HayCoin, a test coin created by Uniswap founder Hayden Adams, has seen a significant increase in value after Adams decided to burn 99.99% of the token’s supply. According to CoinGecko, HayCoin is currently trading at $2,538,123, a rise of over 273% in the past day.
Adams publicly announced his decision to burn the majority of HayCoin’s supply due to his discomfort in owning such a large portion of the token. This action caused a substantial surge in the price of HayCoin.
“I’m uncomfortable owning almost the entire supply (~99.99%) of a token that people are memeing and speculating on, so I decided to burn the full amount in my wallet (”valued” at an absurd ~$650b).”
Adams also shared the background of HayCoin, explaining that it was initially created for testing before the launch of Uniswap V1. He initially created a small liquidity pool with a fraction of the total supply and kept the rest in his wallet. Over time, people started trading HayCoin for novelty or amusement, which surprised Adams.
Adams made it clear that he has burned his entire supply of HayCoin and will no longer be involved with it. He considers speculating on the token to be nonsensical.
“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.”
Uniswap Dominates DEX Sector
Uniswap achieved an all-time high trading volume of over $100 billion in October, surpassing established centralized exchanges like Coinbase. In the second quarter of 2023, Uniswap accounted for 66.1% of the total spot trading volume among DEXs, further solidifying its leading role in the DEX market.
Uniswap is continuously improving its platform, with the upcoming v4 iteration introducing features like “hooks” for greater customization in liquidity pools. The protocol is also optimizing gas usage by consolidating all pools within a single contract. Additionally, Uniswap has launched a closed beta Android version of its wallet, with open-source code set to be released soon.
However, Uniswap faced some challenges recently when it adjusted its swap fees to 0.15%, which triggered mixed reactions within the community and contributed to a price crash of the UNI token.