Coinbase

Staking · Liquid Staking · cbETH

NetworkStakingLiquid StakingExchange-Native0 coinsVerified

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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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (4)

cbETH ERC-20 token

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.

Non-rebasing conversion-rate mechanism

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.

ExchangeRateUpdater / oracle

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.

Wrap / unwrap flow

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).

Differentiator

Backed by a regulated US exchange; cbETH provides liquid access to Coinbase-operated staking.

Organizational structure

Units & roles

Coinbase, Inc.
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.
Issuer, custodian and staking operator

Similarity to traditional finance products

How Coinbase maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to Coinbase	Key differences
Accumulating (capitalizing) money-market or interest-bearing fund share	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.	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.