The Full Story Of Haycoin
15 min read
Written By
https://twitter.com/CryptzyERC$HAY
Website:
https://haycoin.vipTelegram:
https://t.me/HayCoinERCTwitter:
https://twitter.com/HayCoinERCHaycoin
was the first ever token on Uniswap, created by the founder of Uniswap in 2018 as a test token. The following story will go over the tale of the rediscovery of the most historic token on Uniswap.
Discovery
On October 12th, 2023, early in the morning around 6AM EST, was the first time I discovered Haycoin. I always wondered what the first tradeable token on Ethereum was and was doing some research on Google. I came across an article detailing the first ERC-20 token deployments on Ethereum. I did some further research and realized it would be impossible for any of those tokens to be traded unless I knew someone who had a supply, as they were deployed before DEX’s were a thing. Most of these tokens back in 2015–2016 that were deployed were just tokens listed on CEX’s; there was no such thing as an automated market maker yet, which is what Hayden Adams (founder of Uniswap) invented when he created Uniswap.
Anyways, I thought to myself, “Realistically, couldn’t I just look through the first Uniswap V1 Router transactions to find the first actual tradeable Uniswap token?” So that’s what I did. I did a search on Google for the Uniswap V1 Router address, took a few clicks through some websites to find it as it’s not really commonly used anymore. I found the router contract address and put it into Etherscan, went to the first transactions ever, and realized there was a token called Haycoin.
I did some more research on it and realized there were only 12 holders. I started clicking through all the wallets and they all seemed pretty dormant. I then went to the deployer and realized that it was actually deployed by the founder of Uniswap himself, Hayden Adams. After seeing the deployer wallet, I did a search for the term “Haycoin” on Twitter and that’s where I found the following tweet from 2019, Hayden’s Tweet. It had barely any interactions at that point, and I realized this may be something special.
I realized there was no liquidity really in the V2 Uniswap Pool, and no V3 Pair; there were less than 12 holders. The next thing I did is I looked through the most active dormant wallet, which was WijuWiju. I sent him a message on Telegram asking about the 1 $HAY token he owned. I was surprised that he replied pretty quickly. I asked if I could buy the 1 HAY token off him that he had, he replied saying it’s not tradeable though, right? and I said yeah it’s not right now, but I think it has historic value. At this point, I had no idea if once I got the tokens I could even make it tradeable on V3.
After that, he didn’t reply to my messages and then went offline, and I thought to myself, well, I don’t think I’m going to get this guy’s token off him. So I started looking if there was another way to get any tokens at all. I then realized there was $50 in the V1 Uniswap LP pair paired with 0.1 HAY tokens. I then realized that I could buy up the entire pool on Uniswap V1, but it wasn’t that simple. There isn’t a frontend interface anymore for Uniswap V1, so all the transactions had to be made by directly interfacing with the router on Etherscan.
So I figured out the right inputs for writing the transactions on Etherscan to get tokens from V1 and then bought up around 0.08 HAY. After that, I realized it was actually working and I could get the rest of the tokens from the pool. After getting the tokens, I then went to Uniswap V3 and paired the 0.08–0.1 HAY with 1.03 ETH. I created the Uniswap Pool (Full Range) then I checked the chart for the V3 pair on Dextools and realized 2 bots auto sold, that took care of 2 of the holders right off the launch. The rest of the wallets were dormant, tagged as writers, Uniswap, etc. so I didn’t think they would end up really selling or coming online, other than Wiju who was online but I didn’t expect he would realize about Hay or touch his tokens.
Reimurgance:
After creating a telegram and a twitter for Haycoin, I made the group public with the link named as “HaycoinERC” shortly after $HAY was starting to be shared in some groups, at this point only 0.1 $HAY was circulating in the supply, the volume starting picking up heavily, I added a buybot to the group and set the link and some people started joining up, the news started being shared in a lot of telegram groups that Haycoin could be something out of the oridinary, volume was taking off and alot of attention across telegram was being generated, with only 0.1 HAY circulating at that time the price started to drastically move up, hitting a all time high of around $14,000,000 a coin which at that point with only 0.1 HAY circulating equaled about 1.4MIL Market Cap.
