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 Total value locked Methodology

## 1. Overview

The cbETH TVL (Total Value Locked) metric measures the total value of assets staked in Coinbase's cbETH liquid staking protocol. For cbETH, TVL is directly equivalent to the total outstanding supply of cbETH tokens, as each cbETH token represents a claim on staked ETH assets. The calculation tracks the cumulative net minting and burning of cbETH tokens over time, converting the outstanding supply to USD to provide the TVL metric.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum for the cbETH token contract, specifically tracking mints and burns
- **Token metadata**: cbETH token contract information including the contract address (`0xbe9895146f7af43049ca1c1ae358b0541ea49704`) and decimal precision
- **End-of-day price feeds**: cbETH token prices for USD conversion
- **Null address identification**: The zero address (`0x0000000000000000000000000000000000000000`) used to identify mint and burn events

## 3. Step-by-step calculation

### Component A: cbETH mint identification
- **Purpose**: Identifies when new cbETH tokens are minted (created)
- **Logic**: Filters Ethereum token transfer events for the cbETH contract address where the `from_address` field equals the null address. These transfers represent new token creation events where tokens are minted from nothing. Each mint event captures the `block_timestamp`, `transaction_hash`, `log_index`, and transfer `value`
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, transaction identifiers for deduplication

### Component B: cbETH burn identification  
- **Purpose**: Identifies when cbETH tokens are burned (destroyed)
- **Logic**: Filters Ethereum token transfer events for the cbETH contract address where the `to_address` field equals the null address. These transfers represent token destruction events where tokens are sent to the null address and removed from circulation. Each burn event captures the same fields as mints
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, transaction identifiers for deduplication

### Component C: Daily mint and burn aggregation
- **Purpose**: Combines mints and burns into daily net changes in token supply
- **Logic**: Unions mint and burn events, treating burns as negative amounts. Truncates timestamps to daily boundaries and applies decimal correction for proper token unit calculation. Groups by date and sums the net mint/burn amounts to get daily net supply changes
- **Key fields**: Daily `timestamp`, net `amount` representing supply change

### Component D: Outstanding supply calculation
- **Purpose**: Calculates the cumulative outstanding cbETH supply over time
- **Logic**: Fills any missing days with zero net changes to ensure a continuous time series. Applies a cumulative sum window function partitioned by chain and token address, ordered by timestamp, to calculate the running total of outstanding cbETH tokens. This represents the total cbETH tokens in circulation at any point in time
- **Key fields**: `outstanding_supply` representing cumulative cbETH tokens in circulation

### Final aggregation
- **Combining components**: The outstanding supply from component D represents the assets staked, as each cbETH token is backed by staked ETH
- **Currency conversion**: Converts the cbETH outstanding supply to USD using end-of-day price feeds, with decimal correction disabled since decimals were already corrected earlier
- **Time aggregation**: Data is aggregated at daily boundaries with gap filling to ensure no missing days
- **Final calculation**: The USD value of outstanding cbETH supply equals the TVL, as it represents the total value of assets locked in the liquid staking protocol through cbETH token minting

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Coinbase Wrapped Staked EthercbETH

Total value locked

Total value locked

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