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

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

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

hiPENGUINS 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/)

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

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

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

hiPENGUINS 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/)