On October 20th, Uniswap’s founder, Hayden Adams, made a significant move by burning 99.9% of his HayCoin holdings. The token’s value surged to over $4 million following the move.

Adams’ decision came in response to the recent surge in trading activities and speculations within the crypto community.

Uniswap Creator Burns his HayCoin Holding

HayCoin, initially created as a testing mechanism for the launch of Uniswap v1, saw only a fraction of its total supply released, with the majority held in Hayden’s wallet.

However, the recent unexpected trading activity surge prompted Adams to initiate the burn. He expressed surprise at how the token had been treated as a meme coin, stating, “crypto can be weird sometimes.”

Adams further explained that he felt uncomfortable holding such a large portion of the token’s supply, with the burnt tokens “valued” at around $650 billion. In addition, he announced that he would no longer be involved with the token in the future. He added:

“I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it is silly. Also prefer a new logo that is not my PFP – ultimately if my photo is used in th

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Author: Oluwapelumi Adejumo

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