Tornado Cash (TORN) has seen a significant surge in price and total value locked (TVL) in the decentralized finance (defi) space, amidst a bearish trend in the broader crypto market.
Over the past 24 hours, TORN has experienced an 11.8% increase, currently trading at $3.36. The asset’s market cap has exceeded $17 million, with a daily trading volume of $51,000, making it the 957th-largest cryptocurrency.
Earlier today, TORN reached an intraday high of $3.39 around 08:40 UTC. Despite this recent price rally, TORN remains down by 99.23% from its all-time high of $437.41 on Feb. 13, 2021, hitting an all-time low of $1.31 on Jan. 10.
While TORN is on the rise, the global crypto market capitalization has seen a 0.5% decrease over the past day, currently standing at $2.67 trillion. The TVL in the Tornado Cash defi protocol has increased by 7% in the past day, reaching $614.18 million, with Wrapped Ethereum (WETH) having the largest token allocation in the protocol.
Data from Defi Llama reveals that the Tornado Cash defi protocol, known for its Ethereum-based privacy tool, saw $41.63 million in USD inflows today. The platform faced challenges back in August 2022 when it was sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for money laundering, leading to the arrest of its founder, Alexey Pertsev, in the Netherlands.
Recently, Ethereum co-founder Vitalik Buterin showed support to the Tornado Cash developers by donating 30 ETH to the Juicebox campaign “Free Alexey & Roman.” Despite the recent struggles, Tornado Cash continues to make strides in the defi space.