Thread by @CoinbaseAssets

Coinbase will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds will be lost.

What is cbETH? Let’s dive in 🧵👇

Coinbase Wrapped Staked ETH (cbETH) is a utility token that represents ETH2, which is ETH staked through Coinbase. cbETH can be sold or sent off-platform, while ETH2 will remain locked-up until a future protocol upgrade.

Learn how cbETH works here: help.coinbase.com/en/coinbase/tr…

Note that the price of cbETH is NOT meant to track the price of ETH 1:1. cbETH represents staked ETH plus all of its accrued staking interest, starting from when cbETH's conversion rate and balance were initialized (June 16, 2022 19:34 UTC).

Holders of ETH2 (staked ETH on Coinbase) can "wrap" their ETH2 & receive cbETH through Coinbase.com. Wrapping functionality will be rolled out to eligible users progressively throughout the day

​​Learn about wrapping ETH2 & using cbETH here
help.coinbase.com/en/coinbase/tr…

The Ethereum ERC-20 contract address for cbETH is 0xbe9895146f7af43049ca1c1ae358b0541ea49704.

This contract address is the only official address for Coinbase Wrapped Staked ETH; be wary of tokens with the same ticker of cbETH, but different contract addresses. When in doubt, always confirm the contract address.
etherscan.io/token/0xbe9895…

We published a white paper to provide in-depth details on the importance, technology, benefits and risks involved with cbETH.

Read the cbETH white paper here: coinbase.com/cbeth/whitepap…

Inbound transfers for this asset are available on @coinbase & @CoinbaseExch in the regions where trading is supported. Trading will begin on or after 9AM PT on August 25, 2022, if liquidity conditions are met.

Once sufficient supply of this asset is established, trading on our CBETH-USD trading pair will launch in phases. Support for cbETH may be restricted in some supported jurisdictions.