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bWRN

bWRN (Burnt Warren) is the governance token of the Warren protocol: fungible, transferable, and carries voting weight.

bWRN is the freely transferable share token of a deposit-only ERC4626 vault. To obtain bWRN, users perpetually lock WRN by depositing it into the vault, receiving bWRN shares in return. At launch, 1 WRN mints 1 bWRN; as WRN inflation accrues to the vault (the rebase emission), the mint rate falls below 1:1, 1 WRN mints less than 1 bWRN, since each existing share is now backed by more than 1 WRN. The vault has no withdraw function, once WRN is deposited, it is permanently committed to the protocol from the depositor's perspective. This is why it's called Burnt Warren.

Why deposit-only​

A traditional ve token computes voting weight from each user's lock duration, so the protocol tracks lock state per user and weight changes as the lock unwinds.

bWRN takes a different shape. A holder's commitment is permanent and binary: they have either deposited or they have not. Voting weight equals the share balance, no lock duration, no relock cadence, no decay. The vault itself has no redemption path; holders who want to exit do so by selling bWRN on the open market.

What bWRN holders earn​

Holding bWRN gives you voting rights. To earn swap fees and vote incentives, you must vote for the relevant gauges:

  • Voting rights over gauge weights, governance proposals, and treasury actions. Voting weight equals your bWRN balance.
  • Swap fees from gauges you supported in the closed epoch, in proportion to your share of each gauge's votes.
  • Vote incentives deposited for any gauge you supported in the closed epoch, in proportion to your share of its votes.

Voting power scales linearly with bWRN balance. Every LP in a given gauge earns emissions at the same rate per unit of liquidity regardless of bWRN holdings. bWRN matters for governance decisions, directing emissions (via voting on gauges) and for collecting swap fees and vote incentives (liquidity rental).

Because bWRN is freely transferable, voting weight and the claim on fees and vote incentives follow the share balance.