Some sell pressure started from traders which was normal and the price moved down a bit but then, the next thing that happened made the chat go silent. A 28 ETH Sell nuked the LP pool to almost 0, nuking the price back down to where it just started at, everyone was freaking out, fudding, and people starting looking into what happened, people soon after realized it was WijuWiju.eth who sold, Wiju was the first boss battle of the community, after he sold the community found his twitter and started replying to him and he eventually joined up the telegram.
After Wiju’s sell there were more tokens in the circulation, which caused the market cap to change again due the calculation of market cap being simply price x circulating supply. The next thing that happened took the community by shook, Wiju burnt tokens and added to liquidity creating another wave of fomo moving the price from almost nothing back up in a strong FOMO wave. But there were still some issues people saw after some community members tracked down the other dormant wallets by searching their ENS’s on twitter and saw a semi active dormant wallet who was named John Palmer. In the next chapter we will learn about the John Palmer Saga and start to dive into the Battle Of Kyoro.
Palmer Part 1:
Already in a short period of time the community went through eurphoia, hard ships and the next battle would really foreshadow was about to come. After Wiju Sold Tokens, Added some to liquidity, and burnt the rest of his tokens a new dormant holder emmerged on the scene, John Palmer.
John Palmer got word of high volume being traded on the Haycoin pair by someone he knew and came online and started selling tens of thousands at a time on the Uniswap V3 Pair, At this point the community had little information on who this wallet was, some community members found his Twitter and John slowly started engaging with the community, he continued to dump tokens but after seeing the strength of the community slowly started to give in to the requests the community was making. John went on to add liquidity with part of his tokens, burn a portion of his tokens and he locked majority of his tokens in a lock on Sablier.
The community still did not have trust for john at this point but they were happy that he atleast locked his tokens, though it was for a minimal period of time. As all the attention was on John Palmer and the word of Haycoin was spreading heavily due to the narrative and storyline, another wallet came online. This wallet that came online next really is one of the highlights of the story, in a true battle of community strength. Kyoro.eth came online.
Kyoro:
In the this chapter of the story, we will discuss the battle of Kyoro. After the community battled john for hours on end and finally he locked majority of his tokens (later in the story, we will see this escalates), another wallet came online named Kyoro.eth.
This wallet was a bit different, a big sell came through on the chart and the community starting digging and found that this wallet which bought on one of the early v3 uniswap testing pairs in a small period of time that Hayden added liquidity on V3 in 2022. The community starting researching and found the dormant wallet to hold over 3 Hay tokens. For the next hours Kyoro went and dumped over $500,000 USD on the V3 Uniswap pool, which in turn sent in the price again to almost 0, at this point a twitter space was open which was going somewhat Viral in the Crypto Space, Reaching 500–1000 Listeners at one point.
The community just pretty much said “fuck it” we are going to buy this guy out, and thats what the community did, the community started clipping in thousands of dollars, eating through every sell kyoro made on the chart for the next hours, and it was truly a amazing this in DEFI, true community strength. After hours of selling Kyoro sold a total of approx $550k and the community eat through all of it driving the price from almost zero back up to around $4,000,000 price (which at that point the market cap was probably around 10million due to the circulating supply being around 2.5–3.5 at that point.
People found kyoro on twitter and again tweeted at him throughout it trying to get him to join the twitter, reaching out to him, etc. But he did not respond and decided to full bag out all of his tokens on minimal liquidity. The battle of Kyoro was one of the greatest steps in the journey and was not a easy task, but what came next took the community by shook, Another $30,000 Sell came through on the chart from a dormant wallet holding over 30 $HAY tokens, the community scrambled and what happened next was unbelieveable, they found the wallet was a early Uniswap Member named Ashleigh Schap and She joined the twitter space that had close to 1000 Listeners, Next we will go over the discovery and burn of Ashleigh Schap Part 1 and dive into the locked tokens of John.
End of Chapter
Ashleigh Schap Part 1:
Ashleigh Schap was one of the original members of the Uniswap team and worked closely with Hayden Adams (The founder Of uniswap) in the early stages of the protocol. She was one of the other dormant wallet holders who had tokens from swapping it in 2018.
