> 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:
## Split and Merge
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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.tranchess.com/faq/turbo-and-stable/staked-eth-yield-enhancement/primary-market.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.