Tornado Cash TVL saw a boost in July due to renewed interest in decentralized finance (DeFi) and certain areas of the crypto finance industry.
Tornado Cash is a platform that is used to obfuscate crypto asset transfers. The platform’s native TORN asset increased by 49% in total value locked in July. On July 1, it had a TVL of around $297.13 million, and this ascended to $445.37 million on July 31.
Announced in December 2020 and launched in February 2021, Tornado Cash is a service that helps cryptocurrency owners protect their anonymity by scrambling information trails on the blockchain. Through this decentralized solution, around 40,000 users have been able to conceal transactions.
What contributed to the rising TVL?
TVL soared in July due to an increase in the value locked on all the blockchains where the protocol is deployed. There was a spike in TVL on Ethereum, Binance Smart Chain, Arbitrum, Avalanche, Gnosis, and Optimism within the same period.
TORN price reaction
TORN opened on July 1, with a trading price of $20.73, reached a monthly high of $28.38, tested a monthly low of $19.56, and closed the month at $25.09. Overall, there was a 21% increase between the opening and closing price of TORN in July.