bWRN
bWRN (Burnt Warren) is the governance token of the Warren protocol.
bWRN is the freely transferable share token of a deposit-only ERC4626 vault. To obtain bWRN, users deposit WRN into the vault and receive bWRN shares. 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
By holding bWRN, you are entitled to:
- Voting rights over gauge weights, governance proposals, and treasury actions. Voting weight equals your
bWRNbalance. - Bribes deposited for any gauge you vote for.
Voting power scales linearly with bWRN balance. There is no boost applied to LP rewards — every LP 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 protocol fees and bribes (liquidity rental).
Because bWRN is freely transferable, voting weight and the claim on fees and bribes follow the share balance.