Coinbase Wrapped Staked ETH (cbETH) Integration
cbETH — liquid staking token from Coinbase. Differs from competitors: centralized provider (Coinbase manages validators), but largest regulated custodian. For institutional users — advantage: known regulated counterparty.
cbETH Characteristics
Value-accruing: exchange rate cbETH/ETH grows. Coinbase publishes conversion rate daily via on-chain oracle.
Institutional trustworthiness: Coinbase — public company (NASDAQ: COIN), regulated by FinCEN, NYDFS. Reduces counterparty risk for regulated entities.
Fee: Coinbase takes 25% of staking rewards (higher than Lido 10%). cbETH APY lower than competitors.
Technical Interfaces
cbETH ERC-20
cbETH — standard ERC-20 without special staking interfaces. Mint happens on Coinbase platform (not via smart contract).
On-chain integration only via secondary market: buy cbETH on Uniswap, Curve, Coinbase Exchange.
// cbETH — regular ERC-20
IERC20 cbETH = IERC20(CBETH_ADDRESS);
uint256 balance = cbETH.balanceOf(userAddress);
// Exchange rate via Coinbase oracle
interface ICbETH {
function exchangeRate() external view returns (uint256);
}
uint256 ethPerCbETH = ICbETH(CBETH_ADDRESS).exchangeRate();
Chainlink Price Feed
// cbETH/ETH
AggregatorV3Interface cbETHFeed = AggregatorV3Interface(0xF017fcB346A1885194689bA23Eff2fE6fA5C483b);
(, int256 price,,,) = cbETHFeed.latestRoundData();
DeFi Integrations
cbETH accepted as collateral in Aave V3, Compound, Spark (MakerDAO). Due to centralized operator, some decentralization-focused protocols limit cbETH exposure.
Integration of cbETH into DeFi protocol — 3-5 days. Standard ERC-20 + oracle — minimal specifics. Main decision: accept cbETH as collateral accounting for centralization risk.