A test token called HayCoin, created by Uniswap founder Adams Hayden, has unexpectedly gained surprising popularity among users.
Hayden created HayCoin five years ago for testing purposes before the launch of Uniswap v1. At that time, the cost of gas was so low that the mainnet could be used as a testnet.
After the launch of Uniswap v1, Hayden created a small test liquidity pool with a small portion of the total supply and left the rest in his wallet. He also used it to test the contract migration from Uniswap v1 to v2.
Over the years, a few people noticed HayCoin and bought it as a joke or because it was interesting. However, Hayden stated that he was very surprised to see people buying and selling significant amounts of HayCoin last week, treating HayCoin as a memecoin. “Cryptocurrencies can be weird sometimes,” the founder said.
Hayden explained that he felt uncomfortable owning nearly the entire supply (~99.99%) of a token that people were speculating on. Therefore, he decided to burn the entire amount in his wallet. According to Hayden's statement, the value of HayCoin in his wallet reached 650 billion dollars. (This amount is the same on paper, this will not be the equivalent of the coins unless there is a buyer.)
Hayden made it clear that he would have no future involvement with HayCoin and burned all HAY in his wallet. He also stated that he thought it was foolish to speculate on this issue and that he would prefer a new logo be used without his profile picture.
*This is not investment advice.