Tornado Cash (TORN) has seen a notable price surge and an increase in total value locked (TVL) in its DeFi protocol, even as the broader crypto market faces consolidation in bearish conditions.
TORN Price Performance
– Current Price: $3.36 (up 11.8% in the past 24 hours)
– Market Cap: Surpassed $17 million
– Daily Trading Volume: $51,000
– Ranking: 957th-largest cryptocurrency
– Intraday High: $3.39
Despite this rally, TORN remains significantly down by 99.23% from its all-time high of $437.41 on February 13, 2021. The token hit its all-time low of $1.31 on January 10, just five months ago.
DeFi Total Value Locked (TVL)
– Current TVL: $614.18 million (up 7% over the past day)
– Recent Inflows: $41.63 million in USD today
– Main Asset: Wrapped Ethereum (WETH)
The TVL increase is a level last seen on May 5, 2022, according to data from Defi Llama.
Background and Recent Developments
Tornado Cash, an Ethereum-based privacy tool, faced significant challenges starting in August 2022 when the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform for money laundering. This led to the arrest of its founder, Alexey Pertsev, in the Netherlands shortly after the sanctions were announced.
Despite these setbacks, the community has shown support for Tornado Cash developers. On May 30, Ethereum co-founder Vitalik Buterin donated 30 ETH to the Juicebox campaign “Free Alexey & Roman,” demonstrating solidarity with the Tornado Cash team.
The TORN price rally occurs while the global crypto market capitalization has declined by 0.5% in the past 24 hours, currently hovering at $2.67 trillion. This divergence highlights the unique factors driving TORN’s performance compared to the broader market trends.
