risk managerGauntletcomp.xyz
→Supply Cap Reductions Across L2 Comets
cbETH is a key collateral with reliable demand, not subject to cap adjustments to support ongoing protocol usage without added risk.
Overview
Coinbase Wrapped Staked ETH(CBETH)
Token Price$1,804
24h Change-2.32%
All Time HighAug 24, 2025$5,441
All Time LowNov 9, 2022$1,037
Key Metrics
Market Cap$263.81m
Fully Diluted Valuation$673.36m
Circ. Supply146,264 CBETH
Volume 24h$9.15m
CEX Volume$1.09m
DEX Volume$8.5m
Risks
How much debt can be issued against CBETH as collateral across lending protocols.
Maximum possible exposure to CBETH
$33.7m
$21.31m (max additional borrows against CBETH) + $12.39m (bad debt if CBETH was hacked now)
Compound V3
$9.44m at-risk exposure = $20,182 bad debt if hacked + $9.42m additional borrowable against CBETH
Aave V3
$10.74m at-risk exposure = $2.12m bad debt if hacked + $8.62m additional borrowable against CBETH
Fluid
$1.54m at-risk exposure = $38,392 bad debt if hacked + $1.5m additional borrowable against CBETH
Morpho V1
$11.25m at-risk exposure = $10.06m bad debt if hacked + $1.19m additional borrowable against CBETH
Euler V2
$730,134 at-risk exposure = $144,601 bad debt if hacked + $585,533 additional borrowable against CBETH
Methodology and limitations
Showing collateral exposure for CBETH on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for CBETH as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $8.61m | $2.12m | ||
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $8.36m | $20,182 | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.5m | $38,392 | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.19m | $10.06m | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.05m | — | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $585,533 | $144,601 | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $12,502 | — | ||
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $5.66 | < $0.0001 |
Risk Timeline
Risk-management actions published about CBETH by tracked risk managers and governance contributors, newest first.
risk managerGauntletforum.euler.finance
↑LLTV and Max LTV upward revisions on Euler Base
cbETH's liquidity profile warrants a modest LLTV rise, aligning with broader market parameters while upholding liquidation efficacy.
risk managerGauntletcomp.xyz
↓Recommendations for Low Utilization Assets on Mainnet
The cbETH market has shown low user demand with average supply cap utilization of 0.24% over the past 30 days, leading to a recommendation to halve the supply cap and reduce protocol risk exposure.
risk managerGauntletforum.euler.finance
↓Offboarding low demand tokens from Euler Prime and Euler Yield
cbETH shows low demand with total supply of $47,987 on Euler Prime, prompting offboarding to streamline operations.
contributor@0x8541cCfc6E7EAcEbD233C6789a0FbF7C708B0E68snapshot.box/s:sparkfi.eth
↑Spark USDC Morpho Vault: Onboard cbETH and ETH on Base
cbETH is a Coinbase-issued custodial liquid staking token with onchain liquidity depth up to $2.5-3 million on Aerodrome and Coinbase orderbooks, relying on time-based arbitrage for liquidations during discounts, which could yield attractive returns but risks price dislocations. An aggregate Chainlink oracle for cbETH/USDC may enable rapid market-based liquidations but exposes to flash crashes in weak liquidity, warranting low supply caps to mitigate peg and scaling risks.
risk managerGauntletcomp.xyz
↓Recommendations for Low Utilization Comets - Part 2
cbETH market on Ethereum WETH Comet exhibits very low utilization, maxing at 0.24% over the last 30 days. The proposed cap cut reduces risk while preserving existing positions.
risk managerGauntletforum.euler.finance
↑Parameter Recommendations for Euler Base LSTs and LRTs
Current LTV for cbETH as collateral is ~50 bps below comparable market levels on Base. Modest increase aligns with on-chain liquidity and volatility metrics to enhance competitiveness while maintaining risk controls.
contributor@Objectiveforum.euler.finance
↑Enhance Euler Prime Attractiveness for LST/LRT Looping
Large borrowers are requesting more looping opportunities for LSTs like cbETH against WETH on Euler Prime, a key driver of sticky TVL on competing protocols like Aave's E-mode. Raising LTV and LLTV aligns parameters to attract this activity without excessive risk.
contributor@TokenLogicgov.fluid.io
↑Launch GHO Market on Base
cbETH is onboarded as GHO collateral with a 70% collateral factor, reflecting Coinbase's custodial model and associated counterparty considerations in the new Base market.
risk managerGauntletcomp.xyz
↓Base USDbC Deprecation Recommendations
Supply cap set to 0 blocks new suppliers in the USDbC market; collateral factor lowered from 65% to 45% and liquidation factor from 70% to 60% decrease capital efficiency, with the liquidation penalty increased to 20% to deter participation as deprecation proceeds.
Markets
Token Usage
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Liquidations
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Yields
Showing 10 of 4658 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-USDTCL - 10 | 🪂 | $273,916 | 33739% | 0% | 33739% | 24475% | |||
| open in new tabUSDC-WETHCL - 10 | 🪂 | $58,327 | 43059% | 0% | 43059% | 23140% | |||
| open in new tabETH-ENA0.30% | $50,000 | 67579% | 67579% | 1890% | |||||
| open in new tabWETH-SCOUT1.20% | $49,265 | 22130% | 22130% | 6318% | |||||
| open in new tabETH-WOCT1.00% | $48,341 | 12897% | 12897% | 1544% | |||||
| open in new tabWETH-TRAC | $41,854 | 112555% | 70425% | ||||||
| open in new tabWETH-W | $38,577 | 32846% | 25039% | ||||||
| open in new tabWETH-FYP0.70% | $33,498 | 13147% | 13147% | 1985% | |||||
| open in new tabWETH-HOWDY3.00% | $25,696 | 36109% | 36109% | 5213% | |||||
| open in new tabWETH-DEADPool on Uniswap V3 | 🪂 | $13,383 | 100000% | 100000% | 98392% |
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Borrow
Showing 10 of 518 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCBETH ➞ WBTC | $295.57m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ WBTC | $115.14m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ WSTETH | $72.14m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ WSTETH | $53.72m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ WSTETH | $40.84m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ SFRAX | $37.32m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ RSETH | $17.4m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ CBBTC | $14.82m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ WEETH | $12.09m | 0% | 0% | 0% | 75% | $55.73m | $370,755 | ||
| open in new tabCBETH ➞ CBBTC | $8.03m | 0% | 0% | 0% | 75% | $55.73m | $370,755 |
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