Quick 🧵on staking your $ETH with Coinbase

1/ Staking your $ETH with @Coinbase currently yields 2.86% APY after their fee of 25% of the yield! For comparison, @LidoFinance quotes 3.6% after their 10% fee & my solo staked ETH is earning 3.83% before MEV.

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https://bitlift.com/links

2/ You can wrap your Coinbase staked $ETH as $cbETH & withdraw it to your self custodied wallet. This gives you some protection against account issues. Wrapping/Unwrapping in Coinbase is free! & now you can put your cbETH to work in DeFi: swap/borrow/lend/stake/etc.

3/ 1 ETH != 1cbETH.  The conversion rate is 1.0691400640780829 and will always go up because cbETH's value includes all the staking rewards the token has ever accrued (minus the fees!). The rate is updated in real time here:

4/ Coinbase has 4,499,778 ETH staked on behalf of clients. 1,463,586 of which is wrapped as cbETH and 176,463 of the cbETH is "circulating".  No clue why anyone would wrap it and leave it on Coinbase...  But to each their own.

4/ Coinbase has 4,499,778 ETH staked on behalf of clients. 1,463,586 of which is wrapped as cbETH and 176,463 of the cbETH is "circulating".  No clue why anyone would wrap it and leave it on Coinbase...  But to each their own. 

https://dune.com/hildobby/eth2-staking

3/ 1 ETH != 1cbETH.  The conversion rate is 1.0691400640780829 and will always go up because cbETH's value includes all the staking rewards the token has ever accrued (minus the fees!). The rate is updated in real time here: https://api.exchange.coinbase.com/wrapped-assets/cbeth