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