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).

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etherscan

Infrastructure

Tornado Cash

# Tornado Cash Treasury Methodology

## 1. Overview

The Tornado Cash treasury metric measures the total USD value of all tokens held across the protocol's treasury addresses. This metric tracks the financial resources available to the Tornado Cash protocol by monitoring token balances across four specific Ethereum addresses and converting them to USD values using end-of-day pricing. The calculation provides a daily snapshot of the protocol's treasury holdings, including all ERC-20 tokens held in the designated treasury wallets.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum blockchain token transfer events**: Parsed ERC-20 `Transfer` events from the Ethereum blockchain to track all token movements in and out of treasury addresses
- **Token metadata**: Token symbol and decimal information for proper token identification and amount calculation
- **End-of-day price feeds**: Daily USD price data for all tokens held in the treasury addresses, matched by timestamp, chain, and token address
- **Treasury address configuration**: A predefined list of four Ethereum addresses that serve as the protocol's treasury wallets

## 3. Step-by-step calculation

### Component A: Token balance changes tracking
- **Purpose**: Identifies and tracks all token movements for the four designated treasury addresses
- **Logic**: Processes Ethereum blockchain `Transfer` events to identify inflows and outflows for the specific treasury addresses. The system monitors transfers where these addresses appear as either sender or receiver, calculating net balance changes for each token on each day. Only transfers involving the four predefined treasury addresses (0x179f48c78f57a3a78f0608cc9197b8972921d1d2, 0x5cab7692d4e94096462119ab7bf57319726eed2a, 0x5efda50f22d34f262c29268506c5fa42cb56a1ce, 0xb04e030140b30c27bcdfaafffa98c57d80eda7b4) are included in the calculation
- **Key fields**: `account_address` for treasury wallet identification, `token_address` for token type, `balance` for net daily change amount, `token_symbol` for token identification

### Component B: Cumulative balance calculation
- **Purpose**: Maintains running totals of token balances for each treasury address over time
- **Logic**: Takes the daily balance changes and applies window functions to calculate cumulative balances. The calculation partitions data by timestamp grain, chain, account address, and token address, then orders by timestamp to maintain proper chronological sequence. This creates a running balance for each token in each treasury address
- **Key fields**: `balance` as cumulative running total, `timestamp` for chronological ordering, partitioning dimensions for proper balance tracking

### Component C: Data completeness and forward-filling
- **Purpose**: Ensures continuous time series data by filling gaps in the historical record
- **Logic**: Applies forward-filling logic to propagate the last known balance forward for any missing dates. This ensures that if no transactions occur for a treasury address on a given day, the previous day's balance is carried forward. The fill-forward process maintains data completeness across all treasury addresses and tokens
- **Key fields**: `timestamp` for date sequence, `balance` values propagated forward during gaps

### Component D: USD conversion
- **Purpose**: Converts all token balances to USD values for aggregation and reporting
- **Logic**: Joins the token balance data with end-of-day price feeds using timestamp, chain, and token address as matching keys. Multiplies each token balance by its corresponding USD price to get the USD value. Only includes balances greater than zero and uses daily price granularity. Filters out any tokens without available price data
- **Key fields**: `amount` as USD-converted value, `price_usd` from price feeds, `balance` from token holdings

### Final aggregation
- **Combining components**: Sums USD values across all tokens and all four treasury addresses to calculate total treasury value for each day
- **Currency conversion**: Uses end-of-day USD prices matched precisely by date, chain, and token address to ensure accurate valuation
- **Time aggregation**: Maintains daily granularity with proper timestamp boundaries for each 24-hour period
- **Final calculation**: The treasury metric equals the sum of all USD-converted token balances across all four designated treasury addresses, providing the total USD value of protocol-controlled assets

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of a project's onchain treasury, including its native token.

Tornado CashTORN

Treasury

Treasury

Competitive landscape

Chain breakdown