Try Quests to earn cryptoTornado Cash
> # ERC-20 activity over last month
> # ERC-20 activity over last year
> # ERC-20 activity over last quarter
Tornado Cash was a popular Mixer deployed on the Ethereum Mainnet and multiple L2s, that allowed user to fund wallets anonymously. This was a key privacy lego on the Mainnet. With this privacy feature however came evil, with the protocol famed for being used by hackers and exploiters to exit their exposed wallets. Recently, The US Government blacklisted Tornado Cash addresses, thus enforcing the Centralized Protocols like USDC, USDT and WBTC to blacklist the assets in the Tornado Cash contracts. In this dashboard, we will look at the overall popularity of vaults over the past month, quarter and year. Both inflows and outflows in terms of transaction volume and asset or USD volume will be visualized.
Only Ethereum Mainnet activity is visualized. Tornado Cash provides mixers for ETH, WBTC, USDC, USDT and DAI. IIt also provides mixers for cDAI and cUSD, however, those are rarely used and hence ignored.
ETH is the most popular asset as its the GAS token on the Mainnet. Its also the most popular asset used on Tornado Cash. 30,000+ deposits of ETH compared to less than 2500 deposits of ERC-20 tokens, ETH is the preferred asset, as it allows easy funding of wallets, as ETH is required to make any transaction.
The first section will deal with ETH alone and the next section will deal with ERC-20 tokens.
Insights are at the bottom of the dashboard
- ETH is the preferred asset for anonymity,. This is because, ETH is required for paying for transactions and is the safest asset by far on the Mainnet. Moreover, transfering ETH is cheaper than ERC-20 tokens.
- ETH has 4 vaults, 0.1 ETH, 1 ETH, 10 ETH and 100 ETH. Only these denominations can be handled. Of these, 1 ETH sees the most transaction volume, closely followed by 10 ETH. However as one might guess, 100 ETH vault has the most volume flows.
- This trend has been long term, i.e hold in the data from last month, last quarter and last year. As hackers are the most prominent users of Tornado Cash, 100 ETH volumes are expectedly high, as its the maximum available denomination and will require multiple deposits for a Million dollar hack
- In terms of ERC20 activity, DAI is the most popular. This is mainly because, the rest of the Assets are all custodial and centralized assets. The consequences of this property was seen recently as USDC swiftly blacklisted USDC in Tornado contracts.
- Over the past month, stables have seen equal deposit transactions, but DAI leads withdrawals. As we look at longer time frames, DAI seems to pull away from other Assets. Thus the custodial stable adoption on Tornado Cash is pretty recent, compared to DAI, which was the prime stablecoin on Tornado Cash
- However, going back a year, we see quite alot of WBTC volume flowing in and out of Tornado Cash.
- So in last year, WBTC was indeed the preferred ERC-20 token. Probably the current market conditions might be the reason for the DAI switch, as proper mixing requires, arbitrary long time holding of assets in the Tornado Vaults.
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