HyCoin price spikes as Uniswap creator burns 99.99% of test coin supply
HayCoin, an experimental coin created by Uniswap founder Hayden Adams, experienced a spike in prices after Adams decided to burn 99.99 percent of the token supply.
According to CoinGecko data, HayCoin is at $2,538,123 at the time of writing, having increased by more than 273% in the previous day.
Adams explained his decision in a Friday post on X (formerly Twitter), expressing discomfort with HayCoin's ownership of “almost the entire supply.”
As a result, he burned 99.99% of the token supply in his hand, which caused a huge increase in the price of HayCoin.
“I'm not comfortable holding the entire supply (~99.99%) of the token that people think and speculate about, so I decided to burn the entire amount in my wallet (“worth” at ~$650b).”
In the post, Adams shared details about the origins of HayCoin, which he stated was originally deployed for testing purposes prior to the launch of Uniswap V1.
Using a fraction of his total supply, he created a small pool of experimental liquid and kept the rest in a wallet.
Over time, some individuals noticed HayCoin and bought it as a novelty or for fun.
Adams expressed his surprise at how in recent weeks people have started trading large amounts of HayCoin as memecoins.
He acknowledges the unpredictable and eccentric nature of the crypto world, commenting, “Crypto can be weird at times.”
Adams has made it clear that he will not be joining HayCoin as he has burned his entire supply. Guessing on the talk would be pointless or “stupid” in his opinion.
“To be very clear, I have no future involvement, I have burned through all the energy in my wallet, and I think it would be foolish to speculate on it,” he wrote.
“Also I'd prefer a new logo that isn't my PFP – finally I can consider image downloads if my photo is used this way.”
Uniswap controls the DEX sector
As reported, Uniswap recorded an all-time high of over $100 billion in trading volume in October.
This milestone is part of a larger trend that not only continues the growth of the platform, but also overtakes centralized exchanges like Coinbase.
In the second quarter of 2023 alone, Uniswap will account for 66.1% of the total spot trading volume among DEXs. The presence of such an order demonstrates Uniswap's leading role in boosting the DEX market, which has achieved a cumulative transaction volume of $189 billion.
Beyond the size of the business, Uniswap continues to improve its platform. The upcoming v4 iteration of Uniswap introduces features like “hooks” designed for more customization in liquid pools.
The protocol is combining all the pools in one contract to optimize the use of gas.
Uniswap has also launched a closed beta Android version of its wallet, with open source code expected to be released soon.
However, it hasn't been entirely smooth sailing.
Uniswap recently adjusted its exchange fees to 0.15%, prompting mixed reactions in the community. Some users have expressed their displeasure, which has been seen as the main reason behind UNI Token's recent price drop.
