Coinbase unveils liquid staking token for Ethereum ahead of The Merge
EthereumInilabas ng Coinbase ang liquid staking token para sa Ethereum bago ang The Merge 08 / 25 / 2022Balita ng Ethereum ng Bitcoin Coinbase will launch its own liquid staking token, called cbETH, which users can get in exchange for ETH that Coinbase will stake on the proof-of-stake version of Ethereum. The exchange revealed cbETH, which stands for Coinbase Wrapped Staked ETH, in a tiririt on Wednesday and released a detailed white paper explaining the rationale. Users will be able to transfer for cbETH as early as August 25 at 12:00 p.m. EST, provided that necessary liquidity conditions ay nakilala. Ethereums switch from proof-of-work to proof-of-stake consensus, known as The Merge, is on track to begin September 6. The new token will let Coinbase users engage in so-called liquid staking. On Ethereum, staking requires users to lock their ETH. That staked ETH is then utilized for establishing consensus, validating transactions, and securing the network. While those tokens are locked up, they canot be traded. Liquid staking is a way around this. Since it is already possible to stake ETH, services like Lido have arisen to let users exchange ETH for a derivative token that can be used in DeFi protocols. Lidos version is called stETH. Coinbases