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