Coinbase Wrapped Staked ETH (CBETH)

Coinbase Wrapped Staked ETH (CBETH) is a liquid staking token issued by Coinbase on the Ethereum blockchain as an ERC-20 asset. It is minted when a Coinbase customer wraps ETH they have staked through the exchange, giving them a tradable, transferable representation of that staked position without waiting through Ethereum’s unstaking or unbonding period.

CBETH is not pegged 1:1 to ETH. Instead it follows a floating conversion rate modeled on the cToken design (originally created by Compound Finance), initialized on June 16, 2022, so that each CBETH token represents one staked ETH plus the staking rewards it has accrued since that starting point. As rewards accumulate, the conversion rate between CBETH and ETH rises, and the token can also be redeemed back through Coinbase or used as collateral across DeFi platforms while the underlying ETH remains staked on the Beacon Chain.