hiBEANZ is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the BEANZ Official NFTs (Non-Fungible Tokens). One hiBEANZ token represents 1/1,000,000 BEANZ Official in an on-chain BEANZ Official Meta-swap pool operating automatically on the Fracton Protocol's smart contracts. No one has the authority to control them, and it's also permissionless for users to redeem BEANZ Official NFTs from hiBEANZ tokens with only a 0.6% redemption fee.

## How Many hiBEANZ Coins Are There in Circulation?

The total supply of hiBEANZ tokens is dependent on the number of BEANZ Official NFTs in the meta-swap pool. There is no hard cap for hiBEANZ. For every BEANZ Official NFT in the pool, there are 1,000,000 hiBEANZ tokens in circulation.

## How Is the hiBEANZ Network Secured?

hiBEANZ is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.