Coinbase Wrapped Staked ETH (cbETH)

Coinbase Wrapped Staked ETH (cbETH) is a token that represents through . [1][3]


cbETH was developed by and introduced on August 24, 2022. users can wrap their locked staked ETH to receive cbETH, which is an asset that can be traded, moved on-chain, and used in and other . cbETH is known as a liquid staking token because it allows holders to get the benefits of without lockups or unbonding periods. [3][4]

"Coinbase Wrapped Staked ETH (cbETH) is a utility token that represents ETH2, which is ETH staked through Coinbase. cbETH can be sold or sent off-platform, while ETH2 will remain locked-up until a future protocol upgrade." - the Coinbase team tweeted[4]


cbETH is a standard token designed using the cToken model — a model created by to represent depository assets in their protocol and it can be or according to a floating conversion rate. At a high level, this conversion rate tracks the underlying staked ETH to account for staking/unstaking activity, rewards, penalties, and fees. [2]

This allows users to move between ETH and cbETH (once unwrapping is available) under constantly changing network conditions. It also means that ETH and cbETH are not pegged or expected to be interchangeable. [2]


cbETH can be used in exiting staked ETH, it can be used as collateral in (DeFi) and it can also be used in transferring staked ETH from one user to another. [3][2]

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Coinbase Wrapped Staked ETH (cbETH)


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