31 lines
1.8 KiB
Markdown
31 lines
1.8 KiB
Markdown
# TORN
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TORN is an ERC20 compliant token with a fixed supply that governs the protocol, token holders can submit proposals and vote to contribute.
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**Initial token distribution**
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* **5% (500,000 TORN):** Airdrop to early users of ETH pools
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* **10% (1,000,000 TORN):** Anonymity mining for ETH pools, distributed linearly over 1 year
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* **55% (5,500,000 TORN):** DAO treasury, will be unlocked linearly over 5 years with 3 month cliff
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* **30% (3,000,000 TORN):** Founding developers and early supporters, will be unlocked linearly over 3 years with 1 year cliff
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## Airdrop
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Early adopters who used in Tornado Cash were allocated a share in governing the protocol on launch to aspire for an equitable demographic in the asset's economics.
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The [early adopter addresses](https://github.com/tornadocash/airdrop/blob/master/airdrop.csv) that made deposits into ETH pools before block `11400000` were allocated a non-transferable TORN voucher (vTORN) that could be redeemed 1:1 to TORN within 1 year, from December 18, 2020, to December 18, 2021. The expired assets are then reallocated back to the treasury and participants that failed to claim can no longer redeem.
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The airdropped amount depended on a users’ deposit size and age, larger deposits and older deposits would have a greater allocation. Multipliers for deposit size are logarithmic:
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So that a larger deposits like 100 ETH only got twice as many tokens as a 1 ETH deposit, the multiplier aspired to reduce any skews by focusing on proactive usage and not purely volume.
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The exact curve for the time multiplier looks like this:
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The exact airdrop formula was the following:
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