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Outline
ExecutiveSummary
CoinbasemissionandEthereumstakingLiquidstaking
cbETHUsecases
cbETHinDeFi
cbethandlsETH(Alluvial)
p.02p.03p.04p.05
Technology
Coinbasetokenwrappingoperations
KeyrolesofthewrappingcontractmanagedbyCoinbaseSecurityaudits
Tokenmodel
aTokenscTokens
RationaleforchoosingthecTokenmodel
Conversionrate
DefinitionsRatecalculation
Marketexchangerate
Coinbase'stokenwrappingoperations
p.06
p.07
p.08p.09
Risks p.10
Slashingrisk
SmartcontractsecurityriskBeaconchaintechnicalriskCustodialrisk
cbETHpricerisk p.11
CoinbaseAdvantagesClientdiversification
NodeoperatordiversificationGeographicalandhostingdiversificationCustody
Protocolspecialists
p.12
Fees p.12
Glossary p.13
ExecutiveSummary
cbETHwhitepaper
2
coinbase
ExecutiveSummary
CoinbasemissionandEthereumstaking
Coinbase'smissionistoincreaseeconomicfreedomintheworld.Everyonedeservesaccesstofinancialservicesthatcanhelpempowerthemtocreateabetterlifeforthemselvesandtheirfamilies.Iftheworldeconomyranonanopen,commonsetofstandardsthatcouldnotbemanipulatedbyanycompanyorcountry,theworldwouldbeamorefairandfreeplace,andhumanprogresswouldaccelerate.
Asthelargestandmostdecentralizedsmartcontractplatform,theEthereumnetworkisemblamatictoCoinbase'smissionofincreasingeconomicfreedom.In2020,EthereumbegantransitioningfromaProofofWork(PoW)toaProofofStake(PoS)securitymodel,whichwilldrasticallyimprovesecurity,lowerenergyconsumptionby~99.95%(per
),andenablestakingonEthereum.
StakingonEthereumistheprocessbywhichanyonecanlocktheirETHtoputittoworkonthenetwork,allowingthemtoparticipateinconsensus,validatetransactions,andcreateblocks,therebysecuringthenetwork.
DoingthisworkwellearnsstakersETHrewards,whiledoingitpoorlycanresultinlostETHduetopenalties.
Whilestakingisbeneficialtothenetworkandecosystem,therearesomedrawbacks.Whileauserisstaking,theirETHtokensarelockedonthenetwork,makingthemnon-transferrable.Anduntilthe
Shanghaiupgrade,
itwon'tbepossibletounstakeETH.Furthermore,followingthecompletionofthatupgrade,whenauserwishestounstakeandwithdrawtheirtokens,theymayfaceadelayofanywherefrom27hourstoaslongasseveralweeks,dependingonhowmanyothersareunstakingatthesametime.
ThisunpredictabilityandlackofliquiditylimitsthewillingnessofETHholderstostake,diminishingnetworksecurity.Worsestill,stakedETHcannotbeusedforanythingelse(likecollateralinDeFi),makingtheETHtokenitselflessuseful.
Ourmissionistoincreaseeconomicfreedomintheworld.
3
coinbase
Liquidstaking
Liquidstakingwascreatedtoaddresssomeoftheshortcomingsoftraditionalstaking.Withliquidstaking,lockedstakedassetsarewrappedintotransferabletokensthatrepresentownershipoftheunderlyingstakedassets,andanyrewardsearned.Theresultingtokensarefullytransferableandcanbeunwrappedtoclaimtheunderlyingstakedassets.
Ourviewisthatliquidstakingisinevitableinamaturemarketandisacrucialsteptowardscontinuedadoption.TheEthereumcommunityisabellwetherforthebroadercryptoecosystemandthesuccessofLidoandothersolutionsisanencouragingsign.
Theproblemwiththeliquidstakingmarketisthesameasmanyothermarkets-liquiditybegetsliquidity.Allthingsbeingequal,auserwouldalwayschooseamorewidelyadoptedandliquidsolution.However,this"winnertakemost"outcomeisuntenablewhenitcomesto
consensus-bearingsystemslikeEthereum,asthereare
consensus
thresholds
thatshouldactassoftlimitsonanyonesolution.
