Glossary
cbETH
Coinbase Wrapped Staked ETH — an ERC-20 representing user-staked ETH on Coinbase's institutional staking service, with the staking yield accumulating into the exchange rate.
cbETH is the Coinbase-issued wrapper around Coinbase Staked ETH. Users staking ETH through Coinbase can mint cbETH; the token's redemption value grows over time as Coinbase's validators accrue staking rewards, similar to a non-rebasing LST.
The token is widely supported as DeFi collateral across major lending markets and as a swap pair on EVM DEXes. Because the underlying validators are operated by Coinbase, cbETH's trust model is more centralized than Lido's or Rocket Pool's.