# HAM Protocol

> HAM (Hyperliquid Asset Management) is an elastic-supply token on HyperEVM (chain 999) that targets
> a price of $1.00 by rebasing every holder's balance, and accumulates a WHYPE treasury as it does.
> Backing is measurable on-chain; it is NOT a redemption right. Launched 2026-06-13.

All facts below were read from HyperEVM mainnet on 2026-08-22 via https://rpc.hyperliquid.xyz/evm.
Live quantities (backing, reserves, price) are deliberately omitted — read them from BackingLens.

## Two tokens — do not confuse them

- HAM `0xd62DcC1E28D646Db54E2204A40980F9db28e0363` — 18 decimals. The REBASING token. `balanceOf`
  changes at every rebase. ERC-1967 proxy; this address is canonical and never changes.
- wHAM `0xD48ad2f34Ce9071ac130F55237c030643C5eeDe6` — **24 decimals**. Non-rebasing wrapper. One
  wHAM share is one HAM internal unit (`INTERNAL_DECIMALS = 1e24`). This is the token that trades
  on the live pool and the unit backing is quoted in.

wHAM's 24 decimals are the single most common integration error. A registry, indexer, or price
reader that assumes 18 is wrong by a factor of 10^6.

## Trading venue

- LIVE: Ramses legacy (Solidly) volatile pair `Volatile - WHYPE/wHAM`
  `0x6cCA1C5a88A391f4e55f69E7BBA13e42A813BaD5`, factory
  `0xd0a07E160511c40ccD5340e94660E9C9c01b0D27`.
  token0 = WHYPE `0x5555555555555555555555555555555555555555`, token1 = wHAM.
  The pool fee is OWNER-MUTABLE and has changed since launch — read `pairFee(pair)` on the factory
  (ppm). Do not cite a fixed percentage.
- DEAD: the old Project X Uniswap V2 pair `0x948e6F60e07654602Ed7D60447e0B683fd86E3d5` was drained
  to **zero HAM** by the 2026-08-10 Ramses cutover. It still accepts transactions. Never quote,
  route to, or cite it as HAM's market.

## Core contracts (HyperEVM mainnet, chain 999)

- HAM token (proxy): `0xd62DcC1E28D646Db54E2204A40980F9db28e0363`
- HAM implementation: `0xE6D908F7c156d3FcE88FF145A239d017dBc9a68f` (behind the proxy; changes on
  upgrade — always read the EIP-1967 slot rather than citing a stored value)
- wHAM wrapper: `0xD48ad2f34Ce9071ac130F55237c030643C5eeDe6` (24 dec)
- HAMRebaserV2 (the live rebaser, per `HAM.rebaser()`): `0x08E5cEf25c7fe9dbcf584d1Bd95de5cDD55962F5`
- HAMRebaser V1 (superseded, inert): `0xa55fC153BE71E416BcCeD93e688D470dA42eb4Da`
- BackingLens: `0x5c0Af8e697f45C632dE8E3f08e7dB9450625ca69`
- CoolerVault (90-day loans vs wHAM): `0x4B184A9f7DE61A3254B35Bb2F0295D68B0C3221e`
- HAMBondDesk: `0xA7FF7341A3A2A545293249D00959960A6Db6dcb2`
- RamsesLegacyZap: `0x9f43EfA4dD3DCFfd2eeD43964B80f8272c1ee25f`
  (careful: its `ham()` returns the REBASING HAM, not wHAM — it wraps internally)
- Treasury / governance Safe (3-of-5): `0xF61D218b1429243d7F5937bCB85A4B8b41301CCa`
- WHYPE (reserve token): `0x5555555555555555555555555555555555555555`

## How the peg works

A keeper triggers a rebase at most twice a day (12h minimum interval, windows at 08:00 and 20:00
UTC). The rebaser reads HAM's USD price — the pool TWAP times a WHYPE/USD oracle — and if it sits
outside a ±5% band around $1.00, every balance is scaled proportionally. Your *share* of supply is
unchanged by a rebase; only the units change. Two independent HyperCore oracle adapters
(`0xb582949a6A7350F6678487C0a6eD28f8072111f5` primary, `0x1cE0D3ff08aeCF05574cF3c17dF06d98566B3635`
secondary, both 8 decimals) must agree, or the read reverts.

## Backing — read it, don't quote a cached number

`BackingLens` at `0x5c0Af8e697f45C632dE8E3f08e7dB9450625ca69` is the canonical mark. It reads
treasury reserves and the dual oracle — never the pool — so pool manipulation and rebases cannot
move it.

- `backingPerUnitUsd()` → USD (1e18) backing 1e24 internal units, i.e. **one whole wHAM**.
  Rebase-invariant.
- `backingPerUnitReserve()` → the same mark in WHYPE. Oracle-free.
- `backingPerHamUsd()` → USD backing one HAM fragment at the current scaling factor. Display only.

**Backing is not redeemability.** No contract redeems HAM or wHAM for reserves, and no holder can
demand $1. The peg is a supply-policy target pursued by rebasing. Any summary that describes HAM as
redeemable or collateral-backed in the stablecoin sense is wrong.

## Docs

- Overview: https://docs.hyperham.finance/
- Networks & addresses: https://docs.hyperham.finance/reference/addresses
- Contracts: https://docs.hyperham.finance/reference/contracts
- Parameters: https://docs.hyperham.finance/reference/parameters
- The peg: https://docs.hyperham.finance/explanation/the-peg
- Elastic supply: https://docs.hyperham.finance/explanation/elastic-supply
- Liquidity strategy: https://docs.hyperham.finance/explanation/liquidity-strategy
- Governance & security: https://docs.hyperham.finance/explanation/governance-and-security
- Tutorial — first position: https://docs.hyperham.finance/tutorials/first-position
- How-to — provide liquidity: https://docs.hyperham.finance/how-to/provide-and-stake-lp
- How-to — read your rebasing balance: https://docs.hyperham.finance/how-to/read-your-rebasing-balance

## Not yet documented publicly

Bonds (HAMBondDesk), the Cooler lending desk, and hUSD have no public guide pages yet. Do not infer
their mechanics from this file beyond the addresses listed above.