Coinbase Wrapped Staked ETH DeFi Yield & Risk Rating
Coinbase cbETH is a liquid staking token on Ethereum representing staked ETH managed by Coinbase. Yield is generated from Ethereum consensus and execution layer rewards distributed across Coinbase Cloud validators, with a 25% operator commission.
AUM
$1b
Net APY
2.38%
Active Users
55k
Type
Liquid Staking
Network
Arbitrum
CCC
High RiskCeiling BB+
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC to BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security68
KMPKey Management Permissions17
MMarket73
LLiquidity53
CCollateral100
PMProtocol Mechanics90
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures87
GGovernance11
FRFinancial Resilience69
TLCTeam Legal Compliance91
DTDocumentation Transparency37
Performance
Assets Under Management · 30D▲ 13.63%
$1b
Over the last 30 days, the total value of Coinbase Wrapped Staked ETH has grown 13.63% with $141.48M in inflows.
Net APY · 30D▼ 22.93%
2.38%
Over the last 30 days, the APY has decreased from 3.09% to 2.38%.
Active Users · 30D▼ 0.32%
55k
Over the last 30 days, active users have decreased by 0.32%, reaching 54.9K wallets.
Market Details
ChainArbitrum
Treasury$7.10B
Code AuditsOpenZeppelin ↗
Oracles UsedChainlink cbETH/ETH ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses (2)
Key Strengths
S1Issued by a publicly traded US company subject to SEC reporting, SOX and PCAOB oversight, and holding SOC 2 Type II certification
S2Audited by a top-tier smart contract security firm with no critical or high-severity findings, and all findings remediated
S3Yield is fully organic, derived from native Ethereum staking rewards with no leverage, token emissions or incentive subsidies
S4Multi-year operating history with no exploits, no slashing events and a monotonically increasing exchange rate
Key Risks
R1Single-key control over admin functions cannot be ruled out, as no multisig configuration or timelock is publicly disclosed
R2The token contract includes address-level blacklisting and a global transfer pause, allowing individual holders to be frozen
R3Fully custodial model with no permissionless on-chain redemption path, so issuer insolvency or shutdown would block access to the underlying staked ETH
R4No on-chain governance, timelock or community input mechanism for contract changes or upgrades
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