DeFi
Tornado Cash TVL, symbolic price increase despite market slowdown
Tornado Cash (TORN) price and total value locked (TVL) surged as the broader crypto market consolidated in a bearish state.
TORN is up 11.8% in the last 24 hours and is trading at $3.36 at the time of writing.
The market capitalization of the asset crossed the $17 million mark with a daily trading volume of $51,000. TORN is currently the 957th largest cryptocurrency.
TORN Price – June 9 | Source: Santiment
Additionally, the asset briefly hit an intraday high of $3.39 earlier today, around 08:40 UTC.
Despite the current price rally, TORN is still down 99.23% from its all-time high of $437.41 on February 13, 2021. Notably, the Tornado Cash token touched an all-time low of $1.31 January 10 – five months ago. .
TORN Price Rise Comes as Global Crypto Market Cap checked in down 0.5% in the last 24 hours and is currently hovering at $2.67 trillion.
According to data Provided by Defi Llama, Tornado Cash defi protocol’s TVL increased by 7% over the past day, reaching $614.18 million – a level last seen on May 5, 2022. Wrapped Ethereum (WETH) has the largest token allocation in the protocol.
Data shows that Tornado Cash defi protocol, an Ethereum-based privacy tool, saw $41.63 million in US dollar inflows today.
Tornado Cash’s downfall began in August 2022, when the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform on money laundering. In particular, the authorities stopped its founder, Alexeï Pertsev, in the Netherlands a few days after the announcement of the sanctions.
On May 30, Vitalik Buterin, co-founder of Ethereum donated 30 ETH to the Juicebox “Free Alexey & Roman” campaign, showing support for the developers of Tornado Cash.