35 lines
2.0 KiB
Markdown
35 lines
2.0 KiB
Markdown
# TORN
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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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**Here’s how the initial distribution of TORN would break down:**
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* **5% (500,000 TORN):** Airdrop to early users of ETH pools
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* **10% (1,000,000 TORN):** Anonymity mining for 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
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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 did receive an airdrop of TORN.
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TORN has been airdropped to [all addresses](https://github.com/tornadocash/airdrop/blob/master/airdrop.csv) that made deposits into ETH pools before block `11400000`. TORN were airdropped in the form of a non-transferable TORN voucher (vTORN) that can be redeemed 1:1 to TORN within 1 year, from December 18, 2020, to December 18, 2021. 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 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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