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Uniswap Founder Hayden Adams Burned HAY Token!

Uniswap Founder Hayden Adams

Uniswap Founder Hayden Adams Burned HAY Token! The founder of decentralized exchange Uniswap, Hayden Adams, caught attention with an announcement made on October 20. The announcement reported that Adams decided to burn 99% of the HayCoin (HAY) token supply. Adams radical decision closely links to concerns about price speculation.

Before the start of Uniswap, Hayden Adams had used the HAY token for testing purposes within a timespan that dates back to five years ago. The founder of Uniswap had created a small liquidity pool using the token at that time and stored more than 99.9% of the HAY tokens in his wallet. Initially, the market featured this token as a memecoin that traders humorously dealt with in rare transactions. Hayden Adams never used the HAY Token for commercial purposes until now.

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Over the years, a few people who became aware of the existence of this token had mostly bought the HAY token for joke purposes. However, recently, it has been observed that the HAY token has unexpectedly attracted interest and caught large trading volumes. The mysterious nature of the crypto world can sometimes be full of surprises. According to Hayden Adams’ statements, approximately 650 billion dollars worth of HAY token was burned.

Hayden Adams Had Launched The Token For Joke Purposes

Hayden Adams had initially launched the HAY Token only for joke purposes. The Uniswap founder explicitly stated that he does not wish to have his name linked to this token and that he finds the price speculations that have taken place to be illogical.

As a result, the indifference and discomfort arising from owning almost all of the token supply led Hayden Adams to decide to burn his entire wallet. Burning a token permanently withdraws it from circulation, but it also reduces the quantity, causing an inflationary effect on the token’s price.

According to CoinGecko, as of the writing of this article, the HAY token had gained 85% in value in the last 24 hours and was trading at $3,829,004. Following this incident, some users pointed out that Hayden Adams’ transaction could be taxable.

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