In a surprising turn of events, Hayden Adams, the mastermind behind the popular decentralized exchange Uniswap, has sent shockwaves through the cryptocurrency community by burning 99.99% of the supply of his test coin, HayCoin. This seemingly unconventional move sent the value of HayCoin soaring, with the price surging by a staggering 306%.
Price of HayCoin | Source: DexTools
Adams took to social media to explain his decision, revealing that he had initially deployed HayCoin five years ago for testing purposes. In the early days of cryptocurrency experimentation, Adams created HayCoin, which was primarily intended for testing Uniswap’s various functionalities.
In a tweet, he reminisced, “Five years ago, before the launch of Uniswap v1, I deployed a token called HayCoin to use for testing. This was back when gas was so cheap that mainnet could be used as a testnet. After the launch of v1, I created a small test liquidity pool with a tiny fraction of the total supply and left the remainder in my wallet. I also used it to test the migration contract from Uniswap v1 to v2.”
Over the years, the obscure token caught the attention of a few cryptocurrency enthusiasts who bought it for the novelty and perhaps as a tongue-in-cheek investment. However, the real shock came when a surge of interest in HayCoin turned it into a meme-like asset in the past week.
Adams expressed his bewilderment at this development, saying, “Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes.”
In response to the unusual frenzy around HayCoin and his discomfort in owning nearly the entire supply, Adams took the drastic step of burning 99.99% of the token in his possession. This act had an immediate and dramatic impact on the coin’s value, catapulting it to new heights.
As of October 20, HayCoin was trading at an astonishing price of over $2.5 million per coin, according to DexTools, a crypto price tracking platform. This unexpected surge in value has undoubtedly left many in the cryptocurrency community both bewildered and intrigued.
Adams was unequivocal about his intentions, stating, “To be extremely clear, I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it is silly.” He also expressed a desire for a new logo, suggesting that he might consider image takedowns if his photo continues to be associated with HayCoin in this manner.
Source: https://azcoinnews.com/uniswap-creators-token-haycoin-skyrockets-306-after-he-burns-99-99-of-supply.html
