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

# Tornado Cash Treasury (net) Methodology

## 1. Overview

The Tornado Cash treasury net metric measures the total USD value of all tokens held across Tornado Cash's treasury addresses on Ethereum. This metric tracks the protocol's financial reserves by monitoring token balances across four specific treasury addresses, excluding the native TORN token. The calculation aggregates daily token balances, converts them to USD values using end-of-day price feeds, and provides a comprehensive view of the protocol's treasury holdings over time.

## 2. Data sources

The calculation relies on several key data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts to track token movements in and out of treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to fiat values  
- **Token metadata**: Information about token symbols, decimal places, and contract addresses for proper identification and conversion
- **Ethereum transaction data**: Transaction records and logs to validate and contextualize token transfer events

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Identifies and tracks token balance changes across Tornado Cash treasury addresses
- **Logic**: Analyzes parsed Ethereum `Transfer` events to identify when tokens move to or from four specific treasury addresses: `0x179f48c78f57a3a78f0608cc9197b8972921d1d2`, `0x5cab7692d4e94096462119ab7bf57319726eed2a`, `0x5efda50f22d34f262c29268506c5fa42cb56a1ce`, and `0xb04e030140b30c27bcdfaafffa98c57d80eda7b4`. The system tracks balance changes by monitoring inbound transfers (increasing balances) and outbound transfers (decreasing balances) for each token contract address. Excludes the native TORN token (`0x77777feddddffc19ff86db637967013e6c6a116c`) from treasury calculations to focus on external asset holdings.
- **Key fields**: `timestamp`, `chain_id` (always "ethereum"), `account_address` (treasury addresses), `token_address`, `token_symbol`, `balance` (net change in token holdings)

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running total balances for each token at each treasury address
- **Logic**: Uses window functions to calculate cumulative sums of balance changes over time, partitioned by treasury address and token address. This creates a running tally that shows the total amount of each token held at each treasury address on any given day. The calculation orders records chronologically to ensure accurate cumulative totals.
- **Key fields**: `balance` (cumulative running total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data forward-filling
- **Purpose**: Ensures continuous daily data coverage by filling gaps when no token movements occur
- **Logic**: Uses a forward-fill strategy to populate missing days with the last known balance value for each token-address combination. This prevents gaps in the time series when treasury addresses have no token activity on specific days, maintaining the last known balance until the next transaction occurs.
- **Key fields**: All dimensions maintained with filled `balance` values across continuous date ranges

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation across different tokens
- **Logic**: Joins filled balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies each token balance by its corresponding USD price using safe multiplication to handle potential null values. Filters out zero or negative balances and ensures price data uses daily granularity for consistency.
- **Key fields**: `amount` (USD value calculated as balance × price), derived from `balance` and `price_usd`

### Final aggregation
- **Combining components**: Sums USD-denominated token values across all treasury addresses and all token types to calculate total net treasury value
- **Currency conversion**: Uses end-of-day token prices matched to the calculation timestamp for consistent USD conversion methodology
- **Time aggregation**: Maintains daily granularity with proper timestamp boundaries, forward-filling to ensure complete coverage
- **Final calculation**: The treasury net metric represents the total USD value of all tokens held across the four treasury addresses on any given day, excluding the TORN token. The result shows how the protocol's treasury value changes over time based on both token price movements and actual token holdings changes.

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

Total value of a project's treasury excluding its native token.

Tornado CashTORN

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown