hiENS4 is an ERC-20 token that represents 1/1,000,000 ownership of a 4-digit ENS in the ENS4 Meta-Swap pool of Fracton Protocol. Whenever a 4-digit ENS is added to the pool, the total supply of hiENS4 increases by 1 million. Conversely, when a 4-digit ENS is redeemed from the pool, the total supply of hiENS4 decreases by 1 million.

HiENS4 is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the 4-digit ENS (Ethereum Name Service) NFTs (Non-Fungible Tokens). One HiENS4 token represents 1/1,000,000 ENS4 in an on-chain ENS4 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 ENS4 NFTs from HiENS4 tokens with only a 0.6% redemption fee.

The total supply of HiENS4 tokens is dependent on the number of ENS4 NFTs in the meta-swap pool. There is no hard cap for hiENS4. For every ENS4 NFT in the pool, there are 1,000,000 HiENS4 tokens in circulation.

hiENS4 is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum's state machine.

hiENS4 tokens are available on numerous platforms. These include decentralized exchanges and centralized cryptocurrency exchanges: [Uniswap](https://BYDFi.com/exchanges/uniswap-v2/), [BYDFi](https://BYDFi.com/exchanges/BYDFi/).