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You don’t need to be your own validador to use this protocol. You can use staked ETH tokens like coinbases’s CBETH or rocketpools rETH
Zero fees from what I observed. For both Lido and Rocketpool, just to stake Eth it required gas fees approximately $20-30. Thereafter if I wanted to convert a small portion of my earnings (for e.g. 0.01 ETH which is my daily earnings) it would cost gas fees as well. With Coinbase there was no such fees when converting from ETH to CBETH and then offramp my daily earnings.
That's why I went with staking directly on Coinbase. No fees to stake / unstake / convert to CBETH
No you have to wait at least 30 days. But you can for example swap Ethereum for CBEth and make a slight profit on the transfer and harvest the allowance. You can check how much Eth CBEth is worth here https://api-public.sandbox.pro.coinbase.com/wrapped-assets/CBETH/conversion-rate
Wrap for CBETH then sell on advanced trade. Overall my interest outweighs the fees I paid to unstake so I’m not worried
Does anyone where you could get historical data on the total supply or market cap of CBETH? I'm trying to make a chart of its growth but I can't data for it going farther back than "today"
Aaaaaaand you can ACTUALLY already unstake on CB by trading for their CBETH for the purposes of selling..
The CBETH discount is almost gone...
Quite a bit actually. Approximately 3% when you convert ETH2 to CBETH and then another 3% to convert CBETH to ETH that can then be withdrawn.
It's more than that. You'd have to convert from ETH2 to CBETH which is currently 0.9798 and then CBETH to ETH is 0.97887. That's over 4% compounded.
There is also a liquidity discount with CBETH, Coinbase staked ETH. These staking derivatives aren’t meant to trade 1:1. It was an abnormally before the summer. They have to be worth less because buyers demands a liquidity premium. Can we have a better Binance FUD?
I did the same from the beginning of the CB-ETH2 staking program and they put trnx fees on giving me my rewards and dropped the APR from 6% to 1.6% so good luck on that. Also when you go to cash out right now you have to convert to CBETH then convert to USD then send it to your bank and every single one of those trnxs have an 8% fee so you do the math if 6% (maybe) is worth it.
Trade your ETH2 for CBETH, then trade that for ETH and transfer it out. You’re going to lose several percent on the spread, but at least you’ll be custodying your own asset.
I’ve got to wonder why CBETH isn’t trading at more of a discount when it’s nothing more than an IOU from a cex
You can swap it for CBETH and then swap it for ETH
>All I did was list the reasons why a rental property isn’t a security. Then you went and applied them all to ethereum. I never said that eth was a security, OP was doing satire on SEC's logic - read the comedy flair. SEC wants to claim all ETH as a security, not just its staking derivatives. It is completely ridiculous when I can stake by myself - not use a third party. >There is an investment of money ie the mining pool takes your eth from you and enters it into the staking pool they own. A common enterprise - by entering into a staking rewards plan with coinbase the investor and coinbase have joined interests in the ethereum network. There is an expectation of profit. The investor of the eth and coinbase both expect to earn yield off the investment of money (staked eth) The investor completely relies on coinbase employees and technological infrastructure to gain passive income. You may have a point with CBETH and other tradeable staking derivatives. But it is not true in general. For example, Kraken doesn't offer liquid staking on ETH. So you can't sell your Kraken staked ETH to a third party, i.e. the securitization process doesn't apply. In first principles, Kraken staking is a service, not offering a financial instrument. So the talk about securities is complete nonsense when no financial instrument is involved.
tldr; Coinbase's Wrapped Staked Staked ETH (CBETH) smart contract has a blacklist function that allows the exchange to selectively blacklist addresses if they deem it necessary. The move will irk some cryptocurrency holders, who believe that the censorship sets a bad precedent. Some in the crypto community have pointed to past remarks by Coinbase CEO Brian Armstrong in their criticism. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Everyone seems to be selling their CBETH now that you can swap your staked eth on Coinbase.