Therefore,itisnecessaryfortheliquidstakingmarkettohavestrong,competingsolutionswithdifferentiatedqualities.
TodaytheliquidstakingmarketonEthereumisdominatedbyasinglesolutionthatisonthevergeofbreaching33%networkpenetration(thefirstconsensusthreshold).FollowingthesuccessofUSDC,webelievethatcbETHhasthepotentialtoachievesignificantadoptionanddiversifythecryptoecosystem.OurviewisthatkeyCoinbasestrengthssuchasourtrustedbrand,security,stringentriskpolicies,compliance,andothers,arekeydifferentiatorsforusers.
KeepingEthereumsecureanddecentralizediscriticaltoCoinbase'smissionandourhopeisthatcbETHcontributestothatcause.
cbETH
CoinbaseissupportingliquidstakingforitsETHstakerswithCoinbaseWrappedStakedETH(
cbETH
),wherethestakedassetisEther(
ETH
),andthestakingproviderandtokenissuerisCoinbase.OurhopeisthatcbETHwillachieverobustadoptionfortrade,transfer,anduseinDeFiapplications.
WithcbETH,Coinbaseaimstocontributetothebroadercryptoecosystemthroughcreatinghigh-utilitywrappedtokensandopensourcingsmartcontracts.
4
coinbase
cbETHfollowsthe
cTokenmodel
andcanbemintedorburnedaccordingtoafloatingconversionrate.Atahighlevel,thisconversionratetrackstheunderlyingstakedETHtoaccountforstaking/unstakingactivity,rewards,penalties,andfees.ThisallowsuserstoeasilymovebetweenETHand
cbETH(onceunwrappingisavailable)underconstantlychangingnetworkconditions.ItalsomeansthatETHandcbETHarenotpeggedorexpectedtobeinterchangeable1:1.Infact,astheunderlyingstakedETHcontinuestoaccruerewards,eachcbETHtokenisexpectedtorepresentmorestakedETH,whichmayresultinadivergenceinpricesfortheseassetsovertime.
Usecases
ExitingstakedETH:BobstakedETHwithCoinbasein2021andwantstosellhispositionin2022,butstakedETHontheBeaconChainisstilllockedforthetimebeing.HethuswrapshisETHtocbETHattheprevailingconversionrate,andsellsforcashatthecbETHmarketexchangerate.
CollateralinDeFi:AlicewantstoearnstakingrewardsonherETHwhilealsoborrowingUSDConaDeFiprotocol.ShecandothisbywrappingherstakedETHtocbETH,thendepositingthecbETHintotheprotocolascollateralandsubsequentlyborrowingUSDCagainstit.Indoingso,AlicemaintainsherETHpositionandaccruestheassociatedstakingrewardsasaholderofcbETH.
TransferringstakedETH:BrianhasstakedETHwithCoinbaseandwantstogiftittoafriend.HesendsthecbETHfromhisCoinbaseaccounttohisfriend'snon-custodialwallet,whonowhasexposuretoETHandstaking
rewards.cbETHinDeFi
AssoonascbETHislive,anyDeFiprotocolwillbeabletoaddsupportforit
withouthelporpermissionfromCoinbase.Coinbaseisapubliccompany,cbETHcontractsareopensource,andoursmartcontractauditispublishedpublicly,enablingotherentitieslikeDeFiprotocolstomakeinformedchoiceswhenevaluatingcbETHforsupport.
Havingsaidthat,CoinbasehopestodriveadoptionforcbETHamongourecosystemofprotocol,dapp,andbusinesspartners.Wemayputforwardgovernanceproposalsorsupportthirdpartieswhodoso,andwemaypublishresearchordataaboutcbETHaseducationalcontentformarketparticipants.
5
coinbase
cbETHandlsETH(Alluvial)
InMay2022,Coinbase
announced
Alluvial,anenterprise-gradeliquidstakingstandard,withsupportfromCoinbaseCloudandFigment.cbETHandAlluvial'slsETHarebothliquidstakingsolutions,buttherearesomeimportantdistinctionstokeepinmind.