No one really knew exactly who the wallet that held approx 31 tokens at that point was, but a friend of Asheligh got word of Haycoin and what was happening and told Ash, she sold some tokens and everyone was scrambling to find out who who the wallet was but she ended up just coming onto the community spaces.
At this point the spaces had close to 1000 listeners and Haycoin was being talked about all over CT, Telegram Discords and pretty much everywhere people look for tokens, it had more volume then the USDC/WETH on Uniswap in that 24h period.
She started speaking about the early days on Uniswap and how Haycoin came about, and someone asked her if she would burn her tokens (the 31 token wallet) and she burnt 29 tokens and this just set off the community even more. She ended up still holding some more tokens and requested statue of her on the website which we had at the time for her to burn the rest. At this point in time John Palmer still had locked tokens + held quite a bit.
John And Ash Burn’s:
A few days went by and the community was all speculating on what would happen with John’s Locked tokens and ashleighs tokens but then after the community kept pushing for them both to burn, Ashleigh came on another community twitter space.
She told the community that she ended up reaching out to john palmer and convinced him to burn once his tokens unlocked and that she would burn the rest of her tokens too and they would both be keeping 0.345 tokens each to hold (0.69 HAY) tokens together.
After this was discussed on the twitter space it set off the community once again, she said that she would be burning tonight (the day of that twitter space) and that she sent her driver to go pick up her laptop so that she could burn the tokens, and later that night she ended up burning her tokens and keeping 0.345 like she said, and it drove alot of volume into the token, then john also posted a picture of a hay field burning on his twitter.
After that there was alot of speculation on John Palmer as right after ashleigh burnt he started selling some more so it caused some “FUD” in the community.
The day after ashleigh burnt the rest of her tokens and kept 0.345, John Palmer removed 0.9 $HAY tokens from his lock on Sablier, the community was confused as to how it happened as those tokens were locked for a month (he still has 1.5 HAY locked for a week), and it was then realized that the 0.9 HAY Sablier Lock was a cancellable lock as the Sablier team posted that with their locks their is a cancellable option.
The tokens that John had locked for a week (the 1.5 HAY) were non cancellable. John started selling some tokens from the 0.9 HAY he pulled from the lock but then ended up burning .432 to get his tokens down to 0.345 as well.
At this point John and Ash both held 0.345 like Ashleigh said, again once John burnt .432 it initiated another wave of setting off the community and volume came heavily into the token. But john at this point still held 1.5 HAY tokens that were locked in Sablier until the end of the week.
Palmer Part 2:
For the next few days the community was heavily speculating on what would happen with John’s 1.5 Hay token lock and at the same time their was speculation on who another dormant wallet was owned by, people were speculating that the 51 token wallet was owned by Ashleigh Schap but also some people believed otherwise and believed it to be Owned by Hayden.
A Account that was named John Palmer came into the telegram and the community just believed it to be another larp account at first but John ended up confirming it as his account by posting on twitter, then deleting the post right after while typing in the telegram telling them what he was posting. It brought another wave of speculation into the telegram that some people thought John would end up following through and burning the 1.5 HAY.
While all this was happening everyone started creating different profile pictures of John Palmer in many different variations, it became a big meme in the community for some time. And while all this was Happening another Saga was coming.
Marine Mike (Mini Chapter):
One of the main mods who was helping at this point named Marine Mike ended up going rogue, he was one of the mods who was leading twitter spaces + active in the chat in the early days and one night he muted the telegram and wrote up a whole thing that “John Palmer is just going to dump his 1.5 Locked tokens etc” and ended up getting a airdrop from another project and posted and pinned it in the telegram while the chat was muted, quickly some mods took action and the post was deleted, but then Marine Mike became quite a bit meme for some time in the community the coin he promoted was called “Gaycoin” supposed to be memeing John Palmer, but then the community started making all kinds of different Marine Mike profile pictures with different odd backgrounds.
Later on of course the coin Mike was promoting went down -90% while Haycoin went around 1000% to ATH from where he went rogue, so at the peak levels later on he was memed heavily in the community for what he did, and it was a whole mini saga.
