Coinbase
Staking · Liquid Staking · cbETH
Coinbase Wrapped Staked ETH (cbETH) is a non-rebasing liquid staking token representing ETH staked through Coinbase, redeemable for the underlying plus rewards.
Exchange-native ETH liquid staking.
Total staked
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Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Coinbase and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Lido (stETH) | Largest Ethereum liquid staking protocol by staked ETH and market share. | Both issue a liquid, DeFi-composable token that represents staked ETH plus rewards and is widely integrated across DeFi. | Lido is a decentralized, multi-operator staking protocol governed by the Lido DAO with a rebasing base token (stETH), whereas cbETH is a single-issuer, custodial, non-rebasing token controlled entirely by Coinbase. |
| 2 | Rocket Pool (rETH) | Leading decentralization-focused Ethereum liquid staking protocol with permissionless node operators. | Both offer a non-rebasing, value-accruing ETH liquid staking token (rETH and cbETH) whose exchange rate to ETH rises over time. | Rocket Pool is permissionless and node-operator-driven with its own bonding/RPL collateral model; cbETH is centralized and operated solely by Coinbase's own validators. |
| 3 | Binance (WBETH) | The other major exchange-native ETH liquid staking token, issued by Binance. | Directly comparable model: a centralized exchange issuing a non-rebasing, value-accruing wrapped staked-ETH token backed by exchange-operated validators. | Different issuer (Binance vs Coinbase) with a different regulatory footprint and DeFi/chain integration profile; the two compete for the centralized, exchange-served staking segment. |
| 4 | Ether.fi (eETH/weETH) | Fast-growing decentralized liquid restaking provider that has captured significant ETH staking share. | Both provide liquid, DeFi-usable tokens representing staked ETH and compete for ETH staking deposits. | Ether.fi is a non-custodial liquid restaking protocol (EigenLayer-integrated) with additional restaking yield and points, versus cbETH's simpler custodial single-layer staking. |
| 5 | Frax Finance | Hybrid stablecoin pivoting to RWA backing. | Both in Staking (Liquid Staking). | First-mover hybrid algo-collateral stablecoin, now pivoted to RWA-backed frxUSD with BUIDL — an institutional bridge to DeFi. |
| 6 | Ankr | Multi-chain liquid staking and node infrastructure. | Both in Staking (Liquid Staking). | Liquid staking across many chains backed by Ankr's global node infrastructure business. |
| 7 | Mantle | L2-ecosystem ETH liquid staking. | Both in Staking (Liquid Staking). | Backed by the Mantle treasury and tightly integrated with the Mantle L2 ecosystem and its DeFi venues. |
| 8 | Stader Labs | Multi-chain liquid staking infrastructure. | Both in Staking (Liquid Staking). | Multi-chain staking platform with a dual operator-pool design that lowers the bond to run a node. |
| 9 | StakeWise | Permissionless, overcollateralized ETH staking. | Both in Staking (Liquid Staking). | Vault-based architecture where anyone can launch a staking vault; osETH is overcollateralized and protocol-insured. |
| 10 | Swell | Non-custodial liquid staking and restaking. | Both in Staking (Liquid Staking). | LST plus a native restaking roadmap (rswETH / Swellchain) under one non-custodial protocol. |