had been locked as non-transferable. However, it became traded on Tuesday while an additional 10% will be kept for anonymity mining.
However, the token has been volatile since trading on the token began. Few hours after TORN was unlocked, the token had a 24-hour low of $113 and a high o $428, representing one of the heaviest price movements within 24 hours. At a time, it rose by over 200%. As of press time, TORN was trading at $350, with a pool already set up in Uniswap (UNI).
But many users and the community are still skeptical about the token. Based on their arguments, Tornado Cash does not need a governance token.
Providing more privacy when trading cryptocurrency
As a result of the privacy, funds sent through the tool cannot be tracked between the sender and the receiver’s address. Another important feature of the platform is the provision of a compliance feature, allowing users to submit past transaction notes to show that their funds weren’t used for a fraudulent purpose.
And to strengthen its decentralized ownership of the platform, Tornado Cash has airdropped vTORN to 7,500 addresses of past users.
The company has now joined StakeDAO, Badger DAO, and Uniswap in the airdropping of TORN governance tokens to early adopters. Tornado Cash initially announced the introduction of the governance token in December last year.