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46 lines
2.4 KiB
Markdown
46 lines
2.4 KiB
Markdown
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# TORN
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\_\_[_Written by Tornado Team_](https://tornado-cash.medium.com/tornado-cash-governance-proposal-a55c5c7d0703)\_\_
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## Token
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TORN is an ERC20-compatible token with a fixed supply that governs Tornado.Cash. TORN holders can make proposals and vote to change the protocol via governance.
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**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.**
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**Here’s how the initial distribution of TORN would break down:**
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* **5% \(500,000 TORN\):** Airdrop to early users of Tornado.Cash ETH pools
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* **10% \(1,000,000 TORN\):** Anonymity mining for Tornado.Cash ETH pools, distributed linearly over 1 year
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* **55% \(5,500,000 TORN\):** DAO treasury, will be unlocked linearly over 5 years with 3 month cliff
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* **30% \(3,000,000 TORN\):** Founding developers and early supporters, will be unlocked linearly over 3 years with 1 year cliff
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## Airdrop <a id="f04d"></a>
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Users who have believed in Tornado.Cash from early on should have a say in governing the protocol. For this reason, early adopters of the protocol will receive an airdrop of TORN.
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TORN will be airdropped to [all addres ses](https://github.com/tornadocash/airdrop/blob/master/airdrop.csv) that made deposits into Tornado.Cash ETH pools before block `11400000`. TORN will be airdropped in the form of a non-transferable TORN voucher \(vTORN\) that can be redeemed 1:1 to TORN within 1 year. TORN that aren’t redeemed will be swept into the governance contract after 1 year and become part of the DAO Treasury. Redeemed TORN will be available immediately.
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The airdropped amount depends on users’ deposit size and age — larger deposits and older deposits will receive more TORN. Multipliers for deposit size are logarithmic:
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So a 100 ETH deposit will get twice as many tokens as a 1 ETH deposit. The multiplier allows large and small users of Tornado.Cash to both have a say in governance.
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The exact curve for the time multiplier looks like this:
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The exact airdrop formula is the following:
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