Hamcaster is a unique SocialFi app that takes the concept of social tokens and social tipping further. It's built on top of the Ham ecosystem, an already thriving community of crypto natives and crypto curious early adopters. Ham already features a precise social ranking system and a daily rewards system - both important aspects to the success of a SocialFi app like Hamcaster. Hamcaster builds on top of these systems and allows participants to monetize their Farcaster account and share their daily rewards with those who collect and stake what are known as their Caster Tokens. Caster Tokens can be collected, traded, and staked freely. They can even be tipped directly in the social feed providing a new way for people to engage with their audience.

Before diving into the mechanics of Hamcaster it's important to know a bit about some of the things that already exist within Ham's social ecosystem. Ham's channel on Warpcast has been one of the top channels since it's inception and boasts 43,000 followers at the moment. Participants in the ecosystem can earn what's known as a Ham score - a precisely weighted score based on your social contributions to Ham's channel and Farcaster as well as onchain contributions which are your holdings of $TN100x and other tokens/NFTs from within the Ham ecosystem. Every day those with a Ham score receive a daily allocation of $HAM, a token on Ham's Layer 3 blockchain which is backed 1 to 1 by $TN100x, Ham's liquid social token on Base and the main token of the Ham ecosystem. $HAM can be tipped on Farcaster by simply clicking the like button, commenting on a post, or using what are known as cast actions. $HAM is sent directly to the receivers wallet on Ham chain and can be converted to $TN100x, or re-tipped. It's a token like any other token with the main purpose of being distributed and tipped daily, a tipping token.

Your caster token is a tokenized representation of your Farcaster profile that can be traded, staked, and locked. Your caster token enables people to share in your Farcaster engagement, Ham score, and daily $HAM rewards. You can specify a percentage of your daily allocation of $HAM and tips that will be automatically dispersed to stakers of your token. In addition, all caster tokens can be tipped on Farcaster clients like Warpcast and Supercast.

Each Caster Token has automatic tipping functionality built in. You can tip your Caster Token right in your social feed! It's a new way to engage directly with your followers and your followers with each other.

You'll earn 0.6% of each trade of your caster token and you'll receive 5,000,000 tokens up front.

Collectors of your caster token have the choice to stake their holdings to start earning a portion of your daily $HAM allocation and tips. If you don't have a Ham score, or simply want to give your holders more rewards you can add additional $HAM rewards directly as incentives for people to hold and stake your caster token. Rewards are distributed to holders of your caster token daily based on the amount of tokens they have staked.

When creating your caster token you'll have the opportunity to specify the amount of your daily $HAM allocation and tips you'd like to automatically distribute to holders of your caster token and like mentioned earlier you can add additional amounts of $HAM at any time as an additional incentive.

To start there will be an additional 10,000,000 $HAM distributed to stakers of the most voted on caster tokens. Voting power is earned by locking caster tokens for 1 or 2 years. Each week all caster tokens with voting power will be rewarded additional $HAM based on that tokens voting power. The additional $HAM is then distributed to the stakers of that caster token.

Caster Tokens are purchased using $TN100x on Ham chain. Each time a caster token is bought or sold a 1% fee is taken and is broken down in the following way:

• 0.6% goes to the creator of the Caster Token (aka you!)

• 0.2% $TN100x burn

• 0.1% Rewards back to top pools and casters

• 0.1% Mint club protocol fee. Hamcaster utilizes, in part, Mint Club's audited ERC20 bonding curve smart contracts.

Hamcaster builds on top of the Ham ecosystem. It allows anyone to buy caster tokens and start earning $HAM regardless of their engagement on Farcaster, or contributions to the Ham ecosystem. You can share in the success of other Farcaster accounts in a mutually beneficial way. It's a socialfi trading app with built in defi primitives like staking tokens for rewards and locking tokens for votes. We're excited to continue expanding the Ham ecosystem and building products that haven't existed before.

