Uniswap’s founder, Hayden Adams, destroyed over $650 billion worth of HayCoin (HAY) by burning the coins.
Hayden Adams, the man behind Uniswap, has burned virtually all of the HayCoin (HAY) supply, wiping out a massive $650 billion off the cryptocurrency market. After wild price speculations around the token, Adams took serious action on October 20.
Unpredictably, HAY became popular as a meme coin, with transactions exceeding hundreds of thousands of dollars. Adams’s shock at this turn of events exemplifies the unexpectedness of many crypto developments. He was uneasy since he owned almost all of the token supply, which was now the focus of widespread speculation due to the unforeseen value spike.
To put a stop to the speculation frenzy, Adams destroyed $650 billion worth of HAY tokens, or 99.9% of the total supply. In essence, this token burning removes HAY from circulation, which increases demand for and hence the price of HAY. Adams, meanwhile, called the price increases “silly,” thereby removing himself and his name from the meme currency frenzy.
Many people in the crypto community on X (previously Twitter) have strong opinions about this risky move. Considering the disposed tokens had no cost to the seller, several users worried about the possible tax ramifications and estimated a massive $128 billion tax burden. Others defended their preferred courses of action, such as selling the tokens and donating the money.
Also, Adams’ unorthodox method highlights the general volatility and speculative aspect that dominates the crypto field.
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