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