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.
cbETH price
$2133.99
-0.8% 24h
Latest data · 15 min delay
Backed by a regulated US exchange; cbETH provides liquid access to Coinbase-operated staking.
An ERC-20 utility token (contract 0xBe9895146f7AF43049ca1c1AE358B0541Ea49704 on Ethereum) that represents ETH staked through Coinbase plus its accrued staking rewards. It is freely transferable, tradeable on DEXs, and usable in DeFi while the underlying ETH stays staked with the protocol.
cbETH is non-rebasing: holder balances stay fixed while a cbETH-to-ETH conversion rate rises over time as staking rewards accrue (rewards minus penalties). Conversion Rate = Total Wrapped Staked ETH / Total cbETH Supply; the rate and balance were initialized on June 16, 2022 19:34 UTC.
An on-chain ExchangeRateUpdater contract (0x9b37180d847B27ADC13C2277299045C1237Ae281) updates the cbETH exchange rate periodically. Third-party price feeds (e.g. a Chainlink cbETH/ETH feed) publish the rate to DeFi with a heartbeat / deviation-triggered update.
Coinbase customers wrap staked ETH into cbETH and unwrap cbETH back to ETH inside the Coinbase platform with no fee on the conversion itself. Unwrapping is subject to a processing/unstaking delay (minimum roughly a day, longer in periods of high demand).
0xBe9895146f7AF43049ca1c1AE358B0541Ea49704
Etherscan - cbETH tokenJune 16, 2022 19:34 UTC (cbETH is non-1:1 to ETH and accrues rewards into its conversion rate from this point)
Decrypt - Coinbase announces cbETH0x2Ae3F1Ec7F1F5012CFEab0185bfc7aa3cf0DEc22 (cbETH is bridgeable to and canonical on Base)
BaseScan - cbETH tokenHow Coinbase maps onto established TradFi structures, and where it diverges.
Accumulating (capitalizing) money-market or interest-bearing fund share
Coinbase
Like an accumulating fund share, cbETH does not pay out a running yield stream; instead the value of a single unit grows as the underlying rewards are reinvested, so appreciation shows up in the unit's redemption value (the cbETH/ETH conversion rate) rather than in a growing unit count.
TradFi analogue
cbETH is a permissionless on-chain ERC-20 that trades on DEXs and is usable as DeFi collateral 24/7, with no fund prospectus, no regulated custodian in the securities sense, and price/liquidity risk that is highly concentrated on the Coinbase venue rather than backed by a fund's NAV guarantee.
Coinbase, Inc.
Issuer, custodian and staking operator cbETH is a centralized, exchange-native product issued and operated by Coinbase. Coinbase custodies the underlying staked ETH, operates the validators, mints/burns cbETH, and controls the exchange-rate update contracts. Coinbase's user agreement states it will not backstop or otherwise intervene to guarantee cbETH liquidity.
Key milestones: launches, upgrades, exploits and governance events.
cbETH conversion rate initialized
ExecutedThe cbETH conversion rate and balance were initialized (June 16, 2022, 19:34 UTC), the point from which cbETH begins accruing staking rewards into its ETH conversion rate.
SourcePublic launch of cbETH
ExecutedCoinbase launched cbETH as an ERC-20 liquid staking token ahead of the Ethereum Merge.
SourceSEC enforcement action against Coinbase dismissed
ExecutedThe SEC dismissed its civil enforcement action against Coinbase, removing the immediate US regulatory overhang on Coinbase's staking program.
SourcecbETH (Coinbase Wrapped Staked ETH) is an ERC-20 utility token that gives customers a liquid representation of ETH staked through Coinbase, plus the staking rewards it has accrued. It lets holders sell, transfer, or use their staked ETH in DeFi while the underlying ETH remains staked.
No. cbETH is intentionally not pegged 1:1 to ETH. It is non-rebasing: instead of the balance growing, the cbETH-to-ETH conversion rate rises over time as staking rewards accrue, so 1 cbETH is redeemable for progressively more ETH. The conversion rate was initialized on June 16, 2022.
Coinbase announced and launched cbETH on August 24, 2022, roughly three weeks ahead of the Ethereum Merge. The token contract had been deployed to mainnet earlier in 2022, and its conversion rate was initialized on June 16, 2022.
There is no fee to wrap or unwrap cbETH itself. Coinbase charges a staking commission (service fee) on the ETH staking rewards earned by the underlying staked ETH; this commission is deducted before rewards accrue to the conversion rate.
A Coinbase account holder can unwrap cbETH back into staked ETH and then unstake to ETH through Coinbase. Unwrapping and unstaking are subject to a processing delay that can extend during periods of high withdrawal demand. Off-platform, cbETH can also be sold for ETH on DEXs for immediate liquidity.