Palmer Part 3:
Later in the week it was getting closer to John’s 1.5 HAY tokens being unlocked and John was semi active in the community too so after Hay’s low levels it started gaining some more traction again from speculation that John would follow through and end up burning. John was in the TG and said things like “The Hay Telegram Chat is More Utility than 99% of tokens I bought”, and “If you want something that you cant be dumped on I Heard USDC is good” and the community started memeing around all these things in the days ccoming up to the token unlock.
The day that the tokens were unlocking from Sablier everyone was waiting for his tokens to unlock around 4PM EST that day on the 19th of October. Around 4PM the community was very active and talk of hay was spreading surrounding speculation John would end up burning his tokens, and later on that day around the exact time the tokens unlocked John Unlocked the tokens and then burnt them, it sent a huge wave of volume and community active that followed the burn and later on things slowed down.
But what came next was one of the craziest things that ever happened in the DEFI space.
Hayden Adams:
One of the main things the community talked about from the start was if ever Hayden Adams (The Founder Of Uniswap) would ever burn his tokens, people didnt really care if he didnt because they considered that 99.9% of the supply to be burnt sitting in his wallet as he runs one of the biggest DEFI Protocols. But many people didnt expect him to ever talk about Hay Or Burn The Tokens but what happened next was truly insane.
Around 3pm On the 20th of October Hayden Adams put out a tweet explaining how Haycoin came about and that he burnt all of his tokens and renounced the contract, all his tokens were removed from the supply when he burnt them, and the community and crypto space starting going crazy. Many people never thought this would happen and yet the Founder of Uniswap posted about Haycoin And Burnt all of his tokens. The Following days were absolute insanity with media coverage, FOMO, Free Exchange listings and overall what has helped HAY become known in the crypto space. The volume took off but later that day another Dormant wallet came online, which was to be known as the “Final Boss”.
There was another holder who held tokens other than the 51 token wallet which was yet to be confirmed as to who owned it, there was a holder named Jchan.eth which was known to be another Uniswap early member came online.
Jchan:
While the community was taking off once Hayden burnt and tweeted about Haycoin another dormant wallet came online that also had tokens from purchasing the testing pool on Uniswap V1 in 2018. “Jacky Chan” or Jchan was the other wallet which came online and sold all of his 0.5 HAY tokens all in one transaction, in a few blocks the price was nuked all the way to below where it was when Hayden burnt but then in the next 1–2 minutes the price was bought all the way back up again by the community. Jchan was known as the final boss, the community at this point has bought through Millions of dollars of sell waves from dormant wallets and FUD and nothing was stopping the Haycoin community.
Ashleigh Schap Part 2:
During the next week there was more speculation again on who the 51 token wallet belonged to as people believed it to be Hayden’s but once Hayden burnt he said he burnt all his tokens so the 51 token wallet was a confusing mystery. The wallet also had links to Ashleigh Schap and some people believed it to be Ashleigh’s other wallet, prior to Hayden burning ashleigh had burnt all her tokens from her 31 token wallet down to 0.345, but the community was speculating she owned this other old dormant wallet too.
Later in this same week Ash went on to confirm that the 51 token wallet was hers and that it was on her old computer at home, at this point she was in France travelling. This sent a wave of speculation through the community as people started to speculate on if she would burn, if they wouldnt burn, if she would find the wallet or not. And later on in the week she got home to the United States and started to look for her wallet.
Volume increased heavily on the Hay token in this period of time and Ash was sending updates along the way which added to the lore and storyline, she then sent a picture that she found the laptop and the community went crazy. A few minutes later she ended up burning the whole 51 token wallet, this was the last step in making Haycoin a decentralized token with no major controllers
The Story Of Hay:
This story covered much of the history and lore surrounding the token that happened in the last month, but the story has not ended, Haycoin is truly one of best communities I have ever seen and the narrative speaks for itself, there will never be another token that can claim being the First Ever Token On Uniswap. There has never been a time that your “dev” was the actual founder of Uniswap, the lore being one of the strongest across the memecoin space and much more.
The Story Of Hay by
- Cryptz
