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