In short: Coinbase has seen a significant amount of its staked Ethereum redeemed, with over 27,000 tokens withdrawn on June 6, following an SEC lawsuit against the exchange for not registering its staking-as-a-service program. The exchange is the second-largest liquid staking service provider in terms of ETH held, with CBETH accounting for 11.46% of the market share. However, a continued rise in redemptions could see Rocket Pool overtake Coinbase, which currently holds 1,106,424 ether. Lido Finance currently holds the largest market share of staked ETH, with 74.14%.
Our quick analysis:
On June 6, 2023, Coinbase was hit with a lawsuit by the U.S. Securities and Exchange Commission (SEC) for failing to register its staking-as-a-service program. This legal action has resulted in tens of thousands of redemptions for Coinbase’s CBETH, the exchange’s staked ether product.
According to recent statistics, a massive 27,280 CBETH was redeemed on June 6, followed by nearly 9,000 CBETH the next day. As of June 8, over 3,400 CBETH has already been redeemed. It’s interesting to note that Coinbase holds a significant amount of ether, with 1,106,424 ETH locked up, valued at $2.12 billion.
While Coinbase’s CBETH accounts for a substantial 11.46% of the 9,650,762 ETH locked into decentralized finance (defi) protocols, Lido Finance still holds the lion's share. Lido's protocol boasts an impressive 7,155,072 ETH or a whopping 74.14% of the market share.
It will be intriguing to see if CBETH's surge in redemptions continues, with Rocket Pool potentially overtaking Coinbase as the second-largest market share holder. As it stands, Rocket Pool currently holds 761,641 ether, which is 344,783 ether less than Coinbase’s current count.
What's your take on Coinbase's legal battle with the SEC and the increase in staked ethereum redemptions? Share your thoughts and opinions about this subject in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
On June 6, 2023, Coinbase was hit with a lawsuit by the U.S. Securities and Exchange Commission (SEC) for failing to register its staking-as-a-service program. This legal action has resulted in tens of thousands of redemptions for Coinbase’s CBETH, the exchange’s staked ether product.
According to recent statistics, a massive 27,280 CBETH was redeemed on June 6, followed by nearly 9,000 CBETH the next day. As of June 8, over 3,400 CBETH has already been redeemed. It’s interesting to note that Coinbase holds a significant amount of ether, with 1,106,424 ETH locked up, valued at $2.12 billion.
While Coinbase’s CBETH accounts for a substantial 11.46% of the 9,650,762 ETH locked into decentralized finance (defi) protocols, Lido Finance still holds the lion's share. Lido's protocol boasts an impressive 7,155,072 ETH or a whopping 74.14% of the market share.
It will be intriguing to see if CBETH's surge in redemptions continues, with Rocket Pool potentially overtaking Coinbase as the second-largest market share holder. As it stands, Rocket Pool currently holds 761,641 ether, which is 344,783 ether less than Coinbase’s current count.
What's your take on Coinbase's legal battle with the SEC and the increase in staked ethereum redemptions? Share your thoughts and opinions about this subject in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!