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