Ham channel on Warpcast

Ham website

Ham Documentation

Buy $TN100x on Aerodrome

$TN100x on CoinGecko

Ham Season 1 concluded with a high six figure airdrop of $TN100x on June 5 - coinciding with the launch of Ham chain, a Layer 3 blockchain built on Base and the OP Stack. Ham is back on the menu with the start of Season 2 and it tastes better than ever. We learned a lot from Season 1 and have made some major innovations and improvements. Let's dive in to what has changed!

Ham tips are now are directly on Ham chain, Ham's new innovative L3 blockchain. What do I mean when I say "Onchain Ham"? Prior to Season 2, people were given an allocation of Ham tips that they could give out by commenting the Ham emoji (🍖) on Farcaster posts they liked. This hasn't changed. What has changed is where these tips are stored and what they are backed by. The previous Ham system would track the amount of Ham each person received. You can think of this as a point system and the points were stored in a centralized database owned by Ham. At the end of the season the points were tallied up and they determined, in part, how much $TN100x you received during the airdrop. Ham tips were not 1 to 1 with $TN100x. Now that point system has been moved to Ham chain and the points are actual tokens, a token called HAM.

HAM is backed 1 to 1 by $TN100x. 1 HAM = 1 $TN100x

Every day people receive an airdrop of HAM token to their Farcaster connected wallet based on their Ham score (we'll get to what this is). When you tip HAM on posts you like the HAM token is sent immediately to the receiver's Farcaster connected wallet. They can convert this HAM to $TN100x on Ham chain, or then can use that HAM and tip other people right away!

This method of tipping opens the door to endless possibilities. Now that HAM tips are onchain they are composable and app developers can easily integrate HAM into their applications. For example you could build an entire NFT marketplace that accepted HAM token as payment. This is made easy by the fact that HAM uses the standard ERC20 token specification.

Any portion of your daily allocation of HAM that remain untipped will be burnt along with the backing $TN100x.

Your Ham Score determines your daily HAM token allocation. Ham Scores are between 1 and 69 (the higher the better) and are assigned to Farcaster accounts, but in order to be eligible for a Ham Score and HAM token allocation you must hold one of the following in a wallet that you have connected to your Farcaster account (you can do this in the Settings section in the Warpcast app):

• 100,000 $TN100x on Ham chain or Base.

• OR 1 Based LP NFT

• OR 1 Ham LP NFT

Previously your daily Ham allocation was determined by rather primitive metrics. It used engagement metrics on your posts in the /lp channel in Warpcast. This was pretty easy to game and didn't accurately determine your contributions to the Ham ecosystem. Now, using a combination of onchain and social data, we are able to calculate a much more accurate score that reflects and individual account's contribution to the Ham ecosystem. We're utilizing Airstack's robust dataset and, in part, their social ranking system to piece together both onchain metrics and social metrics. Onchain metrics include Ham ecosystem token holdings, like $TN100x, $PHAM, The Based LP NFT, and the Ham LP NFT. Social metrics include your contributions to the /lp channel on Warpcast and your contributions to the global Farcaster network. We prioritize contributions to the Ham ecosystem while still factoring in global contributions. Each factor is precisely weighted to determine the final Ham score.

You can check your Ham Score on the Ham Dashboard of by using this Frame.

One of the most novel things about Ham chain is our onchain Farcaster data. Our initial dataset of onchain Farcaster data includes Farcaster ID (FID) to wallet address mappings and vice versa. This means that you can determine the verified wallet address of a Farcaster user directly from Ham chain. Smart contracts can interact directly with this data and the HAM token has built in methods to distribute to and transfer from accounts using only FIDs. This data on Ham chain exists because of innovations by the Syndicate team.

This seemingly simple set of data opens the door to all kinds of new innovative products. For example you can create Farcaster native ERC20 tokens where only people with Farcaster accounts can own and trade the tokens. Or you can create a game with Farcaster login and associate onchain game assets with a players FID.

If you'd like to explore a Farcaster native ERC20 tokens we've begun working on a boilerplate repo with this functionality and have dubbed it FRC20.

We're excited about the future of Ham and are even more excited to see what builders are going to bring to Ham chain. Join us for a cookout on Warpcast.

