> For the complete documentation index, see [llms.txt](https://bluewhaleprotocol.gitbook.io/bluewhale-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bluewhaleprotocol.gitbook.io/bluewhale-docs/english/premium-membership/bwpm/sbwpm.md).

# sBWPM

Membership Tokenization

**sBWPM** is a (FT) token obtained by depositing BWPM (NFT). 1sBWPM guarantees 1BWPM.

![](https://3550957643-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MZrj96R286KfEbZvvmF%2F-MdC1t1uzxoG8iDuNUO0%2F-MdC29KjpKA5Pqbg6dGZ%2Fimage.png?alt=media\&token=0624e023-e221-4693-9f64-9ba6daaf349d)

sBWPM is a smart contract compliant with ERC20 (KIP7) specification and supports switching between BWPM ↔ sBWPM. BWPM holders deposit BWPM in smart contract and obtain sBWPM tokens. You can switch the sBWPM token back to BWPM via the same smart control.

sBWPM is a Klaytn Compatible Token (KCT). Therefore, it can be exchanged for KLAY and other KCT tokens (KDAI, KUSDT, KSP, etc.).

![](https://3550957643-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MZrj96R286KfEbZvvmF%2F-MdCz5NyijujRLtFJSzD%2F-MdD-32D2itlGSpyByNF%2Fimage.png?alt=media\&token=3e4a50ab-dc2f-4457-990b-48f363423e0f)

#### Deposit

Deposit 1BWPM in sBWPM contract and get 1sBWPM. There will be a swap fee.

#### Withdraw

Return 1sBWPM to sBWPM control and receive 1sBWPM. There will be a swap fee.

#### BWPM ↔ sBWPM Swap Fee

A fee (10KUSDT) will be charged for switching between BWPM and sBWPM. Swap fees are passed to Treasure contract and distributed to BWPM holders.