> For the complete documentation index, see [llms.txt](https://help-steps-1.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help-steps-1.gitbook.io/whitepaper/hsx-token/anti-inflationary-conversion.md).

# Anti-inflationary Conversion

One of the key features of the HSX token is its anti-inflationary structure. This is achieved through several mechanisms that work together to maintain the value of the token over time.

First, the total supply of HSX tokens is fixed at one billion tokens. This means that there can never be more than one billion HSX tokens in existence, which helps to maintain the value of the tokens by limiting their supply.

Second, the exchange rate between HS and HSX tokens is governed by a bonding curve mechanism. This means that as more and more HS is converted to HSX tokens, the exchange rate increases, making it harder to obtain HSX tokens. This helps to maintain the value of the HSX token by ensuring that it is always in demand.

Finally, the HSX token is backed by the value of the items and donations available in the app's marketplace. As more users convert their HS to HSX tokens in order to extract the value of their activity from the app, the utility value of the HSX token increases. Similarly, as demand for HSX tokens grows on the secondary markets, the value of the token is expected to increase.

Overall, these mechanisms work together to create an anti-inflationary structure for the HSX token, which helps to maintain its value over time and makes it unique among move-to-earn apps in the market.


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