Uniswap founder Adams to burn HayCoin: $650 billion up in Smoke

While most token holders would jump for joy when their crypto suddenly skyrockets, Hayden Adams of UniSwap was pulling his hair out (which was already receding). A token he had once set up for testing suddenly began trading for serious amounts.

A Test Gone Awry

HayCoin (HAY) was set up by Adams as a test five years ago, even before the launch of Uniswap. A small liquidity pool was established, but the vast majority (99.99%) of the tokens remained in the founder’s wallet.

The test token, without any utility or function, thus became very limited in availability (00.01% of the total number of tokens), and oddly enough, this attracted meme coiners and speculators to the token. They began investing in this tiny token, which rapidly increased in value, to over a million last week.

Adams disapproved of the tiny token portion in the liquidity pool being used by meme coiners and speculators. On Twitter, he announced his intention to burn his own tokens (the 99.99%), in an attempt to kill off HAY. He doesn’t want him and his company to be associated with the test token any longer. $650 Billion Up in Smoke When a token is burnt, it can no longer re-enter the market. However, a consequence is that a token becomes rarer and thus can increase in value.

At the time of writing, the few tokens that are still available are trading for $3,592,640. This is already significantly less than the $4,532,822 the tokens were available for earlier in the day. It thus appears that the HAY hype is slowly fading.

With this move, Adams is potentially throwing away a substantial amount of money: his share in HAY would in principle, considering the market price at the time he announced his intention, be worth about $650 billion.

On his X-account, Adams lets it be known that he no longer wants to be associated with HAY in any way, doesn’t own any tokens anymore, and also wants to mention that speculating on the token is, in his eyes, ‘silly’.


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