Hayden Adams, the brains behind the popular decentralized exchange Uniswap, came to the fore with his altcoin move. Surprisingly, the test coin burned 99.99 percent of HayCoin’s supply, sending shock waves through the cryptocurrency community. This seemingly unusual move caused the value of HayCoin to soar, with the price increasing by a staggering 306%.
Hayden Adams’ altcoin project rose
Adams took to social media to explain his decision, explaining that he first used HayCoin for testing purposes five years ago. In the early days of cryptocurrency experimentation, Adams created HayCoin primarily to test various functions of Uniswap. In one of his tweets, he said:
Five years ago, before the launch of Uniswap v1, I distributed a token called HayCoin to use for testing. This was back when gas coins were cheap enough that the mainnet could be used as a testnet. After the launch of V1, I created a small test liquidity pool with a small portion of the total supply and left the rest in my wallet. I also used it to test the contract migration from Uniswap v1 to v2.
Over the years, this obscure token has attracted the attention of several cryptocurrency enthusiasts who bought it for the novelty and perhaps as a cynical investment. But the real shock came last week when increased interest in HayCoin turned it into a meme-like entity. Adams expressed his surprise at this development. “I was pleasantly surprised to see people buying and selling significant amounts of dollars this past week, treating HayCoin as a memecoin. “Crypto can be weird sometimes,” he said.
99 percent of the supply was burned
In response to the unusual frenzy around HayCoin and his discomfort with owning nearly the entire supply, Adams took the drastic step of burning 99.99% of his holdings of the token. This action had an immediate and dramatic impact on the coin’s value, catapulting it to new heights. According to DexTools, a crypto price tracking platform, as of October 20, HayCoin was trading at a staggering price of over $2.5 million per altcoin.
This unexpected increase in value has undoubtedly left many in the cryptocurrency community both surprised and curious. Adams made his intentions clear, saying, “To be perfectly clear, I will have no involvement in the future, I have burned all the HAY in my wallet and I think it is foolish to speculate on it.” He also expressed his desire for a new logo and stated that he may consider removing the image if his photo continues to be associated with HayCoin in this way.
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