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
$771m
Net APY
3.17%
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▼ 18.19%
$771m
Over the last 30 days, the total value of Coinbase Wrapped Staked ETH has dropped 18.19% with $171.52M in outflows.
Net APY · 30D▼ 1.33%
3.17%
Over the last 30 days, the APY has decreased from 3.21% to 3.17%.
Active Users · 30D▼ 0.05%
55k
Over the last 30 days, active users have decreased by 0.05%, reaching 54.7K wallets.
Market Details
ChainArbitrum
Treasury$7.10B
Code AuditsOpenZeppelin ↗
Oracles UsedChainlink ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0xBe98...a49704
Implementation0x3172...1FC9a5
Key Strengths
S1Operated by a publicly-traded, regulated company with SOC 2 Type II certification, SOX compliance, and NYDFS-regulated custody
S2Audited by a leading security firm at launch with no critical or high-severity findings, all issues remediated
S3Fully organic yield from native Ethereum staking rewards with no leverage, emissions, or incentive subsidies
S4Multi-year operational track record with no exploits, no slashing events, and consistent exchange rate appreciation
Key Risks
R1Single-key control over admin functions cannot be ruled out from on-chain evidence, with no disclosed multisig threshold or timelock
R2Address-level blacklisting can freeze individual user tokens, and the pause function can halt all transfers
R3Fully custodial model where Coinbase insolvency or shutdown would permanently block access to underlying staked ETH
R4No on-chain governance, timelock, or community input mechanism for contract changes or upgrades
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