Coinbase Wrapped Staked ETH (cbETH)
Coinbase Wrapped Staked ETH (cbETH) is a lst token on Ethereum. Coinbase-issued liquid staking token for ETH.
Last updated
At a glance
| Type / category | LST |
|---|---|
| Chain | Ethereum |
| Symbol | cbETH |
| Related protocol | — |
| As-of date |
Market data
snapshot —- Price
- —
- Type
- LST
- Chain
- Ethereum
Price is fetched live from DeFiLlama when this page loads. It is a market reference, not a quote — verify on-chain before transacting.
Coinbase-issued liquid staking token for ETH.
How cbETH works
cbETH is a liquid staking token. You deposit the underlying asset with Coinbase Wrapped Staked ETH, the protocol stakes it with validators, and you receive cbETH as a transferable claim on that stake plus the rewards it earns. The point is that the claim stays liquid: you keep exposure to staking yield while still being able to trade the token or post it as collateral elsewhere in DeFi.
Liquid staking tokens track value in one of two ways. A rebasing token increases your balance as rewards accrue, so one unit stays roughly pegged to one unit of the underlying. A reward-bearing token keeps your balance fixed and lets the exchange rate drift upward instead, so each unit is worth progressively more than the asset it represents. The distinction matters in DeFi, because many lending markets and AMMs handle a changing balance badly — which is why wrapped, non-rebasing variants exist alongside the rebasing originals.
How cbETH accrues value
- Value accrues from consensus rewards: block proposals, attestations and priority fees earned by the validators holding the staked deposit.
- Coinbase Wrapped Staked ETH takes a commission on those rewards before they reach holders — this is the protocol's revenue and it is worth checking, since it comes straight off your yield.
- Yield falls as total network stake rises. More validators share a broadly fixed issuance, so a rising staking ratio dilutes everyone.
- The token can trade below its redemption value when exit queues are long or the market is stressed, because holders who want out immediately must sell rather than redeem.
Key risks for cbETH holders
- Validator slashing, which reduces the staked balance backing every token.
- Secondary-market discount: the token can trade below redemption value when exits are queued or liquidity thins.
- Concentration risk, where a single staking provider controls a large share of network stake.
- Oracle risk in lending markets that price the token by exchange rate rather than by market price.
- Smart contract risk — a bug or exploit in the issuing contracts can cause permanent loss, and audits reduce that risk without eliminating it.
- Market risk — crypto assets are volatile and can fall sharply and quickly.