Source: A video screenshot, Youtube/Fluidity
HayCoina test coin created by Uniswap founder Hayden Adamsexperienced a dramatic increase in value after Adams decided to destroy 99.99% of the token supply.
According to data from CoinGecko, HayCoin is trading at $2,538,123 at the time of writing, up more than 273% from the past day.
Adams announced his decision in a post on
As a result, he burned 99.99% of the token supply that was in his possession, causing a significant increase in the price of HayCoin.
“I feel uncomfortable owning almost the entire supply (~99.99%) of a token that people write memes about and speculate about, so I decided to burn the entire amount in my wallet (“im Worth about $650 billion.”
In the post, Adams also shared details about the origins of HayCoin, explaining that he initially used it for testing purposes before launching Uniswap V1.
He created a small test liquidity pool with a fraction of the total supply and kept the rest in his wallet.
Over time, some people noticed HayCoin and bought it as a novelty or for fun.
Adams expressed his surprise and mentioned that people have started trading large amounts of HayCoin in recent weeks and treating it like a memecoin.
He acknowledged the unpredictable and eccentric nature of the crypto world, commenting: “Crypto can be strange sometimes.”
Adams made it clear that he would no longer be involved in HayCoin as he had burned through his entire supply. In his opinion, speculation about the token would be nonsensical or “silly”.
“To be clear: I will not be involved in the future, have burned all the hay in my wallet and think it would be foolish to speculate,” he wrote.
“I also prefer a new logo that is not my PFP – if my photo is used in this way I may consider removing the image.”
Uniswap dominates the DEX sector
As reported, Uniswap saw record trading volume of over $100 billion in October.
This milestone is part of a larger trend that is seeing the platform not only continue its growth but also outperform established centralized exchanges like Coinbase.
In the second quarter of 2023 alone, Uniswap accounted for 66.1% of the total spot trading volume among DEXs. Such a commanding presence demonstrates Uniswap’s leading role in the development of the DEX market, which recorded a cumulative trading volume of $189 billion in the same quarter.
Beyond trading volume, Uniswap continues to improve its platform. The upcoming version 4 of Uniswap will introduce features such as “hooks,” designed for greater customization of liquidity pools.
The protocol also consolidates all pools into a single contract to optimize gas consumption.
Additionally, Uniswap has launched a closed beta Android version of its wallet, with the open source code expected to be released soon.
However, things didn’t go entirely smoothly.
Uniswap recently adjusted its swap fees to 0.15%, sparking mixed reactions within the community. Some users expressed dissatisfaction, which was seen as the main trigger for the recent price drop of the UNI token.
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