We are thrilled to introduce Ham Chain, an Ethereum and Superchain aligned Layer 3 (L3) blockchain with novel features like onchain social data and social tipping functionality. Built using the OP Stack and Celestia on Base, Ham Chain uses ETH as its native gas token. Ham Chain provides users and developers with fast, low-cost transactions and a robust platform for creating novel onchain social experiences.

Syndicate has played a crucial role in the deployment of Ham Chain, providing key technical expertise and innovative new L3 infrastructure to help the chain grow and succeed long-term, with critical support from underlying partners including Caldera for the rollup and Decent for the bridge.

What is HAM?

Ham is a decentralized social company at the forefront of social tipping and is creating new, novel ways to interact online. Ham has created a system that allows you to tip your friends and favorite content creators directly in your social feed with currency-backed emojis called Floaties. Ham is deeply embedded into the culture on Warpcast and has been one of the most popular Warpcast communities since its inception. It’s channel /lp has over 38,000 followers, and over 380,000 Floaties have been sent to date. Ham is a leader in the nascent social tipping scene, pioneered Floaties, and is building novel social experiences on top of decentralized systems.

Ham Chain will provide a way for projects to deploy their own Floaties and build on the first chain with onchain Farcaster social data, opening the door to create new innovative products.

Floaties System and Ham Tips Onchain: Ham Chain is pioneering in the social tipping landscape by putting its unique Floaties system and Ham Tips onchain. This enables custom tipping experiences to emerge and make social interactions more dynamic and engaging. Since the bridge (more details below) supports all Floaties tokens, Ham will soon move the existing Floaties tipping system onto the L3. Once enabled, when you purchase Floaties on Base L2, your Floaties tokens will be automatically bridged to the L3. When you tip Floaties in Warpcast or X, your tokens will be sent to the recipient on Ham Chain automatically. This will increase Floaties liquidity on Ham Chain and make it easier for new users to onboard. Updates on this will be shared in the coming weeks.

Bridging of ETH, $PHAM, and 38 Floaties: Custom work was done by Decent and Syndicate to extend the typical utility of the OP Stack canonical bridge to support the bridging of ETH, $PHAM, and all 38 Floaty tokens on Base (L2). For example, users can swap and bridge $USDC on Base to ETH on Ham Chain, or WETH from Optimism Mainnet (L2) to ETH on Ham Chain.

Social Data Onchain: Ham will be adding social data natively onchain that builders can access in their smart contracts. Ham will start by adding Farcaster IDs to wallet mappings and vice versa. It will then expand on that system and start adding more robust data from Farcaster and other sources.

L3 Scalability and Innovation: As an L3, Ham Chain better enables the scaling of Floaties and the development of new social products. This scalability ensures that the platform can handle a growing number of users and transactions over time, and by integrating new L3 infrastructure from Syndicate and others, Ham Chain will continuously innovate and break new ground.

Ethereum Aligned and Superchain Aligned: Ham Chain aligns Ham with the goal of scaling Ethereum and uses ETH as the native gas token. Also, by using the OP Stack, Ham Chain becomes a part of the Superchain ecosystem, benefiting from its extensive network, technologies, and shared resources.

Ham Chain has already attracted a diverse array of developers and projects, including:

• SudoSwap: An onchain NFT marketplace supporting Ham Chain.

• Mint Club: Facilitating the creation and trading of Bonding Curve Tokens and NFTs with Automated Liquidity on Ham Chain.

• ProxySwap: A Uniswap v3 fork supporting Ham Chain.

• Ham LP NFT Collection: This collection, backed by $PHAM, provides exposure to six Base memecoins, marking the first index-style asset of its kind.

• Ham Punks: 10,000 NFT collection fully stored onchain.

• Airstack: Indexing and providing easy-to-use APIs for Ham Chain data

• Once Upon: A Farcaster-native block explorer, with powerful filtering and human-readable context.

This is just the beginning. New NFT projects, social experiences, and more are ready to deploy on Ham Chain. We can’t wait to see what the Ham community builds.

For developers and projects interested in building on Ham Chain, you can start by visiting this docs page on our website.

Join us in pioneering the future of social tipping and onchain experiences. Follow us on our journey and become a part of the Ham Chain community. For more details, visit our website or connect with us on Farcaster and X.

