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$2,031
24h Change-4.06%
All Time HighAug 24, 2025$5,441
All Time LowNov 9, 2022$1,037
Key Metrics
Market Cap$263.69m
Fully Diluted Valuation$758.35m
Circ. Supply129,814 cbETH
Volume 24h$8.63m
CEX Volume$776,942
DEX Volume$8.07m
Risks
How much debt can be issued against cbETH as collateral across lending protocols.
Maximum possible exposure to cbETH
$48.64m
$38.94m (max additional borrows against cbETH) + $9.7m (bad debt if cbETH was hacked now)
Aave V3
$27.32m at-risk exposure = $2.5m bad debt if hacked + $24.81m additional borrowable against cbETH
Compound V3
$10.6m at-risk exposure = $20,182 bad debt if hacked + $10.58m additional borrowable against cbETH
Fluid
$1.87m at-risk exposure = $41,387 bad debt if hacked + $1.83m additional borrowable against cbETH
Morpho V1
$8m at-risk exposure = $6.98m bad debt if hacked + $1.02m additional borrowable against cbETH
Euler V2
$849,693 at-risk exposure = $153,896 bad debt if hacked + $695,797 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 | |||
|---|---|---|---|---|
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $15.43m | — | ||
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $9.38m | $2.5m | ||
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $9.29m | $20,182 | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.83m | $41,387 | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.28m | — | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $1.02m | $6.98m | ||
cbETH0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 | $695,797 | $153,896 | ||
cbETH0xbe9895146f7af43049ca1c1ae358b0541ea49704 | $5.67 | < $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 4692 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-USDTCL - 10 | 🪂 | $368,129 | 44250% | 0% | 44250% | 12194% | |||
| open in new tabWETH-FOUNDER3.00% | $66,043 | 74596% | 74596% | 508% | |||||
| open in new tabETH-BRETT0.30% | $51,896 | 30471% | 30471% | 30471% | |||||
| open in new tabETH-BOTCOIN3.00% | $51,370 | 41936% | 41936% | 2215% | |||||
| open in new tabETH-FLORK2.00% | $50,370 | 487629% | 487629% | 2151% | |||||
| open in new tabETH-DRB1.00% | $50,217 | 40312% | 40312% | 817% | |||||
| open in new tabWETH-TRAC | $47,956 | 74331% | 62577% | ||||||
| open in new tabNEWSWORTHY-WETH1.20% | $47,258 | 28343% | 28343% | 232% | |||||
| open in new tabRDNT-WETH | $31,832 | 62232% | 62232% | 1849% | |||||
| open in new tabWETH-DEADPool on Uniswap V3 | 🪂 | $20,312 | 100000% | 100000% | 100000% |
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Borrow
Showing 10 of 873 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.98% | 0.62% | 3.15% | 75% | $30.75m | $450,275 | ||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.83% | 0% | 3.15% | 90% | $405,723 | |||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.83% | 0% | 3.15% | 90% | $32,452 | |||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.56% | 0.01% | 3.15% | 81% | $2.24m | $1.44m | ||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.52% | 0% | 3.15% | 80% | $1.44m | |||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.36% | 0% | 3.15% | 75% | $8.52m | $41,930 | ||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.36% | 0% | 3.15% | 75% | $16,857 | $0 | ||
| open in new tabCBETH ➞ MORPHO | $10.34m | 2.29% | 0.19% | 3.15% | 67% | $15,335 | $1,876 | ||
| open in new tabCBETH ➞ MORPHO | $10.34m | 1.42% | 0% | 3.15% | 45% | $59,707 | |||
| open in new tabCBETH ➞ LBTC | $3.34m | 1.30% | 0.62% | 0.91% | 75% | $30.75m | $450,275 |
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