BlockBeats Report, on October 21st, Uniswap founder Hayden Adams announced on social media that he had destroyed about 99.99% of the supply of HayCoin. In his tweet, Hayden wrote, "I felt uncomfortable holding almost the entire supply (about 99.99%) of the token, especially when people treated it as a joke and a speculative object."

Hayden said that he was surprised to see people buying and selling HayCoin with a large amount of US dollars last week and treating it as a meme coin. He said, "Cryptocurrencies can be really strange sometimes."

Before the launch of Uniswap v1, Hayden deployed a token called HayCoin for testing purposes. Gas was very cheap at the time, so the mainnet could be used as a testnet. After the launch of v1, Hayden created a small test liquidity pool, which only accounted for a small portion (0.01%) of the total supply, and kept the rest in his personal wallet. Hayden also used HayCoin to test the migration contract from Uniswap v1 to v2.

According to the anonymous account information of the first HayCoin transaction (@HayCoinERC), on October 12th, the account posted its first post stating "Search for Uniswap v1 trades to find the first token. I was surprised to find that it was deployed by the Uniswap developer himself with $50 of V1 LP. So I bought all the V1 LP and paired the token with v3."

In the following days, according to DEXtools data, HayCoin gained some liquidity in the first few days of trading, but the hype gradually declined. On October 21st, after Hayden Adams declared the destruction of the token and made related statements on social media, HayCoin's maximum increase reached 538%, and the price once exceeded 4 million US dollars per coin (4.17 million US dollars). According to CoinGecko data, the highest price of HayCoin was 4,532,822 US dollars, and currently HAY has fallen back to 3 million US dollars.

It is worth mentioning that Hayden Adams' HayCoin token burn is the highest recorded dollar value burn on the chain.

"Degen's New Favorite" History of Craze

Returning to Hayden's statement "Sometimes cryptocurrency is really strange." Some "coincidences" support this view. October 21st is the birthday of Uniswap founder Hayden Adams, and November 2nd is the 5th anniversary of Uniswap.

At this clever time node, the community has staged a HAY carnival, and even someone in the community has made a graphic display of the timeline of HayCoin's popularity.

For meme coins, having the founder of Uniswap as your "developer" is a big deal.

For Degens in the meme coin industry, finding projects like HAY that have historical and creative significance is a unique and fresh narrative after months of repetitive and boring content. Degen culture is based on these metas, which are "weird and strange".

Uniswap has been using HAY for testing since its launch in 2018 until 2020. Someone once asked in Hayden's comment section what his favorite token on Uniswap was, and he replied HayCoin. This continued to fuel the hype surrounding HayCoin.

Hayden stated in the token destruction announcement on October 21st that "I prefer a new logo that is not a personal profile picture of myself - ultimately, if my photo is used in this way, I may consider applying for the removal of the image." The HayCoin official website created by the community subsequently replaced the token logo featuring Hayden's portrait with the capital letters HAY.

Many people who unintentionally hold HAY have also demonstrated a side of Degen culture in this carnival.

wijuwiju.eth (@wijuwiju0x) purchased 1 HAY token at a price of 0.011 e in 2022. When he woke up on October 12th, the price had risen to 28e, making him a HAY whale. He then added 3e to the liquidity pool to stabilize future prices.

Another noteworthy figure in the industry is John Palmer, the product manager of PartyDAO's. John may have purchased 8.919 HAY tokens on June 16, 2022 while testing the V3 liquidity pool during his work on their funding program.

Related reading: "PartyDAO: How does the highest valued community DAO develop products?"

The community learned that John Palmer's wallet was active and contacted him through his Twitter. Later, John joined HayCoin's Telegram community and worked with the community to burn 6 tokens (worth about $7.23 million) and then sent some tokens to LP, locking 1.5 HAY tokens.

Of course, John also made a small profit. Among all the HAY whales, he obtained the second highest profit by selling 127e (approximately 200,000 USD) at intervals.

RiscZero's Chief Strategy Officer Ash (@ashleighschap) made an appearance, bringing the Degen frenzy to another climax.

Ash's long-term dormant wallet, which she holds, sold 16e HAY and talked about the history of HAY in a Space, stating that holding HayCoin was because she was an early builder of Uniswap. However, most people are interested in how she will handle her HAY holdings.

The community suggested that she burn all HAY tokens to stop circulation. Ash contacted John Palmer, stating that they both agreed in principle to destroy most of the tokens they owned. However, some people expressed the hope that they could become community builders of HayCoin, establish a fund, and bring HAY into a larger world.

Constant questioning, Degen never stops

There will naturally be controversy when there is heat.

During the time when HayCoin was gaining popularity, the person who perhaps gained the most controversy but also the most benefits was Jacky Chan, a former employee of Uniswap. According to DeFi researcher Defiyst, Jacky Chan, a former front-end developer at Uniswap, sold all of his HAY to the market within hours after the token burning announcement. It is said that due to the almost zero supply, Jacky Chan was the largest holder of the token at that time. On-chain data shows that he exchanged all of his $HAY for a total of 91.77 ETH and then sent the funds to jchan.eth.

However, there is currently no direct evidence to show that the owner of the jchan.eth wallet is the same person as Jacky Chan, and it is still unclear whether there is insider information or market manipulation between jchan.eth and Hayden.

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