# 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="https://2540722851-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-Mchj1EYFnmQ1Crwmt7p%2Fuploads%2FZ1hwBRqmKjY8WQuqMN18%2Fimage.png?alt=media&#x26;token=3e713982-cb67-4241-9c4e-fa9fc3c061fd" alt=""><figcaption></figcaption></figure>

## Split and Merge

<figure><img src="https://2540722851-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-Mchj1EYFnmQ1Crwmt7p%2Fuploads%2F3sqfkBUi9vSiCGnBA9fj%2Fimage.png?alt=media&#x26;token=e304e6a3-ef33-49c3-9b61-0597a8318e60" alt=""><figcaption></figcaption></figure>

wstQUEEN can be split proportionally into [staYETH and turYETH](#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;