Wen Trade Pool 💰
Deposit your ETH to Wen Trade Pool and earn blast native yield and Wen points.
Background
Blast introduces a novel mechanism that automatically funnels native yields from Layer 1 directly to its users, eliminating manual claims. Wen Exchange further enriches this system. By depositing ETH into the Wen Trade Pool, users not only unlock the ability to bid and exchange NFTs with minimal fees but also receive Blast's native yield. Additionally, this deposit action qualifies them for WEN airdrop points, layering another dimension of value. This approach aims to simplify and reward user participation in the NFT marketplace through a seamless integration of trading benefits and yield generation.
How does it work
When you deposit your ETH into the Wen Trade Pool, you receive wenETH in return, and your Wen Trade Balance is immediately topped up.
wenETH
wenETH is a compounding staking ledger token that represents a user's share of deposited Wen Trade Pool. When a user deposits ETH to trade on Wen Exchange, the user receives wenETH in return. wenETH solely represents a share of users in the pool, which is where Blast native yield is redirected every hour. As an ERC20 token, wenETH is transferable, offering flexibility in managing your investments. To retrieve your deposited ETH from the pool, you must burn the corresponding amount of wenETH.
The wenETH:ETH ratio initiates at 1:1, with a guarantee to increase over time as yields accumulate. For instance, the ratio might shift to 1:1.2 as the pool's yield grows. Withdrawals from the pool are always available, ensuring users can access their deposits at their convenience.
Example
Consider a user aiming to purchase a Pudgy Penguins NFT, listed at a floor price of 16 ETH, with the current wenETH:ETH ratio standing at 1:1.012.
This is the full process:
1. Buy NFT with a fixed price.
The user deposits 16 ETH into the Wen Trade Pool, receiving 15.8102 wenETH in return.
The user's Wen Trade Balance is updated to 16 ETH.
To buy the NFT, the user expends 16 ETH burning 15.8102 wenETH in the process.
2. Bid collection with ETH in your wallet.
Following the initial steps, the user again deposits 16 ETH, obtaining 15.8102 wenETH.
The user's Wen Trade Balance is updated to 16 ETH.
The user places a bid of 15.8 ETH for an NFT.
While the bid remains open, the Wen Trade Pool accrues Blast native yield, elevating the wenETH:ETH ratio to 1:1.022.
Consequently, the 15.8 wenETH, initially equivalent to 16 ETH, appreciates to a value of 16.1584 ETH, representing a gain of 0.1584 ETH.
When a seller agrees to the 15.8 ETH bid, the user pays by burning 15.4598 wenETH, effectively the same as paying 15.8 ETH. This transaction updates the user's Wen Fund Balance to 0.3584 ETH(0.3506 wenETH)
Through this mechanism, users are allowed to earn native yield alongside their participation in NFT bidding, enhancing the overall value and engagement experience on the platform.
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