HIENS3 hiENS3

HiENS3 is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by 3-digit ENS. One HiENS3 token represents 1/1,000,000 ownership of one 3-digit ENS in the 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 a 3-digit ENS NFTs from HiENS3 tokens with only a 0.6% redemption fee.

The total supply of HiENS3 tokens is dependent on the number of 3-digit ENS NFTs in the meta-swap pool. There is no hard cap for hiENS3. For every 3-digit ENS NFT in the pool, there are 1,000,000 HiENS3 tokens in circulation.

hiENS3 is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum’s state machine.