In anticipation of September’s Merge, Coinbase will introduce its own Ethereum-based liquid staking token that can be used to stake $ETH through the crypto exchange.
from a proof-of-work consensus mechanism to proof-of-stake, is slated to be finalized at some point between Sept. 10-20. The switch will substantially lower the network’s energy consumption.Coinbase is hoping to spur massive adoption of the token, which will have several uses after the Merge. “Our hope is that cbETH will achieve robust adoption for trade, transfer, and use in DeFi [decentralized finance] applications,” according to the white paper.
Separately, cbETH investors will be able to exit their staked ETH for cash as well as transfer their staked ETH to another non-custodial wallet, according to the white paper. Trading of the liquid token will start on Aug. 25, if all liquidity conditions are met, Coinbase said in a tweet thread. Once sufficient supply of this asset is established, trading of cbETH-USD trading pair will begin in phases, the thread added.
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