The creator of Uniswap burns $650 billion in HayCoin to quell rumors
In a surprising turn of events, Uniswap’s founder, Hayden Adams, executed a dramatic move on October 20 by incinerating a staggering 99% of the HayCoin (HAY) supply. This unprecedented action was spurred by his deep concerns regarding the rampant price speculation that had engulfed the token. Before we delve into the details, it’s worth noting that Hayden Adams initially introduced the HAY token for testing purposes approximately five years ago. This was a precursor to the launch of the decentralized Uniswap protocol. At that time, he established a modest test liquidity pool, utilizing only a minuscule fraction of the overall token supply. Astonishingly, he retained over 99.9% of HAY tokens in his own wallet, a fact that would soon garner substantial attention. Fast forward to just a few weeks ago, and the token was experiencing a meteoric rise in popularity, echoing the trend of meme coins. Hayden Adams himself reflected on this unexpected phenomenon, saying, “Over ...