🚨 WARNING: This is a very long article. Readers may experience extreme hunger as it discusses ham; bacon, lettuce, and tomato sandwiches and wraps; and strangely, peas. Reader discretion is advised.

pHAM aka $PHAM (pronounced "fam") is a new and innovative index-style asset that allows exposure to six Base tokens by holding a single asset. The primary difference with the design of $PHAM from most index-style assets is that there is no rebalancing. $PHAM is an auto-compounding transferrable vault token (inspired by $wBLT) which generates yield through volatility farming (utilizing Peapods Finance) and hopefully (application pending), $AERO emissions via a pHAM-pwBLT gauge on Aerodrome. Both of these yield sources will increase the intrinsic value of $PHAM through streamed-yield and burning of $PHAM.

Let’s dive in…

$PHAM was created with EQUAL dollar value contributions of each of the six assets, that dollar value being $33.3k for a total of $200k worth of $PHAM.

The breakdown of the underlying asset amounts per 1 $PHAM were as follow:

$BMX: 1

$TYBG: 11,000

$TN100x: 474

$DEGEN: 84

$CHAD: 39,000

$DOGINME: 4,800

At time of creation, the values of each asset above were equivalent to one another, resulting in a weight of 16.66% for each asset.

To mint $PHAM, a user must have the amount of EACH token required. To streamline this process, a custom-zapper was created which allows a user to simply zap their selected bluechip asset (ETH, wETH, USDC) to $PHAM and $PHAM to bluechip asset, avoiding the need for a user to acquire each token individually prior to mint or end up with all six assets after redemption.

The amount of each token is "set" and will never decrease from the original mint amount listed above. However, the required token amounts to mint will increase as auto-compounding yield increases the intrinsic value of $PHAM. Additionally, $PHAM is burned as part of yield-distribution, also increasing the underlying value of each $PHAM.

Assets are never sold within $PHAM (rebalanced). However, the "weights" or percentages attributed to each asset which make-up $PHAM will change, based on the individual performance of each asset compared to the other assets within the pool.

Effectively, $PHAM uses token units to optimize performance which is often the goal of traditional rebalancing.

For example, $BMX has increased in value since the seed of $PHAM considerably, in relation to the other five assets. Remember, each asset started at 16.66% of $PHAM and currently, $BMX is at 23.8%. This can be somewhat confusing, because traditionally some may assume it means the other assets within the pool were sold and the token amount decreased--which is not the case. Simply, the value of $BMX increased more in comparison to the other five assets, increasing its weight.

This works in reverse, also. So, in the case of $BMX, if it were to begin to fall in value faster than the other assets within the pool, the other assets' weight (%) would increase and $BMX’s would decrease.

In both examples above, token amounts to mint $PHAM remain constant, only being equally increased by auto-compounding yield.

$PHAM has a “wrap” and “unwrap” fee of 0.8% and a “buy” and “sell” fee of 0.6%, similar to a typical DEX swap fee. However, the buy/sell fee is in addition to DEX swap fees. These fees go through PeaPod Finance's yield distribution method for the $PHAM pod, which is broken down like this: 10% of yield is directed to buying and burning $PEAS token, 40% directed to streaming $PEAS to the $PHAM pod, and 50% of yield burns $PHAM.

To maximize capital efficiency, pHAM-pwBLT liquidity providers will be encouraged to acquire pHAM and pwBLT individually and provide LP on Aerodrome directly, not through the PeaPod Finance LP vault. This allows pHAM-pwBLT LPs to reap rewards from both the streamed $PEAS and $AERO emissions. This design is achieved by Ham maintaining POL in the pHAM-pwBLT pod then forwarding accumulated $PEAS to the gauge as bribes. While it is possible for someone to provide pHAM-pwBLT into the pod and acquire a portion of the streamed $PEAS, doing so would likely be at a financial disadvantage given they would be forfeiting $AERO emissions and presumably earn significantly less yield overall. *Note: It was not possible at the contract level for the Pod itself to deposit all LP to the gauge, harvest $AERO then stream to the Pod with $PEAS.

