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