Coinbase users convert their staked ETH into cbETH, a liquid ERC-20 token representing their staked ETH. Stakers receive a return on investment in the form of staking rewards (supply-side fees).

Coinbase Wrapped Staked Ether is a liquid staking derivative product offered by Coinbase. Coinbase was founded by Brian Armstrong and launched in 2012.

Coinbase governs wrapping and unwrapping staked ETH to cbETH. They currently take a cut of the total staking rewards earned by the product (revenue).

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etherscan

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Liquid staking

Coinbase Wrapped Staked Ether

# Active addresses (monthly) Methodology

## Overview

Active addresses (monthly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Monthly active addresses are measured on a 30-day rolling basis.

## Data sources

- Raw blockchain transaction records (including sender and signer addresses)
- Program instructions and module events
- Action-level metadata and transaction traces
- Asset metadata for account and program identification

## Common calculation approaches

### Transaction sender identification
For blockchain networks, unique sender addresses are identified from raw transaction records. For example, on Ethereum, the originating address for each transaction is extracted to maintain a count of distinct participants over a 30-day rolling window.

### Instruction and module event analysis
For networks with multi-action execution models, active addresses are identified from program instructions or module events. For instance, signers are captured from program instructions on Solana and from module events on Aptos to provide a comprehensive representation of network activity.

### Meta-transaction and action-level tracking
For blockchains supporting delegated execution, user activity is tracked by identifying unique account IDs across various action types. On networks such as NEAR Protocol, this involves analyzing action metadata to distinguish between direct initiators and accounts participating in meta-transactions.

### UTXO-based address resolution
For networks using an unspent transaction output model, active addresses are identified by resolving transaction inputs back to their controlling scripts. This approach is applied to Bitcoin, where transaction inputs are mapped to specific addresses to determine the number of distinct spenders.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses active over a rolling 30-day window.

Coinbase Wrapped Staked EthercbETH

Active addresses (monthly)

Active addresses (monthly)

Competitive landscape

Chain breakdown