Tornado Cash uses smart contracts that accept ETH & other token deposits from one address and enables their withdrawal from a different address. To preserve privacy a relayer can be used to withdraw to an address with no ETH balance.

Tornado Cash is a fully decentralized non-custodial protocol allowing private transactions on Ethereum and other adjacent blockchains. Tornado Cash was co-founded by Roman Semenov in 2019.

TORN token holders own and govern the protocol. They currently take a cut of the total withdrawal fees paid (revenue).

github

etherscan

Infrastructure

Tornado Cash

# P/F ratio (circulating) Methodology

## Overview

P/F ratio (circulating) measures the circulating market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

${market_cap_circulating} / (rolling_avg(${fees}, 30) * 365)

Circulating market cap relative to annualized fees.

Tornado CashTORN

P/F ratio (circulating)

P/F ratio (circulating)

Competitive landscape