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.
hiBAYC is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.