Atahighlevel,havingbothcbETHandlsETHalignswiththeCoinbasephilosophyofofferingafirst-partyecosystemforcustomerswhowanttheeaseandsimplicityofremaininginsidetheCoinbaseecosystem(cbETH),aswellasofferingthird-partysolutionsinparallelforcustomerswhopreferdecentralizedsolutions(lsETH).
Otherdistinctionsincludetargetmarkets,fees,infrastructureproviders,andsoon.Thefullanalysisisbeyondthescopeofthiswhitepaper,butreadersarewelcometorefertothe
Alluvialwebsite
formoreinformation.
Technology
cbETHwhitepaper
6
coinbase
Technology
Tokenmodel
AsDeFihasmatured,severalmodelshaveemergedaswaystorepresenttokenizedownershipofanunderlyingasset.
aTokens
PioneeredbyAave,thesetokensoperatebyconstantlyupdatingsupplytomap1:1withtheunderlyingasset.Becauseofthedynamicnatureofthesupply,aTokensarealsoreferredtoas"
rebasetokens
"or"elasticsupplytokens"
、
Example:AL;cesuppl;es10ETHtolend;ngprotocoland
rece;ves10aETH.Aftersomet;mepasses,sheearns2ETHofrewards.HeraETHpos;t;on;ncrementallyrebasesto12aETHoverthatt;me.Rebas;ngdoesnotrequ;retransact;ons;;t;smoreak;nto"updates."ShethenremovesherL;qu;d;tyfromtheprotocol,convert;ngher12aETHbackto12ETH.
cTokens
Anothermodel,andtheoneadoptedbycbETH,isthe
cToken
model.Pioneeredby
Compound
,cTokensrepresentownershipofunderlying
principalplusanyrewardsaccruedonthatprincipal,minusanypenalties(e.g.,
slashing
).TheconversionratebetweenthecTokenandtheunderlyingassets(principal+rewards-penalties)thuschangesasafunctionoftherewardsandpenaltiesaffectingtheprincipal.
、
Example:Bobsupplies10ETHtoalendingprotocoland
receives10cETH.Aftersometimepasses,heearns2ETHofrewards.HiscETHpositionremainsat10cETH(nochangeinsupplyheld),butit'snowbackedby12ETH(whichchangestheconversionrateofcETHrelativetoETH).Hethenremoveshisliquidityfromtheprotocol,convertinghis10cETHfor12ETH.
7
coinbase
StructuredasacToken,cbETHwillhaverightstounderlyingstakedETHandaccruedrewardsandpenalties.ChangesintheseunderlyingamountswouldhaveeffectsontheconversionratebetweencbETHandETH.
InpreparationfortheMerge,CoinbasewillmovetoaneffectiveAPYrewardsstructure.Post-Merge,transactionfeerewards(i.e.,tips)andanyothersourcesofvalidatorrevenuewillbere-stakedtocompoundETHstakingrewards.
RationaleforchoosingthecTokenmodel
cTokensaremostwidelycompatiblewithdAppsinDeFitoday,duetothefactthattheyareERC-20compliant.aTokens,ontheotherhand,arenot.
ItisworthnotingthataTokensallowforamoreelegantUXbymaintaininga1:1mappingbetweenwrappedtokenandunderlyingasset.Whilecompelling,thisfeaturewasultimatelyoutweighedbyadesignchoicefortheuserthatmaximizedutility,composabilityandefficiencyofcbETH.
cTokensaremostwidelycompatiblewithdAppsinDeFitoday,duetothefactthattheyareERC-20compliant.
Conversionrate
TheconversionrateistherateatwhichcbETHwillbeissuesorredeemedburnedrelativetotheamountofstakedETHbeingwrapped.ItisafunctionoftheamountofETHstaked,anypost-commissionrewardsearned,anypenaltiesimposed,andtotalcbETHtokensupply(seediagrambelow).TheconversionratecanbepulledfromboththesmartcontractandtheExchangeAPI(whichisinformedbythecontract).
Atfirstmint,therewasa1:1ratiobetweenstakedETHonCoinbaseandcbETH.Thismintoccurredon2022-06-12at18:04:35inpreparationforthecbETHpubliclaunch.Thisratiowilldeviateovertimeforthereasonsexplainedabove.ThisisverysimilartotherelationshipbetweencTokensandtheirunderlyingassetsonCompound(
docs
).
