hiFRIENDS is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the Invisible Friends NFTs (Non-Fungible Tokens). One hiFRIENDS token represents 1/1,000,000 Invisible Friends in an on-chain Invisible Friends 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 Invisible Friends NFTs from hiFRIENDS tokens with only a 0.6% redemption fee.
## How Many hiFRIENDS Coins Are There in Circulation?
The total supply of hiFRIENDS tokens is dependent on the number of Invisible Friends NFTs in the meta-swap pool. There is no hard cap for hiFRIENDS. For every Invisible Friends NFT in the pool, there are 1,000,000 hiFRIENDS tokens in circulation.
## How Is the hiFRIENDS Network Secured?
hiFRIENDS is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.