<h2 dir="ltr"><span style="font-weight: bold;">What is Coinbase Wrapped Staked Ethereum?</span></h2><p dir="ltr">Coinbase Wrapped Staked Ethereum (cbETH) is a utility token that represents Ethereum (ETH) staked through Coinbase. Normally, staked ETH is locked up, meaning you can’t access or trade it until the staking period ends. cbETH changes that by allowing you to "<a href="https://coin360.com/glossary/wethvalue" previewlistener="true">wrap</a>" your staked ETH into a liquid token.</p><p dir="ltr">CBETH essentially represents your staked ETH balance, including any staking rewards that have accrued. It provides a way to stay active in the crypto market while still benefiting from staking.</p><h2 dir="ltr"><br></h2><h2 dir="ltr"><span style="font-weight: bold;">What is cbETH?</span></h2><p dir="ltr">CBETH is a liquid version of your staked ETH. When you&nbsp;<a href="https://help.coinbase.com/en/coinbase/coinbase-staking/staking/wrap-unwrap-staked-eth" previewlistener="true">stake ETH through Coinbase</a>, it typically gets locked up, but with cbETH, you can keep your assets liquid. This token allows you to trade, transfer, or use your staked ETH in various DeFi applications, while still earning staking rewards.</p><p dir="ltr">One thing to note is that cbETH might trade at a different price than regular ETH due to market conditions. However, it still holds value based on the staked ETH it represents, plus any rewards earned.</p><h2 dir="ltr"><br></h2><h2 dir="ltr"><span style="font-weight: bold;">How Does Coinbase Wrapped Staked ETH Work?</span></h2><p dir="ltr">When you stake your ETH through Coinbase, you have the option to convert it into cbETH. This process is known as "wrapping" your staked ETH. Here’s how it works:</p><ol><li dir="ltr" aria-level="1"><p dir="ltr" role="presentation"><span style="font-weight: bold;">Staking ETH:</span>&nbsp;When you stake ETH on Coinbase, it’s locked up to help secure the Ethereum network. In exchange, you earn rewards in the form of additional ETH.</p></li><li dir="ltr" aria-level="1"><p dir="ltr" role="presentation"><span style="font-weight: bold;">Wrapping into cbETH:</span>&nbsp;By wrapping your staked ETH, you receive an equivalent amount of cbETH. This cbETH can then be used just like any other cryptocurrency—it can be traded, transferred, or used in&nbsp;<a href="https://coin360.com/glossary/decentralised-finance" previewlistener="true">DeFi applications</a>.</p></li><li dir="ltr" aria-level="1"><p dir="ltr" role="presentation"><span style="font-weight: bold;">Unwrapping cbETH:&nbsp;</span>If you decide you want your original staked ETH back, you can "unwrap" your cbETH at any time. The amount of ETH you receive will be based on the current conversion rate, which accounts for the staking rewards that have accrued since you first staked your ETH.</p></li><li dir="ltr" aria-level="1"><p dir="ltr" role="presentation"><span style="font-weight: bold;">Market Dynamics:&nbsp;</span>Since cbETH can be traded on various exchanges, its price might fluctuate independently from the price of staked ETH. Depending on market conditions, cbETH could be valued higher or lower than the equivalent amount of staked ETH.</p></li></ol><h2 dir="ltr"><br></h2><h2 dir="ltr"><span style="font-weight: bold;">How to Wrap and Unwrap cbETH</span></h2><p dir="ltr">If you’re interested in getting started with cbETH, it’s important to understand the wrapping and unwrapping process:</p><h3 dir="ltr"><span style="font-weight: bold;">To Wrap Your Staked ETH:</span></h3><div><ol><li>Sign in to your Coinbase.com account or use the mobile app.</li><li>Click on&nbsp;<span style="font-weight: bold;">My assets</span>.</li><li>Choose your&nbsp;<span style="font-weight: bold;">Ethereum</span>&nbsp;balance.</li><li>Select your&nbsp;<span style="font-weight: bold;">Ethereum Earning APY</span>&nbsp;balance.</li><li>Click on unstake.</li><li>Select Wrap ETH for cbETH.</li><li>Enter the amount and click&nbsp;<span style="font-weight: bold;">Preview</span>.</li><li>Review your order and click&nbsp;<span style="font-weight: bold;">Accept and wrap now</span>.&nbsp;&nbsp;</li></ol></div><h3 dir="ltr"><span style="font-weight: bold;">To Unwrap Your cbETH:</span></h3><div><ol><li>Sign in to your Coinbase account or open the mobile app.</li><li>Choose&nbsp;<span style="font-weight: bold;">My assets</span>.</li><li>Select your Coinbase Wrapped Staked ETH Wallet.</li><li>Click "<span style="font-weight: bold;">see options</span>" under "<span style="font-weight: bold;">wrap or unwrap</span>."</li><li>Choose unwrap cbETH for Staked ETH.</li></ol></div><h2 dir="ltr"><br></h2><h2 dir="ltr"><span style="font-weight: bold;">The Role of cbETH in Decentralized Finance (DeFi)</span></h2><p dir="ltr">cbETH plays a crucial role in the DeFi ecosystem by providing a liquid form of staked Ethereum. Traditional staking typically locks up your ETH, making it inaccessible for other uses.&nbsp;</p><p dir="ltr">However, with cbETH, you can participate in DeFi protocols without unbonding your staked assets. This opens up various opportunities to leverage your cbETH in ways that were previously unavailable with locked staked ETH.</p><p dir="ltr">For example, you can use cbETH as collateral for loans in DeFi lending platforms, participate in&nbsp;<a href="https://coin360.com/glossary/yield-farming-strategies" previewlistener="true">yield farming</a>, or even trade it for other assets. This flexibility allows you to maximize the utility of your staked ETH while still earning staking rewards. By integrating cbETH into DeFi, you can potentially enhance your returns through strategies that combine staking rewards with DeFi yields.</p><h2 dir="ltr"><br></h2><h2 dir="ltr"><span style="font-weight: bold;">Is CBETH a Good Investment?</span></h2><p dir="ltr">Deciding whether cbETH is a good investment depends on various factors. It offers the potential for staking rewards while also giving you the flexibility to trade or use the token in DeFi applications. However, there are risks involved, and it’s important to weigh the pros and cons.</p><p><b id="docs-internal-guid-f7d88bce-7fff-88c4-f57b-4e45f3904952"></b></p><h3 dir="ltr"><span style="font-weight: bold;">Should I Invest in CBETH?</span></h3><div><table border="0" width="100%" cellpadding="0" cellspacing="0"><tbody><tr><th><b id="docs-internal-guid-9eb16a98-7fff-32da-8776-3c5c22066973">Reasons for Investing in CBETH</b><br></th><th><b id="docs-internal-guid-892d5cb6-7fff-4896-ea39-df8f5f6fde85">Reasons Against Investing in CBETH</b>&nbsp;&nbsp;&nbsp;</th></tr><tr><td>&nbsp;<span id="docs-internal-guid-d7826629-7fff-5ca3-06d5-80004b47cdc8"><ol><li><span style="font-weight: bold;">Liquidity:</span>&nbsp;cbETH provides liquidity to staked ETH, allowing you to trade or use it without waiting for the staking period to end.</li><li><span style="font-weight: bold;">Staking Rewards:&nbsp;</span>You continue to earn staking rewards even after converting your ETH to cbETH.</li><li><span style="font-weight: bold;">Flexibility:</span>&nbsp;cbETH can be moved to a personal wallet and used across various platforms, giving you more control over your assets.</li><li><span style="font-weight: bold;">DeFi Integration:&nbsp;</span>cbETH can be used in various DeFi applications, offering opportunities for yield farming and other investments.</li></ol></span></td><td>&nbsp;<span id="docs-internal-guid-76ea9559-7fff-b5e1-b65c-920055fcae06"><ol><li><span style="font-weight: bold;">Market Fluctuations:&nbsp;</span>The price of cbETH can deviate from staked ETH, potentially leading to a loss in value.</li><li><span style="font-weight: bold;">Complexity:</span>&nbsp;The process of wrapping and unwrapping ETH can be complex and may not be suitable for beginners.</li></ol></span></td></tr></tbody></table></div>

