Text for those on Matrix:

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You can essentially treat Tornado Cash as a way to have Zcash’s features (and drawbacks) on the Ethereum blockchain.

It provides you with a good level of anonymity if you practice perfect TX hygiene and use all the best practices around your entry and exit into the smart contract, but it leaves so many gaps for users to mess things up that it ultimately doesn’t solve the issues caused by a transparent base layer.

There is also the issue of adoption — if it doesn’t see wide adoption, any usage of it will “taint” funds and will also give very little as far as anonymity set goes.

Oh and don’t forget that it is excessively costly to use, often more than $5 per mix from what I’ve heard.

There was a brand new paper published (today, actually) detailing many of the issues and heuristics surrounding deanonymizing users:

https://twitter.com/istvan_a_seres/status/1266192703307632649?s=21

Cool to see efforts like this, but the more and more I read and learn, the more confident I become that if you leave the base layer transparent, every attempt to build on top of it will have major shortcomings.