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Uniswap founder Hayden Adams has made a surprising move by burning a staggering 99.99% of HayCoin’s total supply, a cryptocurrency he had been experimenting with since 2018.
The Decision to Eliminate Most of HayCoin’s Supply
Feeling uncomfortable owning nearly the entire supply, Hayden Adams decided to burn 99.99% of his HayCoin tokens. He confirmed this decision in a tweet on his personal Twitter account.
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 as a testnet. After the launch of v1, I created a small test liquidity pool with a tiny fraction of the total…
— hayden.eth 🦄 (@haydenzadams) October 20, 2023
Adams also emphasized that he did not sell any HAY tokens before announcing the burn.
This decision has propelled the price of HayCoin to skyrocket by 300%, and it is currently trading at an astonishing $2.28 million.
Realated: Uniswap Introduces Interface Fee Starting October 17
The “History” of HayCoin
Before launching Uniswap V1, Hayden created HayCoin primarily for experimentation purposes.
Adams shared that after the launch of V1, he established a test liquidity pool with a small portion of the HayCoin supply and left the rest in his wallet. At that time, he used HayCoin simply to evaluate the process of transitioning the contract from Uniswap V1 to V2. However, over the years, some people noticed and acquired HayCoin as a novelty or for its uniqueness.
He said:
“I was extremely surprised to see people trading HayCoin in the past week and treating it as a meme coin. Cryptocurrency can sometimes be quite quirky.”
Hayden firmly stated that he will have no further involvement with this coin, and any speculation about the future of HayCoin seems pointless, as he seems to have put an end to the entire supply.
Frequently Asked Questions (FAQs)
- What is HayCoin? HayCoin is a cryptocurrency created by Hayden Adams, the founder of Uniswap, for experimental purposes. It has recently gained attention as a meme coin.
- Why did Hayden Adams decide to burn the majority of HayCoin’s supply? Hayden Adams felt uncomfortable owning nearly all of the HayCoin supply and decided to burn 99.99% of it.
- What impact did the decision to burn HayCoin have on its price? The decision led to a 300% surge in the price of HayCoin, which is now trading at a significant value.
- Will HayCoin have a future in the cryptocurrency market? Hayden Adams has distanced himself from HayCoin, making any predictions about its future uncertain.
- What can we learn from the HayCoin story? The HayCoin story highlights the unpredictable and quirky nature of the cryptocurrency market, where even an experimental coin can become a sensation.
