Coinbase Eyes Major Cancellation In ETH Staking
Since its launch, Coinbase’s Wrapped Staked ETH, also known as cbETH, has gained significant interest. However, Coinbase only recently received around 53,400 ETH, the majority of which were moved from the Coinbase’s cbETH deposit address – this could be related to the discontinuation of ETH staking.
On May 15th, the cbETH deposit address 0xc7…a019 experienced a massive withdrawal of 44,000 ETH to the Coinbase 10 wallet address, according to CryptoQuant statistics. This means that people have been cancelling their ETH staking contracts, signalling that Ethereum is under increasing selling pressure.
A wrapped cryptocurrency, such as cbETH, is a cryptocurrency token that symbolises another cryptocurrency “wrapped” or “locked up” in a digital smart contract. Coinbase established the ERC-20 utility token to serve as a representation of Ethereum 2.0 , which may be obtained by staking ETH tokens on the network.
Furthermore, because cbETH is a liquid token, there is no lock-up period, and the token may be used for further DeFi operations like as lending, swapping, and providing liquidity, which can all be done directly from the Coinbase Wallet.
(With inputs from Shikha Singh)
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