Balance CEO Accuses Uniswap Founder of Betrayal

In The Early Days of Uniswap, Burton Played a Key Role

Adams Disappears

Uniswap's Founder Shares His Perspective

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Ric Burton is suing Hayden Adams for alleged debts incurred by assisting Uniswap to launch.

The CEO of Balance.io claimed he had been deceived by Uniswap founder Hayden Adams, who, once, he regarded as one of his "best friends."

In a tweet thread posted on 2 February, Burton described his experiences developing the Ethereum (ETH) ecosystem during its early stages and their friendship with Adams.

In addition to investing time and friendship, Burton had invested an unspecified amount of money in assisting Adams in bringing Uniswap to market. However, Burton said he is heartbroken and saddened that his efforts have not been rewarded.

In The Early Days of Uniswap, Burton Played a Key Role

It all started in New York in the spring of 2018, with Burton looking for developers for dApps. It involved hosting events and providing promising developers with time, money, and studio space.

In his account, Adams stood out among the many hopeful developers he met for his unwavering enthusiasm for Uniswap.

"He was on an absolute warpath. Every time you met him, all he could talk about was Uniswap."

The pair developed a close bond over the goal of making "Ethereum magic for everyone," supporting each other's endeavors.

"We were there for each other during the ups and downs of trying to build startups in an ecosystem with very few solid projects."

As Burton pointed out, he firmly believed in Adams and his simplified AMM DEX concept and was willing to grant Adams unlimited studio access. Burton paid Adams' rent when he ran out of money, even dipping into Balance.io's funds to cover his expenses.

A significant turning point was marked when the Ethereum Foundation knocked on the door, realizing the protocol's potential. The future looked bright with the addition of the crypto investment firm Paradigm.

Adams Disappears

Adams informed Burton that he intended to include him in the Uniswap round to repay Burton's assistance.

Having trusted Adams' word, Burton was confident he would keep it.

After some time passed, Burton encountered personal difficulties, including losing his grandmother in March 2019.

He said he was also asked to leave Balance.io by the other Co-founder without disclosing the details.

"Suffice to say, things were not good at Balance.io. Things were very good at Uniswap.

Hayden raised just over $1m."

He then discovered that Paradigm wasn't interested in including him in the round, which he attributed to his difficulties at Balance.io.

"They were not at all interested in having a failing founder on the cap table of their new unicorn."

According to Burton, Adams ignored Burton's messages during this period and went AWOL.

Nevertheless, contact was reestablished as the UNI token was being prepared for deployment. At this point, Adams offered Burton a repayment plan.

However, the offer came with the condition that they never publicly discuss their relationship's circumstances and events. As Burton stated, "This was one of the most offensive contracts I have ever seen."

Burton tells this story four years later, saying he could not talk about it sooner because of sadness.

Burton closed the tweet thread by confirming that legal action would be taken to recover the debt. At the same time, he expressed uncertainty regarding himself and this course of action, asking the Twitterverse whether they believed he deserved to be left without any compensation.

"My goal with this thread is simple: to gauge the community's sentiment about my contribution. "

Uniswap's Founder Shares His Perspective

In response to recent comments by Balance.io Co-founder Ric Burton, Uniswap founder Hayden Adams expressed "sadness and disappointment."

Adams denied Burton's claims, calling them "very misleading" or even "outright lies." He was also hesitant to engage sooner because of pending legal action.

Adams provided more information on the repayment aspect of the deal, saying it involved a Simple Agreement for Future Equity (SAFE) - with Burton having the option of choosing any amount he desired. The investor's ownership percentage is fixed in a post-money SAFE.

Burton, however, indicated that Balance.io was running low on funds, so he declined SAFE's offer.

Adams clarified that he had received a grant, that Burton declined an early investment, and that he refused a later offer to repay the money.

In addition, Adams discredited several other claims, such as Burton's introduction of Paradigm investments. As a result of Burton's behavior, the situation became too much for him, so he decided to freeze him out.

"I eventually cut off contact with Ric because of how poorly he treated people around him, including my friends and colleagues."

Nonetheless, Adams expressed gratitude to Burton for his assistance with Uniswap.

Source: cryptoslate.com