- For testing purposes, Adams released the HAY token five years ago.
- According to Adam’s post, the value of the HAY tokens that were burned is over $650 billion.
On October 20th, Uniswap creator Hayden Adams reportedly announced on Twitter that he has burnt 99 percent of the HayCoin (HAY) supply. Adams’s recent worries about price speculation led to the removal of the vast bulk of the tokens from circulation.
For testing purposes, Adams released the HAY token five years ago, much before the release of the DEX Uniswap. Over 99.9% of HAY tokens were stored in his own wallet while the rest were used to build a small test liquidity pool. The token’s value was in the six-figure level, only a few weeks ago.
A part of the founder’s tweet read:
“Five years ago, before the launch of Uniswap v1, I deployed a token called HayCoin to use for testing. This was back when gas was so cheap that mainnet could be used as as a testnet. After the launch of v1, I created a small test liquidity pool with a tiny fraction of the total supply and left the remainder in my wallet. I also used it to test the migration contract from Uniswap v1 to v2.”
Inflationary Pressure
According to Adam’s post, the value of the HAY tokens that were burned is over $650 billion. Price speculation is “silly,” according to the Uniswap’s creator, who added that he doesn’t want his name or image linked to the token.
A token may be destroyed forever by burning it. However, as fewer of them are produced, the price rises along with inflationary pressures. According to CoinMarketCap, the current market price of a single HAY token is $3.89M at the time of writing, an increase of more than 70% in the last 24 hours.
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