I wanted to convert my CBETH to ETH so I could buy some NFTs but I think I'm done for...
Did you set up the proper network for CBETH?
Idk if anyone here can actually help but I traded my ETH2 into CBETH and then moved the CBETH to my Metamask and I can't see it on my metamask, is it lost?
NFA, but all wrapped tokens can have a chance of being hacked, manipulated, controlled. Wrapping just means that it is stored by someone and in exchange, provides you another similar token on another blockchain. What CB is probably doing is that they will take ETH deposits and stake it on Lido/ CB Stake Pool or to loan it out to others. If CB fails, these tokens become worthless. If you believe that CB is not going to fail, it is likely that CBETH is going to be almost identical to ETH. But it fails, you lose everything like Celsius
tldr; Coinbase's smart contract for the Wrapped Staked ETH (CBETH) smart contract has a blacklist function. This allows the exchange to selectively blacklist addresses if they believe the wallet violates its user agreement and can freeze customer funds if they feel there has been a violation or if the law requires it. The move will irk some cryptocurrency holders, who believe it sets a bad precedent. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It's about as close to free as you can get, but of course there is risk in everything. Ethereum can cease to exist tomorrow, but it would be very improbable. The fact we are discussing liquid staking derivatives should imply that guaranteed 1:1 redemption opens when the network allows it. Until then, the market will obviously continue to dictate the price based on supply/demand. People want out of staking early and this price deviation from ETH is the cost to them. This allows buyers to scoop up this liquid stake below the price of 1 ETH. Over time, CBETH will climb past the price of 1 ETH due to ETH staking rewards being built into the value of the token itself. This is near guaranteed, but again anything can happen from contract exploits to exchange issues and more. Arb has nothing to do with the current drivers of CBETH pricing. Most people don't even understand CBETH and are still just buying ETH on an exchange and hitting that stake button. All the while, inexperienced traders are rushing to sell their staked ETH through CBETH. This creates a wonderful opportunity for anyone looking to buy and stake ETH. This also creates an opportunity to buy CBETH with a high possibly that a 1:1 or near 1:1 pair price will hit even before staking unlocks, but that bet comes with more risk. If you are an average Coinbase user and plan on buying/staking ETH then directly buying CBETH is about as close to free money as you can get. There's no reason to poop at this party with semantics.
If I convert my Ethereum to CBETH on coinbase do I keep my staking rewards?
Coinbase isn't pocketing the price difference. CBETH is a synthetic product so people can sell out of their ETH2 before actual staking withdrawals are enabled. Once they are CBETH will trade at 1:1 because you can redeem it at that level. The main people profiting here are people buying at 5-8% discounts and waiting it out (though CB undoubtedly makes additional commission fees by enabling this option).
Options are to stake on an exchange either directly (coinbase ETH2) or get a liquid derivative (CBETH or rETH). If you have 32 eth you can run a validate kr with 16 you can run a rocketpool validator. You get more rewards by being a validator
Am i missing something? Isn’t your staked ETH converter to CBETH at 1:1?
So basically you lock stake ETH and it will unlock slowly after the merge. Instead of ETH, your locked ETH is called CBETH in Coinbase. Thats pretty much it
They're like a silver medalist who finally shows up, but is tracking dog sh\*t every where. Slashing? Locked-up? Not in my wallet? A whole bunch of gymnastics using CBETH or Lido if I need it, virtually guaranteeing mass-adoption among normies will never happen? No thanks.
Where can you buy CBETH? Canadians get fked again.
People who don't want to be locked into staking anymore are swapping for CBETH and dumping it, that's the price discrepancy go read the reviews people wrote on coinbase under CBETH.
I think its trading lower because people who were staking and want out are swaping to CBETH and dumping it.
The majority of the people in this sub won’t read the white paper. I for one briefly skimmed your post before deciding I’m on board. CBETH to the moon.
CBETH-USD pair just went live on Coinbase.