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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Coinbase Wrapped Staked Ether

# Coinbase Wrapped Staked Ether Assets staked Methodology

## 1. Overview

The cbETH assets staked metric measures the total value of assets staked in Coinbase's cbETH liquid staking protocol. This represents the outstanding supply of cbETH tokens, which directly corresponds to the amount of ETH staked through the protocol. The calculation tracks all cbETH mint and burn events to maintain a cumulative balance of outstanding tokens, which equals the total assets staked.

## 2. Data sources

The calculation relies on these raw data sources:
- **Ethereum token transfer events**: Parsed ERC-20 `Transfer` events specifically for the cbETH token contract on Ethereum
- **End-of-day token price feeds**: Daily closing prices for cbETH to USD conversion
- **Token metadata**: Decimal place information for proper amount normalization

## 3. Step-by-step calculation

### Component A: cbETH mint event extraction
- **Purpose**: Identifies when new cbETH tokens are created (minted) representing new ETH deposits
- **Logic**: Extracts `Transfer` events from Ethereum event logs where the cbETH token address `0xbe9895146f7af43049ca1c1ae358b0541ea49704` is transferred from the null address `0x0000000000000000000000000000000000000000` to any recipient address. These transfers from the null address represent token minting operations.
- **Key fields**: Records `block_timestamp`, `transaction_hash`, `log_index`, and `value` (token amount) for each mint event

### Component B: cbETH burn event extraction  
- **Purpose**: Identifies when cbETH tokens are destroyed (burned) representing ETH withdrawals
- **Logic**: Extracts `Transfer` events from Ethereum event logs where the cbETH token is transferred from any address to the null address `0x0000000000000000000000000000000000000000`. These transfers to the null address represent token burning operations.
- **Key fields**: Records `block_timestamp`, `transaction_hash`, `log_index`, and `value` (token amount) for each burn event

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the cumulative outstanding cbETH supply over time
- **Logic**: Combines mint and burn events into a single dataset, with burn amounts converted to negative values. Timestamps are truncated to daily boundaries and amounts are corrected for proper decimal places. Daily net mint/burn amounts are calculated by summing all activity per day. Missing days are filled with zero values to ensure a continuous time series. A cumulative running sum is applied using a window function partitioned by chain and token address, ordered by timestamp, to calculate the outstanding supply at each point in time.
- **Key fields**: Produces daily `outstanding_supply` values representing the cumulative net mints minus burns

### Final aggregation
- **Combining components**: The outstanding supply from Component C directly represents assets staked, as each cbETH token corresponds to staked ETH in the protocol
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day token price feeds through the decimal correction and USD conversion process
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling applied to handle missing days
- **Final calculation**: The final assets staked value equals the outstanding cbETH supply in USD, representing the total value of ETH staked in the protocol at each point in time

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

Value of assets staked or restaked through the project.

Coinbase Wrapped Staked EthercbETH

Assets staked

Assets staked

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