Coinbase Wrapped Staked ETH

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Altilly

CredoEx

Cat.Ex

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Tokok

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Coinrail

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EtherDelta (ForkDelta)

Xena Exchange

CryptoMarket

Bitforex

DDEX

GBX Digital Asset Exchange

Bitstamp

Bitrabbit

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BW.com

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ProBit

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GOPAX

BitMarket

HBUS

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Bisq

BKex

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HADAX

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Flipster

YunEx

CoinHub

VINEX Network

Bytex

Liquid

Iquant

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bitz

CEX.io

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Ethfinex (closed)

AirSwap

BHEX

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TOPBTC

Braziliex

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Coinex

Bitmex

Luno

Allbit

Coinbase

allcoin

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IDCM

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ABCC

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BCEX

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Bit2C

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BITBOX

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Bitfinex

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Bitibu

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Bitstamp (Ripple Gateway)

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BTCC

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Buda

bybit

C-CEX

C-Patex

C2CX

cfinex

CHAOEX

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Coineal

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CPDAX

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CRXzone

CryptalDash

Crypto.com

Cryptomate

Cryptomus

Cryptonex

Dcoin

digifinex

dobi

DOBI trade

DragonEX

dYdX

Escodex

EXMO

Exrates

ezBtc

Fatbtc

FMCPAY

FreiExchange

Gatecoin (closed)

Gatehub

Gate.io

GDAC

Graviex

GreenX

Heat Wallet

Hubi

Huobi Global

Huobi Korea

idax

Idex

Independent Reserve

Indodax