Uniswap founder DEX Hayden Adams burned 99% of HayCoin (HAY). The token was launched for testing on V1 back in 2018, but in recent days it has become a target for speculation after being added to a pool in the protocol’s V3.
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
“I’m psychologically uncomfortable owning almost the entire supply (~99.99%) of a token that people meme about and speculate on. I decided to burn the entire amount in my wallet (estimated at roughly $650 billion),” Adams explained.
According to him, a few people spotted the token and bought it out of curiosity or as a joke. That sparked a frenzy that left him stunned by the large sums moving in the transactions.
The Uniswap founder called the ensuing speculation “foolish” and acknowledged that quirks occasionally appear in the crypto space. Adams explained that he does not want his profile picture to be associated with the token. He did not rule out replacing PFP in the future.
At the time of writing, HAY is valued at $3,259,592, according to CoinGecko. The 24-hour trading volume stood at $6.48 million.
In September, a ChatGPT-generated token in 24 hours generated $14 million in trading volume on Uniswap.