Token

HayCoin

Uniswap

Billion

Thought

<div class="insidebitcoins">
 Uniswap founder Hayden Adams burned 99% of the HayCoin (HAY) supply, saying its valuation was absurd and that he was surprised to see people treat the token like a meme coin.
 Adams launched HayCoin five years ago before Uniswap V1’s release. He used a tiny fraction of the token’s supply to create a small test liquidity pool. The remainder, more than 99.9% of the supply, remained in his wallet.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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…
 — hayden.eth 🦄 (@haydenzadams) October 20, 2023
 </blockquote>
 
 Adams said he was “extremely surprised” to see people trading high volumes of the token in recent weeks and treating it like a meme coin. He expressed discomfort owning nearly the entire supply of HayCoin and would therefore burn the entire amount in his wallet, “valued at an absurd $650 billion,” he said.
 <blockquote>
 To be extremely clear, I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it silly,” Adams said. “Also prefer a new logo that is not my PFP – ultimately, if my photo is used in this way, I may consider image takedowns.
 </blockquote>
 HayCoin is trading in a six-figure range, according to CoinGecko. It pumped to a new all-time high on October 22 but is down around 24% in the past 24 hours. Token burns tend to have an inflationary effect on the price by reducing the supply significantly.
 <h2 id="crypto-twitter-reacts">Crypto Twitter Reacts</h2>
 Crypto Twitter has reacted to the HayCoin token burn. Some users accused Adams of selling a portion of the tokens and making a six-figure amount before selling the rest. Adams refuted the claims, saying he did not sell any before the burn.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 To be clear since since I see people posting misinformation, I did not sell any before burning https://t.co/CtybFCCBp9
 — hayden.eth 🦄 (@haydenzadams) October 20, 2023
 </blockquote>
 
 Another user has also opined that the token burn could be subject to taxation. “Assuming a cost basis of $0, a ~$650 billion disposal gives rise to ~$128 billion long-term capital gains liability,” said Jack Miller, a partner at Cosimo Capital, a digital asset investment firm based in Chicago.
 Others said Adams could have sold for a profit and given the gains to charity.
 <h2 id="also-read">Also Read</h2>
 <ul>
 <li>HayCoin Price Prediction Suggests It’s Not Just Another Needle in the Stack. As It Rises, Meme Kombat’s Presale Offers a Fresh Harvest of Opportunities</li>
 <li>If You Thought HayCoin’s Growth Was Impressive, Wait Until You Witness TG Casino’s Debut</li>
 <li>Top Trending Crypto Coins on DEXTools – StarLink, Pepe, HayCoin</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uniswap-founder-burns-99-of-haycoin-supply-calls-650-billion-valuation-absurd-tbt67421.html">https://thebittimes.com/uniswap-founder-burns-99-of-haycoin-supply-calls-650-billion-valuation-absurd-tbt67421.html</a>
</div>

Uniswap Founder Burns 99% Of HayCoin Supply, Calls $650 Billion Valuation “Absurd”

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