8
coinbase
RatecalculationDefinitions
Wraprequest-arequestmadetoconvertstakedETHintocbETH
Unwraprequest-arequestmadetoconvertcbETHbackintostakedETH
(thisfeaturewilllikelybeavailableshortlyaftertheinitialcbETHlaunch)SettledWrapRequest-wraprequestwhichhavegonethroughsettlementSettledUnwrapRequest-unwraprequestwhichhavegonethroughsettlement
Settlement-thepointatwhicharequestisconsideredsettled.Forwraprequests,thisiswhenwesettheamountoftokenswewillissuegiventheamountofstakedETHinthewraprequest.Forunwraprequests,thisiswhenwesettheamountofstakedETHwewillcreditgiventheamountoftokensintheunwraprequest.
Atahighlevel,theconversionrateatthetotalpoolleveliscalculatedasfollows:
ConversionRate=
TotalWrappedStakedETHTotalcbETHSupply
,where
TotalWrappedStakedETH = StakedETH;nsettledwraps StakedETH;nsettledunwraps+NetRewards
TotalcbETHSupply
cbETH;ssued
cbETHredeemed
NetRewards - (Inflationaryprotocolrewards+Transactionfees(tips)&anyothervalidatorrewards-Penalties)x0.75
Userexample
StakedETH:100
cbETH:100
Converstionrate:1
Arewardof25
stakedETHisearned
StakedETH:125
cbETH:100
Converstionrate:1.25
StakedETH:225
cbETH:180
Converstionrate:1.25
Arewardof45stakedETHisearned
StakedETH:270cbETH:180
Converstionrate:1.5
StakedETH:165
cbETH:110
Converstionrate:1.5
Validatorsget
slashedby65
StakedETH:100cbETH:110
Converstionrate:0.9
Userstakes100ETHandrequestscbETH
Userrequeststounwrap70cbETH
Userrequeststounwrap10cbETH
Userreceives SOcbETH
Userreceives 105ETH
Userreceives9ETH
9
coinbase
Marketexchangerate
ThepriceofcbETHwillbedeterminedbythemarketandisnotpeggedorinanyotherwaymaintainedbyCoinbase.Marketparticipantscanbuy,sell,wrap,and(eventually)unwrapcbETHbasedonfactorssuchasthedefinedconversionrateinoursmartcontractordifferentformsofrisktoaffectthepriceofcbETHrelativetoETH.
Coinbase'stokenwrappingoperations
cbETHisthefirsttokenbuiltontheCoinbasewrappingtoken
contract
.(Smartcontractcodeopensourcerepository:
Github
)
Onanongoingbasis,CoinbaseassesseshowmucheligibleETHisstakedonplatform,andwillmintacorrespondingamountofcbETH,inaccordancewiththecurrent
conversionrate.
ThecbETHismintedon-chaintothedesignatedreceiverwallet.cbETHsuppliesareupdatedbasedontheunderlyingstakedETH
ona4-hourcadence.
ThecbETHcontractisinheritedfrom
USDC
withtwofeatureadditions:anexchangeRateandanoraclerole.TheexchangeRateallowsanyonetoquerythelatestconversionrate.TheoracleroleupdatestheexchangeRate.Coinbasecontrolstheoracle'saddressandwillupdatetheexchangeRateevery24hoursat4pmUTC.Thisupdatecadencemaybechangedinthefuture.
KeyrolesofthewrappingcontractmanagedbyCoinbase
Admin:canupgradethewrappedtokenimplementationcontract
Owner:canassignallrolesexcepttheAdmin's
Blacklister:canblacklistanaddressfromtransferring,minting,andburning
MasterMinter:canassignmintersandtheirlimits
Minter:canmintandburntokens
Pauser:canpausealltransfers,mints,andburnsforthecontractOtherparametersavailableinthesmartcontract
NumberofunderlyingstakedETHUnits
MaxtotalsupplyofcbETH
ETHprincipalstaked
AccruedrewardsSecurityaudits
CoinbaseengagedOpenZeppelininanauditofthecbETHsmartcontract,which
canbeseenhere(
link
).
