HiENS4 is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the 4-digit ENS (Ethereum Name Service) NFTs (Non-Fungible Tokens). One HiENS4 token represents 1/1,000,000 ENS4 in an on-chain ENS4 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 ENS4 NFTs from HiENS4 tokens with only a 0.6% redemption fee.
## How Many hiENS4 Coins Are There in Circulation?
The total supply of HiENS4 tokens is dependent on the number of ENS4 NFTs in the meta-swap pool. There is no hard cap for hiENS4. For every ENS4 NFT in the pool, there are 1,000,000 HiENS4 tokens in circulation.
## How Is the hiENS4 Network Secured?
hiENS4 is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.