Ethereum mixer Tornado Cash's privacy pool value reaches all-time high for 2020

Ethereum • December 22, 2020, 2:34PM EST
The Block

The privacy pool value on Tornado Cash appears to be spiking, according to data compiled by The Block.

In just three days, the pool grew from $15.54 million on December 17th to $23.89 million on the 20th — a 54% increase. 

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A possible explanation for the increase is that Tornado Cash launched its governance token, TORN, on December 18th. TORN holders can collectively change the protocol of Tornado Cash, allowing the mixer “to evolve under the stewardship of its community,” according to a post from its developers.

Tornado Cash is an Ethereum-based mixer, which obscures the on-chain tie between transaction recipient and sender. Tornado Cash launched in 2019 and supports ETH, DAI, cDAI, and USDC through four mixer contracts. 

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.