TORN
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TORN is an ERC20-compatible token with a fixed supply that governs . TORN holders can make proposals and vote to change the protocol via governance.TORN is not a fundraising device or investment opportunity.Here’s how the initial distribution of TORN would break down:
5% (500,000 TORN): Airdrop to early users of ETH pools
10% (1,000,000 TORN): Anonymity mining for ETH pools, distributed linearly over 1 year
55% (5,500,000 TORN): DAO treasury, will be unlocked linearly over 5 years with 3 month cliff
30% (3,000,000 TORN): Founding developers and early supporters, will be unlocked linearly over 3 years with 1 year cliff
The airdropped amount depends on users’ deposit size and age — larger deposits and older deposits will receive more TORN. Multipliers for deposit size are logarithmic:
The exact airdrop formula is the following:
Users who have believed in from early on should have a say in governing the protocol. For this reason, early adopters of the protocol did receive an airdrop of TORN.
TORN has been airdropped to that made deposits into ETH pools before block 11400000. TORN were airdropped in the form of a non-transferable TORN voucher (vTORN) that can be redeemed 1:1 to TORN within 1 year, from December 18, 2020, to December 18, 2021. TORN that aren’t redeemed will be swept into the governance contract after 1 year and become part of the DAO Treasury. Redeemed TORN will be available immediately.
So a 100 ETH deposit get twice as many tokens as a 1 ETH deposit. The multiplier allows large and small users of to both have a say in governance.The exact curve for the time multiplier looks like this:
