Coinbase Wrapped Staked ETH (cbETH) is a non-rebasing liquid staking token issued by Coinbase that represents ETH staked on Ethereum’s Proof of Stake validator set through Coinbase’s institutional-grade staking infrastructure, with staking rewards accruing via a continuously appreciating cbETH/ETH exchange rate.
| Stat | Value |
|---|---|
| Ticker | CBETH |
| Price | $2,650.49 |
| Market Cap | $314.85M |
| 24h Change | +1.7% |
| Circulating Supply | 118,797 CBETH |
| All-Time High | $5,441.47 |
| Contract (Ethereum) | 0xbe98...9704 |
| Contract (Base) | 0x2ae3...ec22 |
| Contract (Polygon Pos) | 0x4b43...85f5 |
| Contract (Arbitrum One) | 0x1deb...732f |
| Contract (Optimistic Ethereum) | 0xaddb...f3b2 |
How It Works
- User deposits ETH via Coinbase (through the exchange or directly) → receives cbETH.
- Coinbase runs validators — Staked ETH is delegated to Coinbase’s validator set, operated professionally with institutional custody and compliance standards.
- Exchange rate appreciation — cbETH’s value increases relative to ETH over time as staking rewards accumulate. If you hold 1 cbETH and Ethereum yields 4% APY, after one year 1 cbETH exchanges for ~1.04 ETH.
- DeFi composable — cbETH is a standard ERC-20 token usable as collateral in Aave, MakerDAO, and other DeFi protocols.
Non-rebasing design (same model as rETH, wstETH): cbETH balance doesn’t increase in your wallet — the exchange rate increases. This is simpler for DeFi accounting.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | CBETH |
| Chain | Ethereum |
| Contract | 0xbe9895146f7af43049ca1c1ae358b0541ea49704 |
| Backing | ETH held in Coinbase’s Ethereum validators |
| Yield Mechanism | Exchange rate appreciation |
| Coinbase Fee | 25% of staking rewards |
| Minimum Stake | No minimum via Coinbase platform |
Note: Coinbase charges a 25% commission on staking rewards — the highest among major liquid staking providers — reflecting its regulatory compliance overhead and institutional custodial model.
Use Cases
- ETH staking with liquidity for Coinbase users — A natural choice for existing Coinbase customers.
- DeFi collateral — cbETH used in Aave V3, MakerDAO Spark, and other protocols.
- Institutional staking — Enterprises staking ETH through Coinbase for regulatory clarity.
History
- 2022 — Coinbase launches cbETH on August 25 following Ethereum’s transition to Proof of Stake (Beacon Chain was live since 2020). cbETH allows Coinbase users to unstake before withdrawals were natively enabled.
- 2023 — Ethereum Shapella enables withdrawals; cbETH’s peg stabilizes. Coinbase integrates cbETH into Base (its L2) as a core asset.
- 2024 — cbETH becomes the leading “centralized” liquid staking token by TVL. Coinbase faces ongoing SEC scrutiny over its staking services; cbETH is implicated in securities law discussions.
- 2025 — Coinbase’s staking business continues amid clearer US regulatory framework. cbETH maintains significant market share among institutional and retail Coinbase users.
Common Misconceptions
“cbETH is decentralized.”
cbETH is operated entirely by Coinbase — Coinbase’s validators, Coinbase’s custodial infrastructure. It is the most centralized of the major liquid staking tokens. Coinbase can (and must) comply with legal orders to its validators.
“cbETH’s 25% fee is exploitative.”
Coinbase’s fee is the highest in the market (Lido charges 10%, Rocket Pool charges 5–20% to operators). The premium reflects compliance costs, custodial insurance, and institutional-grade operations. For most users seeking maximum yield, decentralized options are cheaper.
Social Media Sentiment
cbETH is criticized by Ethereum decentralization advocates for its centralization and high fee, but is popular with users who prioritize regulatory safety and simplicity within Coinbase’s ecosystem. It is a common DeFi collateral choice, particularly on Base.
Last updated: 2026-04