HAM is an elastic-supply token on HyperEVM that holds a $1.00 target through automatic rebases — and channels HYPE upside into a growing protocol treasury.
HAM — Hyperliquid Asset Management — is an elastic-supply token on HyperEVM that targets a price of $1.00. Instead of locking up reserves, it holds that target by automatically adjusting everyone's token balance proportionally (a "rebase"), while harvesting HYPE appreciation into a protocol treasury.
HAM holds its $1 target with supply elasticity — no reserves to manage, no redemption queue, no off-chain custody. The mechanism lives entirely on-chain, priced by a 1-hour TWAP of the HAM/WHYPE pool combined with native HyperCore oracles. Pure mechanism, fully transparent.
HyperEVM, Hyperliquid's EVM chain.
When the market price drifts far enough from $1, the protocol changes the number of tokens in every wallet proportionally — expanding supply when price is high, contracting it when low — nudging the market back toward $1.00. Your share of total supply never changes; only the displayed count does.
No. There's a ±5% deadband — between $0.95 and $1.05, nothing happens. A rebase only fires above $1.05 (expand) or below $0.95 (contract). Stability over constant meddling.
About twice a day, at roughly 08:00 and 20:00 UTC, at least 12 hours apart. They're executed by allowlisted keeper bots through a two-step commit/reveal flow — not by any random wallet.
Smoothly damped. The off-peg percentage is divided by rebaseLag = 10 before it's applied — so even a sustained 10% deviation produces only about a 1% supply adjustment per rebase. Gradual, never violent.
The peg rate combines a 1-hour TWAP of the HAM/WHYPE pool with a dual oracle: a HyperCore perp oracle (primary) and the spot order book (secondary). The two feeds must agree within 10% for a rebase to proceed, and keepers use a 25-block commit/reveal so no one can sandwich a rebase.
That's a rebase. Every wallet's displayed balance moves at the same moment, even though no tokens were sent or received. Your underlying share of the supply stays exactly the same.
"Your Bag" (balanceOf) — what your wallet shows. It changes on every rebase.
Underlying (balanceOfUnderlying) — your rebase-invariant share of supply. It only changes when you transfer, buy, sell, or claim rewards.
Watch your underlying figure. If it goes up, real HAM landed in your wallet (from a purchase or reward claim). If it's unchanged after a rebase, your share stayed the same — only the display re-priced toward $1.00. The epoch counter increments on every rebase, and hamsScalingFactor above 1e18 signals net supply expansion.
Provide HAM/WHYPE liquidity on Project X, then stake your LP token in the Genesis farm (launching soon — the steps below are how it will work) (HAMIncentivizer). It's a Synthetix-style farm paying HAM emissions on a halving schedule, and rewards are scaled by the current rebase factor at payout so they always stay current.
stake())getReward(), unstake with exit()On every positive rebase the protocol mints 10% of the expansion to its treasury, sells about 90% of that into the pool for WHYPE, and stacks the reserves. As HYPE appreciates and triggers positive rebases, the treasury accumulates WHYPE it can deploy to deepen liquidity and reinforce the peg.
LP farming aligns everyone with the peg: participants buy HAM to pair with WHYPE (buy pressure) and add it to the pool (deeper liquidity). The result is a stronger, more defensible market — exactly what keeps HAM pinned near $1.00.
Any EVM wallet that supports custom networks — MetaMask, Rabby, or OKX all work. Just add the HyperEVM network above and connect at hyperham.finance.
Add HyperEVM, grab a little HYPE, and open your first HAM position in about two minutes.