The Tornado Cash community was required to vote on a proposal for treasury diversification, which stated that TORN-v-1 tokens would be sold for wETH. After 5 days of voting, 68% of nearly 173k TORN holders voted against the proposal.
Tornado Cash is a protocol designed to mix a user’s crypto with a pool, allowing users to send crypto using their own wallets and receive it through different addresses.
The governance vote was on a proposal to crowdsale 50,000 locked up TORN-v-1 for ETH at a 20% discount via a limit order on 1inch.
This crowd sale would have had a TORN/ETH rate of 0.008. These tokens would have been locked up in governance for one year (365 days) before being withdrawn at a 1:1 rate for TORN coins.
Voter turnout in the “ayefda” proposal presented to the community was more than 200% up from the previous governance vote.
Recently, liquid staking service provider Lido issued a new governance proposal in which the community was asked to vote on limiting Ethereum staking on the protocol.
