> For the complete documentation index, see [llms.txt](https://docs.tranchess.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tranchess.com/faq/turbo-and-stable/staked-eth-yield-enhancement/primary-market.md).

# Primary Market

## 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](https://stake.lido.fi/wrap).

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:

<figure><img src="/files/eMF96Y5jaVQQB0vJwvp6" alt=""><figcaption></figcaption></figure>

## Split and Merge

<figure><img src="/files/lR7IYwQVw4MsWcCfXIZ2" alt=""><figcaption></figcaption></figure>

wstQUEEN can be split proportionally into [staYETH and turYETH](/faq/turbo-and-stable/staked-eth-yield-enhancement/primary-market.md#turyeth-and-stayeth-turbo-and-stable). 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.&#x20;