Uniswap Founder Hayden Adams burns 99% of the supply of the first token he ever made 5 years ago called $HAY after degens started speculating on it last week.

In October 2023, Uniswap founder Hayden Adams said he burned 99% of the supply of HayCoin, a token he originally created about five years earlier as a testing asset before Uniswap v1 launched. Adams explained that HayCoin had been deployed for experimentation when Ethereum mainnet was cheap enough to function like a testnet, and that he later kept most of the supply in his wallet after creating only a small test liquidity pool. The burn came after HayCoin began attracting speculative trading and meme-driven attention, which Adams said made him uncomfortable because he still controlled nearly all of the supply. The episode matters because it highlighted how a token with no intended public role can become a tradable speculative asset, while also reflecting broader attention around Uniswap and Adams amid later discussions about protocol fees and token burns across the Uniswap ecosystem.

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