cbETHwhitepaper
Risks
coinbase 10
Risks
Slashingrisk
Ethereum'sconsensusmechanismhasseveralrulesintendedtoprotecttheintegrityofthenetwork.Ifanyoftheserulesarebroken(voluntarilyornot),aportionofthestakedETHisremoved.Someexamplesincludevalidatordowntimeanddouble-signing.Wetakeanumberofmeasurestomitigatetheserisks,includingbutnotlimitedto:clientdiversification,nodeoperatordiversification,andgeographical/hostingdiversification(moredetailunderCoinbaseAdvantagesbelow).Thesemitigantsaren'ta
panaceathough.Intheeventofavalidatororprotocolfailure,thisnetwork"slashing"couldreducetheamountofstakedETHheldbyCoinbaseonbehalfofcbETHholders.Inthisevent,thecbETH<>staked-ETHconversionratewoulddecrease-justasitincreaseswhenthenetworkdistributesrewardsforsuccessfullyproposingandvalidatingblocks.
Smartcontractsecurityrisk
cbETHisatitscoreasmartcontract,andwiththatcomesriskthatthecodemaybeexploitedinunforeseenways.ThisriskispartiallymitigatedbythefactthatthefoundationofcbETHisbasedonheavilyauditedandbattletestedsmartcontracts(likeUSDC).AdditionallyCoinbaseobtainedasmartcontractauditfromOpenZeppelinspecificallyforcbETH(
link
).
Blockchaintechnicalrisk
Asmentionedabove,Ethereumisundergoingitslargestupgradeeverrightnow.PotentialflawswiththeBeaconChainortheupcomingMergecouldleadtoadverseconsequencesforcbETH,likeallstakedETH.
Custodialrisk
Thereisalwaysanon-zerocustodialriskincrypto.Inthiscase,CoinbasecustodieskeysassociatedwiththestakedETHunderlyingcbETH.Totheextentthesekeysareevercompromised,thiswouldlikelyleadtotheunderlyingETHtheycontrolbeinglost.
coinbase 11
cbETHpricerisk
ThepriceofcbETHwillbedeterminedbythemarketandisnotpeggedorinanyotherwaymaintainedbyCoinbase.Aswithanyassettradinginfreemarkets,thereisalwayssomedegreeofpriceriskinherentinthetradingofcbETH.Asanexample,becausewithdrawalsfromtheBeaconChainareinitiallyunavailable(untilthe
Shanghaiupgrade
allowsforstakingwithdrawals),marketparticipantsarelimitedintheirabilitytoarbitragethepriceofcbETHtofairvalue.ThismayleadtocbETHtradingatapriceinconsistentwiththeamountofstakedETHandrewardsthatausercouldredeembyunwrappingcbETH.
CoinbaseAdvantages&Fees
cbETHwhitepaper
coinbase 12
CoinbaseAdvantages
Coinbasehasbeenoperatingabest-in-classstakingoperationsince2019andbeganstakingETHonbehalfofusersin2021.AnumberofmeasuresaretakentoensureboththesecurityoftheETHstakingoperationaswellastherobustnessoftheEthereumnetworkbroadly.
Clientdiversification
Coinbase's
provisionedvalidators
runmultipleEthereumclients,reducingtheriskofanetwork-cripplingbugthatcouldresultinaheavilycorrelatedslashingevent.
Nodeoperatordiversification
Whenrunningvalidators,Coinbaseenlistsanumberofdifferentnodeoperators.Thishelpstoreduceriskspecifictoanyoneoperator.
Geographical&hostingdiversification
Ournodeoperatorscollectivelyrunvalidatorsinmultiplehostingenvironments(e.g.,baremetal,AWS,GCP,etc.)andinmultipleregionstomaximizetheresilienceoftheirinfrastructure.Again,thisreducestheriskofcorrelatedslashing.
Custody
CoinbasewillcustodythekeyscontrollingthewalletaddressesholdingthestakedETHwrappedforcbETH.Coinbase'sbest-in-classrigorhasbeenkeepinguserfundssafefor10+years.
ProtocolSpecialists
Coinbasehasateamof
ProtocolSpecialists
contributingtotheEthereumecosystemandstayingontopofthelatestdeve
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