An experimental token created in 2019 by Uniswap founder Hayden Adams as one of the first coins tested on the platform has seen its value explode after Adams destroyed 99.99% of the total supply.
Keypoints
- Hayden Adams, creator of Uniswap, burned nearly all of the supply of HayCoin (HAY) tokens on October 20th.
- HayCoin was initially created by Adams in 2019 for testing before Uniswap’s launch. A tiny fraction was left in a liquidity pool.
- Recently, traders discovered the remaining HAY tokens and acquired the 4.4 tokens available on the open market.
- Prices surged to hundreds of thousands per token given the extremely limited supply.
- Adams held 99.99% of the tokens but was uncomfortable owning most of the supply, so he burned his tokens.
- This destroyed nearly all HAY tokens, leaving just the 4.4 in circulation. The price spiked to over $4 million each before settling around $3 million.
- Adams’ move sparked debate on…
