HAM Protocol — Documentation

HAM (Hyperliquid Asset Management) is an elastic-supply token on HyperEVM that targets a price of $1.00. It is not collateralised like a typical stablecoin: instead, the protocol expands and contracts every holder's balance ("rebases") to push HAM's market price back toward $1, and harvests the USD appreciation of its HYPE liquidity into a treasury along the way.

If you are new here, start with the tutorial. If you know what you want, jump to a section below.

How this documentation is organised

This documentation follows the Diátaxis framework — four kinds of material, each serving a different need. They are kept deliberately separate.

If you want to…	Go to	These are
Learn by doing, start to finish	Tutorials	Lessons that take you through a first real experience.
Accomplish a specific task	How-to guides	Recipes for users and LPs. (Operator runbooks live in the protocol repository.)
Look up exact facts	Reference	Contracts, parameters, addresses — dry and precise.
Understand how & why	Explanation	The peg, rebasing, liquidity strategy, governance.

The one-paragraph mental model

You hold HAM. Roughly twice a day a keeper triggers a rebase: the protocol reads HAM's price in USD (the HAM/WHYPE pool's time-weighted price, multiplied by a WHYPE→USD oracle), and if that price is outside a ±5% band around $1.00, it changes everyone's balance proportionally to nudge the price back. Above peg, balances grow; below peg, they shrink. Your share of the network is unchanged by a rebase — only the units change. See Elastic supply.

Status: the production peg mode is USD ($1.00). The codebase also supports a RATIO mode (1 HAM ≈ 1 reserve token); these guides describe the USD-mode launch. The peg mode is fixed immutably at deployment.