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.
Caster Tokens
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.
Staking
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.
Locking
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.
Swapping and Fees
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.
Wrapping Up
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.