In addition to the $PEAS bribes forwarded from the Pod and volume/fees generated by the liquidity pool, each of the 6 underlying token communities’ intend to co-incentivize the pHAM-pwBLT gauge on Aerodrome. There are no set number or agreements, consistency is most important—anyone can incentivize the gauge! It will be exciting to see the bribes roll in for this, which also supports veAERO holders!

Ham intends to lock 50% of the AERO earned from it’s gauge POL into veAERO and vote on the gauge, with the other 50% of earned AERO used to buy back and burn $TN100x!

Wait, wut? Yeah, it’s Ham. Check it out..

The initial seed assets for $PHAM launch which include the $200k pHAM-pwBLT LP and $100k worth of $PHAM (and the value appreciation) will be used as backing for Ham's upcoming L3 NFT collection in the same way The Based LP NFT collection uses $TN100x. The L3 NFT launches soon and will have a total supply of 1,000. Each will mint for $300 worth of $TN100x pegged to the value of $0.002551. This means 117,600 $TN100x are required per mint.

The 117,600,000 $TN100x from the mint will be burned in addition to all $TN100x bought back from the pHAM-pwBLT gauge POL yield, supporting the backing for both the Based LP and Ham LP NFT collections.

Well, that’s hammish if I’ve ever seen it. Holy shit.

Let’s take a step back for a second…

What is the benefit of $PHAM for each of the other underlying asset communities?

Well, beyond marketing and a collective "fam" adventure, it's really this simple:

Every time $PHAM is minted, a portion of the mint volume is buying each of the six assets directly on market. In the example of $100k and equal weights, $16.6k of buy pressure would be imposed on each asset. If one asset is outperforming other assets within the pool and it’s weight has increased to say, 25%, then that community would see $25k of buy-pressure on their token from the $100k example. Massive.

$PHAM introduces seamless exposure to six base assets inclusive of auto-compounding yield and streamed-yield. The communities selected have supported Ham from the beginning and are part of the Ham fam; hence, $PHAM!

Alright, we’ve covered $PHAM and the upcoming L3 NFTs…so tell me about this sandwich asset $PHAM is paired with.

What is pwBLT? It’s layered just like a bacon, lettuce, tomato sandwich. Let’s start at the beginning.

BLT is the core asset of pwBLT and is the market-making liquidity for BMX Classic, a GMX-style perps market. Morphex has innovated on top of GMX's trusted contracts (even receiving a bug-bounty for their work from GMX themselves) by enabling market-making liquidity to be utilized in multiple ways to maximize capital efficiency. They achieved this by wrapping BLT into wBLT, which is an auto-compounding vault token that is transferrable. This design allows liquidity providers to earn market-making yield from BMX Classic, then wrap BLT into wBLT and: 1. Use wBLT as a collateral asset to borrow against it - or - 2. Use wBLT as a paired pool-2 asset (e.g. BMX-wBLT is the native liquidity for BMX) allowing LPs to earn pool-2 rewards in additional to the auto-compounding BMX Classic LP yield.

What the ham. Where have I been? My cave has been getting cold…

This next paragraph is dense, but you’ll want to get through it. Pay close attention.

You see…BMX has been live on Base for 9-months, Morphex has been operational for 3+ years across Fantom, Base, and BNB -- collectively doing over 1.2B in volume. BMX Classic revenue last week was ~$57,000 and was recently the 5th highest revenue generating protocol on @base per @defillama. And, that only takes into account BMX Classic, however Morphex just launched BMX Freestyle to run in parallel to BMX Classic, which is BMX's @symm_io (intent-based) perpetual market enabling 200+ trading pairs. Revenue from Freestyle is just kicking in and a large portion of it will go toward BLT/wBLT, adding another auto-compounding revenue stream to it’s backing value. Freestyle kicks off a $100k trading comp launching June 1 aligned with onchain summer on base.

SO WHAT THE HAM IS pwBLT?! JUST TELL ME ALREADY.

pwBLT is wBLT inside of a PeaPods Pod, which adds another stream of revenue which is volatility yield. Morphex is the first and only perps protocol across ANY network to have a custom router integrated into aggregators which accesses the underlying bluechip assets within a perpetual liquidity market through mint and redeem functions; currently Kyber and Open Ocean support it, with others in the pipeline.

