lst collateral asset
cbETH
Coinbase Wrapped Staked ETH is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
partialmedium
Exposure
$1.90B
Mapped usage across reviewed markets.
Deployments
2
Ethereum
Controls
3
Issuer, admin, wrapper, and redemption controls.
Market usage
8
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameCoinbase Wrapped Staked ETH
IssuerCoinbase
Typelst
Canonical chainEthereum
BackingCoinbase-issued liquid staking token backed by staked ETH.
RedemptionRedemption depends on Coinbase controls, terms, and validator exit timing.
Review statuspartial
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Base | deployment | Ethereum L1 | Stage 1 |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Aave V3 | Base core pool | Base | 75% | 80% | $2.60B | $1.50B | 69.0% |
| Compound III | Ethereum USDC Comet | Ethereum | 79% | 85% | $1.30B | $900.0M | 67.0% |
| Compound III | Base USDC Comet | Base | 76% | 82% | $850.0M | $540.0M | 81.0% |
| Morpho Blue | Base cbETH/USDC markets | Base | 72% | 78% | $900.0M | $520.0M | 76.0% |
| Curve | ETH LST pools | Ethereum | 0% | 0% | $1.20B | $0 | 49.0% |
| Uniswap V3 | Base major pools | Base | 0% | 0% | $820.0M | $0 | 61.0% |
| Balancer | Ethereum boosted LST pools | Ethereum | 0% | 0% | $620.0M | $0 | 47.0% |
| Coinbase cbETH | cbETH issuance and markets | Base | 0% | 0% | $1.40B | $0 | 55.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | asset issuer | Issuer-operated staking receipt | Redemption can depend on issuer operations. | cbETH backing and redemption are tied to Coinbase staking infrastructure. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | cbETH -> Base | cbETH deployment inherits Base chain assumptions |
| medium | outbound | issued by | cbETH -> Coinbase cbETH | cbETH is issued through Coinbase staking operations |
| low | outbound | settles on | cbETH -> Ethereum | cbETH deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Aave V3 -> cbETH | Aave V3 Base core pool accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> cbETH | Compound III Ethereum USDC Comet accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> cbETH | Compound III Base USDC Comet accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> cbETH | Morpho Blue Base cbETH/USDC markets accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> cbETH | Curve ETH LST pools accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> cbETH | Uniswap V3 Base major pools accepts cbETH as collateral or core liquidity |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | cbETH -> Base | cbETH deployment inherits Base chain assumptions |
| medium | outbound | issued by | cbETH -> Coinbase cbETH | cbETH is issued through Coinbase staking operations |
| low | outbound | settles on | cbETH -> Ethereum | cbETH deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Aave V3 -> cbETH | Aave V3 Base core pool accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> cbETH | Compound III Ethereum USDC Comet accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> cbETH | Compound III Base USDC Comet accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> cbETH | Morpho Blue Base cbETH/USDC markets accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> cbETH | Curve ETH LST pools accepts cbETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> cbETH | Uniswap V3 Base major pools accepts cbETH as collateral or core liquidity |