Coinbase chooses to inflate cbETH through unused supply rather than transparency.

Written by: hildobby, Dragonfly

Compiled by: Rhythm BlockBeats

Editor’s note: As the largest custodian of staked ETH, Coinbase manages about 21% of staked ETH but has not disclosed any staked ETH information for five consecutive quarters. Data shows that its staking ratio has decreased from 15%, possibly related to address rotation. Although Coinbase emphasizes transparency, it has not disclosed the amount of staked ETH or the support for cbETH. Over 75% of the circulating supply of cbETH is unused, reminding investors to focus on the underlying staked ETH rather than the circulating supply of LSTs. Coinbase chooses to inflate cbETH through unused supply rather than transparency.

Here is the original content (reorganized for readability):

This is the fifth consecutive quarter that the largest custodian of staked ETH, Coinbase, has refused to share any information about their staked ETH.

The estimated figures below show that they manage about 21% of all staked ETH.

X user @adcv_ estimates that the constant ratio of staked ETH over the past few quarters is about 15%, which recently increased by 6%, and analyzes that this may be related to Coinbase Custody.

My staking dashboard shows that Coinbase accounts for 8.4%, as only marked addresses are labeled, while the rest are "unidentified."

Due to periodic surveys over the past few months, I currently have 227k addresses marked as Coinbase staking deposits.

However, Coinbase regularly rotates addresses and changes its custody structure, making it more difficult to track their staking operations.

Here, you can see my data steadily declining from 15% in 2024, which I attribute to some address rotation.

I will continue to mark new addresses, and once I find and collect enough evidence, here is an example of a 2023 survey effort.

Coinbase is so closely aligned with ETH that they control 21% of its security layer but refuse to disclose.

Coinbase has consistently emphasized transparency but has never shared any information about the amount of staked ETH, cbETH support, or cbBTC support.

Brian Armstrong has also stated, "Imagine if every government expenditure was transparently conducted on-chain. Auditing would become much easier."

It has been revealed that over 75% of the circulating supply of cbETH is actually unused. This finding reminds us to focus on the underlying staked ETH rather than just the circulating supply of LSTs. If we could track the staked ETH supporting cbETH, cbETH might be more successful, but they have chosen not to be transparent and instead inflate the number of cbETH through unused supply.

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