What Tornado Cash is
Tornado Cash (TORN) is a token issued on Ethereum, currently ranked 415th by market capitalization among the assets we track. Tornado Cash is an ecosystem token: it runs as a token on an existing smart-contract chain rather than operating its own base layer. Its data doesn't slot it into a clear sector beyond the network it's deployed on, so its specifics come from the project itself.
Tornado Cash (TORN) is a decentralized protocol that enables users to transact anonymously on the Ethereum blockchain by breaking the on-chain link between sender and recipient addresses. It enhances privacy through a cryptographic technique known as zero-knowledge proofs.
How to approach Tornado Cash
Because Tornado Cash is a token on a larger network, it inherits that chain's infrastructure but stands on its own demand. The useful signals are liquidity, supply, and whatever the project documents — not a sector narrative our data can't confirm.
TORN is not mined; it is issued as a token rather than secured by its own mining or staking layer.
Background & fundamentals
Tornado Cash is issued as a token on Ethereum rather than running its own base-layer blockchain. Tornado Cash first went live in 2021, giving it roughly 5 years of on-chain price history to draw on. Tornado Cash operates under a semi-centralized structure, which concentrates protocol decisions in an identifiable issuer or foundation.
Its codebase is open-source, meaning the implementation can be audited rather than taken on trust. CoinPaprika classifies the project's development status as "Working product". In sector terms it is most often filed under Ethereum (ETH) Token (ERC-20).
Where Tornado Cash sits in the market
At $5.48, Tornado Cash carries a market capitalization of $20.89M. Around $1.34M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 6.42% of the float — a healthy level of activity for an asset this size.
Tornado Cash carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. TORN remains -99% beneath its all-time high of $431.69, the kind of gap that historically takes a full cycle or a fresh catalyst to close.
What the price history shows
Recent moves read 24-hour -1.35%, 7-day +2.18%. TORN is currently trading near the bottom of its 365-day range (around the 1st percentile of recent closes).
Volatility profile
Recent action puts Tornado Cash in the Low-volatility band — it has been relatively stable, with moves typical of large-cap, mature assets.
How to evaluate Tornado Cash
The honest checklist for TORN is short:
- Liquidity — how deep and reliable trading in TORN actually is, since thin books amplify both moves.
- Supply dynamics — circulating versus maximum supply and the dilution that implies.
- Primary sources — what the project itself documents, because standardized sector data on TORN is limited.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