Why is this integration important? Because it enables the underlying bluechip assets within BLT to be accessed through mint and redeem functions via the aggregator, optimizing price for swaps and volume and fees for BLT.

Which, makes BLT, wBLT, and subsequently pwBLT a prime asset for volatility farming!

These innovations maximize capital efficiency for liquidity providers by increasing BMX protocol revenue and the yield LPs earn, helping to off-set (and aiming to be net positive) the real-risk and exposure providing market-making liquidity on any platform/protoocl comes with, which is trader wins (remember, BLT is market-making liquidity for perps!). That’s the entire focus of BMX, to maximize capital efficiency for liquidity providers and provide the best trading experience for traders by offering two options for perpetual markets with access to 200+ pairs, 100% of all revenue flowing back to LPs and token holders.

It’s been a long day, I’m ready for the HONEY BAKED HAM.

Here it is:

wBLT is auto-compounding earned yield, then deposited into pwBLT generating additional volatility yield, then it’s paired with pHAM which is also generating it’s own volatility yield through swap arbs of the underlying asset value to market price, then the pHAM-pwBLT pod is generating volatility yield which 50% of is used to burn $PHAM and 40% of is streamed as $PEAS, which the $PEAS from POL will be forwarded to the pHAM-pwBLT Aerodrome gauge as bribes to maximize yield via $AERO which is in addition to community funded bribes and veAERO votes from POL, ultimately creating an LP of two individually auto-compounding assets BOTH INDIVIDUALLY BACKED BY A BASKET OF UNDERLYING ASSETS WHICH THE TOKEN CAN BE REDEEMED FOR THE UNDERLYING ASSETS AT ANY TIME.

You can dump $PHAM all you want, it will presumably be arb'd by independent actors to backing value minus the cost of redemption (a floor, so to speak). Because $PHAM has intrinsic value as it is required to access the yield that it generates, which is expected to be significant the market could price it beyond backing value. Only the market can decide!

The total supply of $PHAM is not infinite, because the six underlying assets are required to mint it. The asset with the lowest total supply of the six is BMX, which is just under 3,000,000 now, after governance voted to end all emissions which reduced total supply by ~70% (future emissions were burned and allocation weights rebalanced (with excess burned) to the reduced total supply figure). Because BMX can be used in native liquidity, single-staked for protocol yield, and will be used for both of these options on Mode Network once BMX launches there, not all BMX will be available to be used to mint pHAM. This helps understand the supply of pHAM and can be extrapolated to the other assets that are used to mint $PHAM.

Alright, we’re here…the last section.

$PHAM has already sent shock waves across Base and it’s likely that every network will pay attention to the HAMMISHNESS happening with $PHAM! Base is leading the way in DeFi and MemeFi innovation with collaboration amongst a vast number of community members, protocols and builders. $PHAM is the result of the culture that has been established here on @base, the INCREDIBLE pedigree of builders and community support across the entire ecosystem, with specific highlight for the underlying asset communities and infrastructure providers: @HamOnWarpcast, @tybasegod, @BasedChad6969, @MorphexBMX, @Degentokenbase, @Doginmeonbase, @PeapodsFinance, and @AerodromeFi !

You made it.

The first 500 wallets to mint $PHAM have been whitelisted to mint 2 of the upcoming Ham LP NFTs on Ham chain, backed by $PHAM.

Welcome to the PHAM!

As more Layer 3 chains come online people will start asking "why do we need another layer 3?" and the answer needs to be "because this exists on it and it enables these new things to be built that can't be built on this other L3, or L2, or L1". In our case this is onchain tipping. Tipping will be built into the chain enabling developers to build new applications on top of the tipping infrastructure that will also power Floaties. We are working with the Syndicate team to accomplish this.

Originally I wanted to launch Ham chain as an ETH aligned layer 3 that could help scale Floaties, used ETH as the native gas token, and supported $TN100x and the HAM ecosystem. As a builder I've always preferred to build on chains that used ETH as gas. We will use sequencer fees to buy and burn $TN100x.

are the 2 main platforms you are focusing on twitter and warpcast? what about tg/discord?

