SLURP-6 | Support cbETH (Coinbase Staked ETH) in ixETH

Abstract

We propose the addition of Coinbase's liquid ETH staking derivative cbETH to ixETH.

Rationale

cbETH is the second largest ETH LSD by market capitalization, ~$2.27b at the time of this SLURP according to DeFiLlama and Etherscan. By allowing deposits of the second largest LSD by market capitalization, we can anticipate a broader reach for ixETH and potentially extend the reach of ixETH beyond the DeFi Degen usual suspects.

Note, this SLURP's author would like to point out that Coinbase's documentation for cbETH is difficult to parse. The data on the cbETH dashboard disagrees with essentially all other data sourced from on-chain including Dune, and DeFiLlama, specifically with respect to circulating supply and market cap.

• APR: Coinbase quotes a 3.83% APY for ETH staking, DeFiLlama quotes 5.1% as the most recent median APY for cbETH, and Rated quotes a 5.59% 30D backward looking APR.
• Audit: OpenZeppelin Security Audit
• Contracts:
  • Github Repos
  • Deployed Coinbase Wrapped Staked ETH (cbETH) Contracts
• While Coinbase does not specify the exact organizations operating their validators or blockchain nodes, they indicate they are committed to Ethereum client diversity. Rated's Coinbase ETH staking dashboard.

Specification

Assuming a yes vote for this SLURP and SLURP-7 (Support sfrxETH in ixETH) Coinbase's cbETH will be made available for deposit into ixETH with a composition target at or around 26%, which is based on the proportion that cbETH makes up in the sum of the cubed roots of marketcaps of stETH, rETH, sfrxETH, and cbETH.

Copyright

Copyright and related rights waived via CC0.