Posted 10/21/2023, 4:52:26 PM
Uniswap Founder Burns 99% of HayCoin Supply Over Memecoin-Like Price Spike
- Uniswap founder Hayden Adams burned 99% of HayCoin (HAY) supply over price speculation concerns
- Adams created HAY 5 years ago for testing before Uniswap launch
- Recently HAY was trading like a memecoin in the six-figure range
- Adams burned tokens worth ~$650B, saying he's uncomfortable owning almost all supply
- Burning decreases token supply, often causing price inflation
- Some criticized burn for tax implications and suggest donating profits instead