HayCoin, a prototype cryptocurrency formulated by Uniswap’s founder, Hayden Adams, witnessed a remarkable value uptick after Adams made a decision to incinerate 99.99% of its total circulation.
Currently, HayCoin’s market price stands at an astonishing $2,538,123, marking a 273% escalation within a day, as per CoinGecko’s data.
Adams made his intentions known via a Friday post on X (previously known as Twitter). He voiced his unease about holding “virtually the whole supply” of HayCoin.
In response, Adams eradicated 99.99% of the token’s quantity he had, triggering a meteoric ascent in HayCoin’s value.
He remarked, “The idea of possessing nearly the entirety (~99.99%) of a coin that’s becoming a meme and speculation target unsettles me. Therefore, I’ve chosen to destroy all the tokens in my possession, which were ‘valued’ at a mind-boggling ~$650 billion.”
In his post, Adams delved into the backstory of HayCoin. He elaborated that its initial inception was primarily for trial runs preceding the rollout of Uniswap V1.
To facilitate this, he established a modest test liquidity pool utilizing a small segment of the total HayCoin and reserved the remainder in his personal wallet.
As time passed, a subset of the crypto community stumbled upon HayCoin, purchasing it either out of curiosity or sheer entertainment.
Adams conveyed his astonishment at the evolving dynamics. He highlighted that, recently, individuals began exchanging HayCoin in substantial volumes, likening its treatment to that of a popular meme cryptocurrency.
Adams remarked on the capricious and often baffling behavior within the crypto arena, quipping, “Crypto sure has its quirks.”
He emphasized his intent to disassociate from HayCoin entirely, given that he had incinerated his entire holding. He viewed any speculation on the token as imprudent or even “absurd.”
He expressly noted, “To put it bluntly, I won’t have any future dealings with HayCoin, I’ve eradicated every HAY from my wallet, and I genuinely believe speculating on it is irrational.”
He added, “I’d also appreciate a logo change that isn’t my profile picture. If my image continues to be used in such a manner, I might contemplate actions for image removal.”
Uniswap Dominates DEX Sector
Uniswap recently made headlines by achieving a landmark trading volume of over $100 billion in October.
This achievement isn’t isolated; it’s emblematic of the platform’s ongoing trajectory of not only maintaining its growth but also overshadowing renowned centralized platforms such as Coinbase.
In just Q2 of 2023, Uniswap constituted a whopping 66.1% of the entire spot trading volume across Decentralized Exchanges (DEXs). This dominant standing underscores Uniswap’s pivotal role in propelling the DEX market forward, which posted an aggregate trading volume of $189 billion in that quarter alone.
Uniswap is consistently innovating and refining its platform. With the forthcoming v4 release, new features like “hooks” will be introduced, aiming to offer enhanced flexibility for liquidity pools.
In a bid to streamline operations and make gas costs more efficient, the protocol plans to amalgamate all pools under a single contract.
Uniswap has also ventured into mobile, revealing a closed beta Android version of its wallet. The community eagerly anticipates the imminent release of its open-source code.
Yet, it’s not all accolades and advancements.
A recent decision by Uniswap to modify its swap fees to 0.15% has elicited a spectrum of feedback. A segment of its user base expressed discontent, and this sentiment is perceived to have played a pivotal role in the recent price downturn of the UNI token.