‘First Uniswap Token’ HayCoin Price Jumps to $3M Per Token

The archetypal coins ever floated arsenic an experimentation by the creator of the decentralized speech Uniswap are present trading astatine much than $3 cardinal per token (yes, that's not a typo), with a proviso of conscionable 4.4 tokens.

The archetypal tokens were released by Uniswap creator Hayden Adams successful 2019, backmost erstwhile the speech was successful its precise archetypal stages. While first-ever coins to beryllium seeded and traded connected the level were ne'er intended to clasp immoderate value, and a ample portion of the proviso was destroyed soon afterwards, a radical of crypto traders stumbled upon immoderate of the surviving tokens earlier successful this month. They were capable to get each 4.4 tokens disposable to the marketplace – and called it HayCoin (HAY).

The remainder of the undestroyed tokens were held successful a wallet owned by Adams. The constricted proviso helped boost the terms of the open-market coins to hundreds of thousands of dollars soon aft being traded, giving a marketplace capitalization of nether $10 million.

Adams, however, burned his stash connected Saturday, efficaciously destroying 99.99% of the full supply. Burns are a mode of permanently removing tokens from circulating proviso by sending them to an code not controlled by anyone.

“Five years ago, earlier the motorboat of Uniswap v1, I deployed a token called HayCoin to usage for testing,” helium posted connected X. “This was backmost erstwhile state was truthful inexpensive that mainnet could beryllium utilized arsenic a testnet. After the motorboat of v1, I created a tiny trial liquidity excavation with a tiny fraction of the full proviso and near the remainder successful my wallet. I besides utilized it to trial the migration declaration from Uniswap v1 to v2.”

“Over the years, a fewer radical person noticed it and bought it arsenic a joke/for the novelty of it. Ultimately, I’m uncomfortable owning astir the full proviso (~99.99%) of a token that radical are memeing and speculating on,” helium wrote.

Adam’s enactment means the 4.4 tokens are the lone ones remaining of archetypal Uniswap cons, which immoderate crypto investors whitethorn connect a nostalgic worth to, akin to a integer relic. Prices surged to arsenic overmuch arsenic $4.4 cardinal apiece Sunday, earlier settling supra the $3 cardinal people connected Monday.

Traders tin acquisition a fraction of these tokens, akin to immoderate different cryptocurrency, but Adams remains mostly unimpressed.

“To beryllium highly clear, I volition person nary aboriginal involvement, person burned each the HAY successful my wallet, and deliberation speculating connected it is silly,” he wrote.