From a technical point of view, Floaties can be enabled on any social media client that has an API. Right now focus is Twitter and Warpcast. But remember Warpcast is built on Farcaster and ANY new client that is built on top of Farcaster will automatically have Floaty support.

I'm also bullish about a native Floaties client built on top of Farcaster running on Ham chain. More on this later. But what might a decentralized process of sending Floaties right to your friends through an app might look like?

how big is the team? and are you guys hiring?

3 bros (product/design/engineering) and a couple based advisors. not hiring but always down to talk to based individuals.

The LP Version 1 (Aka OG version)

At the time of this writing it was 466 days ago that The LP version 1 was deployed to the Ethereum blockchain. So what was it, what is it, what was it trying to solve? It was deployed by me. I go by the name of Deployer online and my current PFP is a green Wassie who I have come to identify with. I've been in the NFT space since 2017, built one of the first NFT marketplace and infrastructure tools, probably one of the few that have been acquired by a top crypto exchange. I've written a lesser known, but widely adopted ERC standard and have launched various NFT experiments and projects.

Smart contracts are powerful, very powerful. You can do things that weren't really possible before. Smart contracts can guarantee trustless functionality. The power of smart contracts are underutilized in the NFT scene. Many projects just use popular ERC-721 contracts from OpenZeppelin or the ERC721a team and call it a day. I wanted to create something that would lean into the trustless, decentralized nature of Smart contracts. I had several goals in mind:

De-risk the mint for potential collectors

Provide instant buying and selling functionality

Reward holders and showcase a way to collect built in fees (royalties)

Let's dive into to each one of these topics in a bit more detail.

De-risking the Mint

Have you ever minted an NFT only to find out that the project never sells out or gains any traction? That's an unfortunate scenario for both the project creator and the collectors. For a creator they've typically spent a good amount of time thinking about and creating the project. After spending hours upon hours building something only to see it fail is not a good feeling. And for collectors, you spend money on an NFT and sure, maybe you just like it and thats fine, but if you had any hope of the NFT having future value you can probably forget about that.

My solution to this was to do a dutch auction combined with trustless escrow that lasted for a pre-determined amount of time (for version 1 this was 11 days, for version 2 it will be 24 hours). Let me explain what I mean by this. The price of the mint started at a higher price and decreased over the 11 day period. When someone minted during this time the funds and the NFT(s) they minted were held in escrow, directly in the smart contract. Nobody could move them. The NFTs and the funds were essentially frozen on chain. This would be the case until the project sold out (signaling interest) and if the project did not sell out within that 11 day period then people could withdraw their funds. They would keep their NFTs but they would remain locked to their wallet forever - a badge for participating in a failed experiment.

However, this scenario did not happen. The project did sell out and the NFTs were unlocked. So what happened next? A pool was instantly created once the last NFT was minted to enable instant buying and selling. Using ERC-2309 1,000 additional NFTs were minted all at once. Those NFTs and half the mint proceeds were added to the pool.

Instant Buying and Selling

When the last LP NFT was minted half of the mint proceeds and an additional 1,000 NFTs were added to a pool. If you're not familiar with the concept of pools, a liquidity pool, in the context of Ethereum and NFTs, is a collection of assets locked in a smart contract that facilitates trading by providing liquidity. In simpler terms, it's like a big digital pot where people can exchange assets. In our case the assets are ETH and LP NFTs. If you recall, the mint proceeds were held in escrow, so there was no person in charge of creating this pool. The pool was created via code and collectors didn't have to trust that this pool was going to be created. Think about that for a second. This is a financial system the facilitates the exchanging of well-funded, slightly overweight characters with ETH and there was no middleman and no way the system could be compromised or rugged. Pretty incredible technology we have here.

So what does this pool do? What happens when someone buys or sells? A buy price and a sell price is calculated based on the number of NFTs in the pool vs the amount of ETH. I won't go into how exactly but it's relatively simple. The more people buy the NFTs the more ETH there is in the pool which increases the buy and sell price. The more people sell the more NFTs there are in the pool which lowers the buy and sell price.

