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Coinbase backs liquid staking for its ETH holders through Coinbase Wrapped Staked ETH (ETH). In this setup, the underlying staked asset is Ether (ETH), with Coinbase acting as both the staking provider and the token issuer. Coinbase’s goal is for cbETH to gain strong adoption for trading, transferring, and using in DeFi. Through cbETH, Coinbase seeks to support the wider crypto ecosystem by producing high-utility wrapped tokens and releasing its smart contracts as open source.
cbETH use cases:
Already-staked ETH. Convert your staked ETH into cbETH and exchange it for cash.
DeFi collateral. Add cbETH as collateral in DeFi protocols and take out loans while keeping your staked ETH exposure.
Moving staked ETH. Transfer cbETH from your Coinbase account to non-custodial wallets.
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