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/S ratio (circulating) Methodology

## Overview

P/S ratio (circulating) measures the circulating market cap relative to annualized revenue retained by the project. It shows how highly the project is valued relative to the portion of user-paid fees it captures.

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

Circulating market cap relative to annualized revenue.

Tornado CashTORN

P/S ratio (circulating)

P/S ratio (circulating)

Competitive landscape