WRN
WRN is the native token of the Warren protocol, and the primary liquid entry point for every participant. Perpetually locking WRN mints bWRN, the unit of governance and vote weight in Warren's ve(3,3) incentive system.
Total Supply
The initial supply of WRN at the token generation event (TGE) is 1,000,000,000 (1 billion). Beyond launch, new WRN is minted each weekly epoch as emissions, the protocol's core growth engine. Emissions are paid to liquidity providers as gauge rewards, attracting the liquidity that drives swap volume and the fee and vote incentive revenue earned by bWRN voters. bWRN holders get dilution protection through rebases, which add WRN to the vault and increase the WRN backing per share as supply expands. See Emissions for the full schedule and phases.
Initial Distribution
The 1 billion initial tokens are issued in two forms: bWRN, locked at TGE in the deposit-only vault (see bWRN), and liquid WRN. 90% of the initial supply is locked as bWRN at launch.
Locked as bWRN — 850,000,000 (85%)
| Allocation | Share | WRN | Notes |
|---|---|---|---|
| Investors — pre-seed | 6.6% | 66,000,000 | 6-month cliff, then 1-year vesting. |
| Investors — seed | 10.4% | 104,000,000 | Reserved for potential growth capital; may not be issued |
| Legacy Community | 5% | 50,000,000 | Past supporters (Maia DAO & Hermes Protocol); 6-month vesting. |
| Affected LPs | 1% | 10,000,000 | Bunni V2 LPs affected by the exploit. |
| POV Reserve | 30% | 300,000,000 | Protocol-owned voting power. |
| Operations Reserve | 20% | 200,000,000 | Covers long-term operational costs through fees and vote incentives. |
| Alignment Rewards Program | 12% | 120,000,000 | Rewards protocols and users that contribute to system health. See Alignment Rewards Program. |
bWRN subtotal | 85% | 850,000,000 |
Liquid WRN — 150,000,000 (15%)
| Allocation | Share | WRN | Notes |
|---|---|---|---|
| Vote Incentives Matching | 9.5% | 95,000,000 | Matches third-party vote incentives through the Strategic Launch Program. |
| POL | 5.5% | 55,000,000 | Protocol-owned liquidity. |
| Liquid subtotal | 15% | 150,000,000 |
Initial total: 1,000,000,000 WRN.
Known schedules are shown above (Investors pre-seed: 6-month cliff then 1-year vesting; Legacy Community: 6-month vesting). Remaining per-allocation unlock schedules will be finalized before Mainnet Launch.
Token Utility
WRN is used to:
- Direct emissions across pools, by perpetually locking
WRNforbWRN, holders gain voting power over how new emissions are split across gauges. - Earn fees and vote incentives,
bWRNholders are entitled to a share of swap fees from gauges they vote for, plus any vote incentives deposited for those gauges. See voting and liquidity rental for the mechanics. - Govern the protocol,
bWRNis the unit of governance for parameter changes, gauge approvals, and treasury actions.
Treasury Allocation
The initial Operations Reserve covers long-term operational costs through fees and vote incentives, and is replenished over time by the Protocol Sustainability stream of emissions. Protocol-owned voting power is held in the POV Reserve. Specific allocation policies will be finalized before Mainnet Launch.