hiBEANZ is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the BEANZ Official NFTs (Non-Fungible Tokens). One hiBEANZ token represents 1/1,000,000 BEANZ Official in an on-chain BEANZ Official 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 BEANZ Official NFTs from hiBEANZ tokens with only a 0.6% redemption fee.

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