The decentralized finance sector has seemingly enjoyed most of the gains in the last few weeks as the sector recently topped a hugely significant figure. The milestone achievement is the development of several protocols and the listing of several tokens on respective decentralized exchanges in the sector. A new token that has captivated investors and traders’ minds in the sector is the native token that belongs to the tornado.Cash protocol, Torn. The token has just seen listing on several decentralized finance exchanges in the sector, with Uniswap and StakeDAO taking the lead.
Torn token lists on Uniswap and other decentralized exchanges
Traders that are now into the tornado.Cash protocols and the ones listed above have been rewarded with the token in an airdrop that took place sometimes back. The new protocol, tornado.cash, is a new service that erases transactional history and is located on the Ethereum blockchain. The main reason why it removes transaction history is to maintain the privacy of users.
Notably, scammers and hackers have been able to exploit users through their activities in the sector. The first airdrop that took place on the protocol saw members get rewarded with a sizeable amount of the token according to the amount of Ethereum that they spend. The first-ever snapshot was taken on the Ethereum blockchain and saw the mining of the genesis blockchain, which took place on December 6.
The wallets that were rewarded with the airdrops were wallets that had already carried out different activities prior to mining the block when it took place. In the details of airdrops across the DeFi market, this airdrop was one of the most rewarding airdrops that have ever occurred in the market to date. A look at the community of Torn users showed that the highest amount that a user was rewarded with was 66.54 Torn, which is currently worth around $23,000.
The token now sells for $350 across exchanges after a volatile start
The protocol also mentioned that the mean amount that was gotten but its users were around 21.24 torn tokens, which is presently worth close to $7,5000. The highest amount in the airdrop was gotten by a single user who got around $888,000 for almost about 2500 tokens. The airdrop that took place saw about 500,000 shared amongst all the community members, which is just about 5% of the total supply of the coins.
Even though the tokens were received last year, traders could not transfer them because they were locked. However, yesterday was a good day for the traders as the protocol released the tokens to be withdrawn by their members. The protocol also mentioned that it had set aside about 10% of the total token used for mining anonymously.
After the release of the token for withdrawal, it went off on a volatile start as several exchanges listed the price as $428 while others listed it at $133. Presently, the coin trades around the $350 price mark, and the protocol has already established a pool on a high flying decentralized exchange, Uniswap.