cbETH (Coinbase) is Coinbase's NYDFS-regulated liquid staking token. Value-accruing design, DeFi integrations on Ethereum + Base, trusted Coinbase brand. Trade-off: 25% commission is high and you're accepting Coinbase custody risk.
What cbETH is
cbETH is a wrapped receipt token representing staked ETH on Coinbase. Value-accruing (non-rebasing) so it works cleanly in DeFi. Available on Ethereum and Base.
The 25% fee
Coinbase charges 25% of staking rewards vs Lido's 10% or Rocket Pool's 14%. That's a meaningful yield drag over years. In exchange, you get regulated custody, ETF-tier infrastructure, and Coinbase's track record.
Verdict
cbETH is the regulated LST receipt. Higher fees than DeFi-native LSTs but regulated custody has real value for institutions and US retail preferring Coinbase trust.