Primary Market

Swap stETH/wstETH into wstQUEEN or vice versa. Split wstQUEEN into staYETH and turYETH, or merge turYETH and staYETH into wstQUEEN.

Swapping between stETH/wstETH and wstQUEEN

wstQUEEN can be exchanged for wstETH at a 1:1 ratio. The exchange rate between stETH and wstQUEEN aligns with the one you find between stETH and wstETH.

Assume right now 1 wstETH = 1.2 stETH. Then 1 wstETH = wstQUEEN, 1.2 stETH = 1 wstQUEEN.

You can also find the exchange rate as "fair value" on the page:

Split and Merge

wstQUEEN can be split proportionally into staYETH and turYETH. When splitting, 1/10 of wstQUEEN would become turYETH and 9/10 of wstQUEEN would become staYETH. Similarly, to merge wstQUEEN would require users to put in both turYETH and staYETH at a 1:9 ratio.

Let's use the exchange ratio above as an example:

Assume right now 1 wstETH = 1.2 stETH, which means 1 wstQUEEN = 1.2 stETH = 1.2 ETH.

When splitting, 1 wstQUEEN would become 1.2/10*9= 1.08 staYETH and 1.2/10*1=0.12 turYETH.

Fees

0. No fee for creating/redeeming wstQUEEN, nor for split and merge.

Are you splitting wstQUEEN into the principle and the yield?

Nope. As the name shows, both staYETH and turYETH are yield tokens. One provides a stable yield, and the other provides a leveraged upside.