Convert and swap Coinbase Wrapped Staked ETH CBETH to Ethereum ETH

Coinbase Wrapped Staked ETH (cbETH) is a utility token that symbolizes Ethereum (ETH) staked through a certain process. Users can wrap their locked staked ETH to receive cbETH, a token that can be transferred, moved on-chain, and utilized in decentralized finance (DeFi) and other decentralized applications. cbETH is recognized as a liquid staking token as it enables holders to participate in staking without the constraints of lockups or unbonding periods.

Wrapped Staked ETH (cbETH) operates on a unique model that allows tokens to be both minted and burned according to a conversion rate. This rate represents accrued staking interest since cbETH's conversion rate and balance were initialized. Unlike natively-staked ETH, cbETH provides users with the flexibility to sell, transfer, or use it in various ways. It can be moved to a personal wallet and traded outside the platform it was created on. The number of cbETH units you receive upon wrapping is based on the ETH to cbETH conversion rate.

cbETH is known as a liquid staking token because it allows holders to get the benefits of staking without lockups or unbonding periods. This flexibility makes it a valuable asset in the DeFi space and other decentralized applications. Users can wrap their locked staked ETH to receive cbETH, which can then be traded, moved on-chain, and used in various ways. This provides different ways for users to engage with their tokens, enhancing the overall utility and potential use cases of the asset.

The concept of Coinbase Wrapped Staked ETH (cbETH) was initialized on June 16, 2022. It was created as a utility token that represents Ethereum (ETH) staked through a certain process. The aim was to provide a liquid staking token that allows holders to get the benefits of staking without the constraints of lockups or unbonding periods. Since its inception, cbETH has been recognized for its unique model that allows tokens to be both minted and burned according to a conversion rate, representing accrued staking interest.

Ethereum (ETH) is a decentralized, open-source blockchain system that features its own cryptocurrency, Ether. It serves as a platform for numerous other cryptocurrencies and for the execution of decentralized smart contracts. Ethereum's primary goal is to become a global platform for decentralized applications, allowing users worldwide to write and run software that is resistant to censorship, downtime, and fraud. Ethereum's blockchain is designed to host other cryptocurrencies, called "tokens," through its ERC-20 compatibility standard. This has led to the launch of more than 280,000 ERC-20-compliant tokens to date.

Ethereum operates through a network of computers that work together as a supercomputer. The network, in its entirety, validates and records transactions that occur on its platform. Ethereum's core innovation, the Ethereum Virtual Machine (EVM), is a Turing complete software that runs on the Ethereum network. It enables anyone to run any program, regardless of the programming language, making the creation of blockchain applications much more accessible. At its core, Ethereum operates on a proof-of-work system, but there are plans to transition to a proof-of-stake algorithm to boost the platform's scalability and add a number of new features.

Ethereum's potential use cases extend beyond the simple transfer of value. Its smart contracts can automatically execute transactions when certain conditions are met. These smart contracts are being used to create decentralized applications, or "dapps," that enable users to interact directly with the blockchain. Some of the most common use cases for Ethereum include decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). Ethereum also hosts other cryptocurrencies and facilitates the execution of smart contracts, making it a key player in the blockchain space.

Ethereum was first described in a 2013 whitepaper by Vitalik Buterin, a programmer involved in Bitcoin Magazine. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014, and the blockchain was officially launched on July 30, 2015. Since its launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform. The Ethereum Foundation, a team of developers and researchers, continues to coordinate upgrades and protocol changes.