Despite the sanctions suffered by Tornado Cash, the cryptocurrency mixer is far from having said its last word. Indeed, several statistics still show regular activity on the protocol. Let's take a closer look.
Tornado Cash is far from admitting defeat, despite the sanctions
Just a few days ago, we returned to the troubles of 2 of the Tornado Cash developers with justice. On this occasion, we also highlighted the fact that despite all the measures put in place to discourage the use of the protocol, it was far from being abandoned.
Although the amount of withdrawals and deposits has decreased significantly since the 2021-2022 period, the cryptocurrency mixer still shows decent activity, with these deposits and withdrawals regularly exceeding the number of 1000 per week:
Figure 1 — Number of weekly deposits and withdrawals on Tornado Cash
For example, at the time of writing, a 1 ETH deposit on Ethereum into the protocol could be likened to over 60,000 different deposits, and nearly 32,000 deposits for 0.1 ETH.
In terms of volumes, Tornado Cash has seen nearly $1.92 billion in deposits since January 1 as well as $880 million in withdrawals over the same period:
Figure 2 — Tornado Cash Monthly Volumes
As for the liquidity present on the protocol, Tornado Cash Records Total Value Locked (TVL) of Over $570 Million. By comparison, that value is higher today than it was when the Office of Foreign Assets Control (OFAC) cracked down on the mixer:
Figure 3 — Tornado Cash TVL
👉 Also in the news — WazirX: North Korean hackers behind the $235 million hack?
However, despite a protocol that is far from having said its last word, the TORN token is for its part sailing at the bottom of the cryptocurrency ranking. With a unit price of $2.63, the asset records a total capitalization of barely $10 million.
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Sources: Dune, Flipside, DefiLlama
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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