Coinbase Wrapped Staked ETH is the token cbETH, issued by Coinbase to represent ETH staked through its platform. It gives holders a liquid, reward-accruing claim on staked ETH that can be moved on-chain and used in supported DeFi venues.
How cbETH works
cbETH uses an exchange-rate model: rather than your balance rebasing, one cbETH is designed to be redeemable for a growing amount of ETH over time as staking rewards accrue. The underlying staking is operated by Coinbase, while cbETH itself is an on-chain, transferable token.
Our measured signals
- Total value locked of about $476.2M.
- A measured age of roughly 3.8 years, a long track record for an LST.
- Single-chain operation.
- Front-end response of about 538ms.
- A dedicated status page was detected, the strongest status signal in this set. No audits surfaced in our checks.
What to weigh
cbETH is an exchange-operated product, so counterparty exposure to Coinbase is central, on top of the smart-contract and validator/slashing risks common to ETH staking. Our automated checks did not surface audit records, so verify security details directly. As with any LST, cbETH can trade away from its underlying value on secondary markets, and redemption or availability terms are set by the operator and can vary by region.
What the status signal is worth
cbETH is the standout in our set on the status axis because we detected a dedicated public status page, something none of its liquid staking peers here matched. Operational transparency of that kind is genuinely useful: it helps users see incidents and maintenance affecting the service. It is worth being clear, though, that a status page speaks to operational visibility, not to smart-contract security or the solvency of the operator, so it complements rather than replaces the other checks a user should do, including confirming current audit reports and understanding the redemption process.
Who it suits
cbETH is convenient for users comfortable with Coinbase who want a long-standing, liquid staked ETH token with operational transparency like a public status page. Users who prefer non-custodial, DAO-governed staking, or who want to avoid single-operator counterparty risk, should consider a fully on-chain protocol instead.