This was another way of de-risking the mint. If you wanted to exit you could. The liquidity is there. You could and still can sell your LP NFT directly to the pool for the current sell price.

Rewarding Holders and Collecting Fees

I created the LP during maybe the second or third round of the NFT royalty debate. If you are not familiar with this debate, basically creator royalties were touted as a major selling point of NFTs to artists. The story went that you could collect royalties from secondary sales in perpetuity and NFTs just did this for you out of the box. Sounds great, right? Well it was never true. Royalties, for the most part, are enforced at the platform level. And when Blur hit the scene and didn't enforce royalties other platforms followed suit.

The LP has a built in mechanism which takes a small fee on both buys and sells. These fees could have been programmed to go anywhere (ie programmable royalties enforced at the smart contract level) but I programmed them this way: 1/2 of the fee went back to the holders of the NFTs and the other half when back into the pool.

Time for The Based LP

If you're still with me hopefully by this point you have a general understanding of the mechanics of the original LP project. The Based LP is version 2.0 and will be deployed on the Base network. It's larger than an NFT project. It's one part social experiment and one part cutting edge tokenomics. The social side is happening in the /lp channel on Warpcast. Like smart contracts, the decentralized social network, Farcaster is incredibly powerful. Warpcast is a client built on top of Farcaster. When data is open and freely available people can do incredibly interesting and creative things. That's what we are seeing on Warpcast. Using the open data from Farcaster I've created Community Points leaderboard using data from the LP channel. People earn points by contributing to that channel. These points will be used to calculate a percentage of your $TN100x airdrop eligibility. Now think about that for a second - building community points on top of decentralized data using an ERC-20 token on Base. Wow! This is the future.

So what's different between the OG LP project and The Based LP? Here's the list:

Introduction of $TN100x aka "The Next 100x Memecoin on Base" an ERC-20 token on Base

A major change is the introduction of $TN100x aka "The Next 100x Memecoin on Base" and ERC-20 token that will be deployed on Base. Tokens are an incredibly powerful way to reward holders and so The Based LP wouldn't be complete without one. The future of rewards on the internet are tokens.

Burn The Based LP NFT for $TN100x

A completely new mechanic will be added to The Based LP and this is the ability to burn your Based LP NFT for a set amount of $TN100x. Each Based LP is backed by $TN100x and you can burn that NFT to redeem the token. This will introduce an interesting dynamic to the project, because the pool will still exist and you can buy and sell your Based LP for ETH, or these Based LP NFTs can be burnt for $TN100x which decreases the supply of the NFTs and in theory would increase the buy/sell price of the pool.

1,950,000,000 $TN100x will be deposited in the Based LP smart contract to support burn to redeem functionality.

SudoSwap to facilitate NFT liquidity pool Uniswap to facilitate $TN100x pool

The pooling mechanics are similar expect this time I am using SudoSwap to create the NFT pool. They just launched on Base and I think it's great to collaborate with other builders in the space. The ETH/$TN100x pool has be created on Uniswap.

This time there will be 100 minted directly to the SudoSwap once the public sale mints out and the amount of ETH added to the pool will be determined by the final sell price.

All proceeds go to the pools

All the mint proceeds will go to creating the SudoSwap and Uniswap pools. The amount of ETH added to the SudoSwap pool will be determined by the final sale price and the rest will go to Uniswap to back $TN100x.

Refunds on dutch auction price difference

You will be refunded the price difference of the price you pay to mint vs the price the project sells out for. For example if you mint at the beginning of the dutch auction for 0.25 ETH and the last Based LP NFT is minted for 0.05 ETH then you will be able to re-claim the difference (minus gas fees).

48 hour mint time

The Based LP dutch auction will last for 48 hours. And similar to version 1 proceeds and NFTs will be held in escrow and if the project doesn't sell out then that's the end of the experiment.

Ways to Participate in $TN100x Airdrop

• Own OG LP NFTs www.thelp.xyz

• Own The Based LP NFTs (not minted) based.thelp.xyz

• Participate in the /lp channel on Warpcast

• Tip on Warpcast using $LP

The first airdrop is complete. There will be more airdrops in the future.