- October 23, 2023
- Posted by: [email protected]
- Category:
HayCoin, a test coin created by Uniswap founder Hayden Adams, has seen a significant increase in value following Adams’ decision to burn 99.99% of the token’s supply. HayCoin is currently trading at $2,538,123, a stunning rise of almost 273% in the last day, according to CoinGecko data.
Adams disclosed his unconventional move in a post on X (formerly Twitter) on Friday, expressing unease at owning “almost the entire supply” of HayCoin. Consequently, he decided to incinerate the vast majority of the token’s supply he held, causing a significant surge in the token’s price.
In his statement, Adams delved into the origins of HayCoin, revealing that he had initially deployed it for testing purposes ahead of the launch of Uniswap V1. He had set up a small test liquidity pool using a fraction of the total supply, retaining the remainder in his wallet. Over time, the cryptocurrency community began to take notice of HayCoin, with some purchasing it for novelty or amusement purposes.
Adams expressed his surprise at how HayCoin had evolved into a speculative asset traded by many in recent weeks, often treated as a memecoin. He acknowledged the idiosyncrasies of the crypto world, stating, “Crypto can be weird sometimes.”
Moreover, Adams made it explicitly clear that he would no longer be associated with HayCoin, as he had destroyed his entire supply. He found speculating on the token to be nonsensical or “silly” and emphasized his preference for a new logo, disassociating his profile picture from it. He even hinted at the possibility of taking action against the use of his image in this context.
As previously reported, Uniswap achieved an all-time high trading volume exceeding $100 billion in October. This milestone is part of a broader trend where the platform not only sustains growth but also surpasses well-established centralized exchanges like Coinbase. In the second quarter of 2023 alone, Uniswap accounted for 66.1% of the total spot trading volume among decentralized exchanges (DEXs), underscoring its pivotal role in elevating the DEX market, which boasted a cumulative trading volume of $189 billion in the same quarter.
In addition to its impressive trading volumes, Uniswap is continually enhancing its platform. The upcoming Uniswap v4 introduces features like “hooks,” aimed at providing greater customization in liquidity pools. The protocol also consolidates all pools within a single contract to optimize gas usage. Furthermore, Uniswap has introduced a closed beta Android version of its wallet, with open-source code expected to be released in the near future.
However, the journey has not been without challenges. Uniswap recently adjusted its swap fees to 0.15%, eliciting mixed reactions within the community, with some users expressing dissatisfaction. This adjustment was seen as a significant factor contributing to the recent price decline of the UNI token.
