February 5, 2023

Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. 

The new financial instrument launched by Coinbase is a great example of how the company prepares for the upcoming merge. Coinbase said that it will be listing Wrapped Staked ETH which will go on the market under the abbreviation cbETH. It is a new token that will be released as an ERC-20 standard asset on the Ethereum network. The new token will allow users of the exchange to receive new rewards for staking their ETH coins.

The trading will start on August 25. It is a new foray for Coinbase that claims that the new token will have high utility and act as an additional smart contract issued on the ETH network. However, it should be noted that the token will not be transferable across any other networks, only ETH 2.0 will be used. If you attempt to send these tokens using any other network, you will lose them. Be careful.

cbETH is a compound token fully compatible with a wide range of dApps and DeFi projects through the ERC-20 standard. Note that these tokens are not pegged and cannot be exchanged 1 to 1 with ETH, but they will act as a reward for staking the ETH tokens that you keep on the balance sheet of the exchange.

The merge is supposed to start on September 6 and be finalized on September 15. The community is waiting in excitement, but many experts warn crypto enthusiasts about the future of the project. We recently mentioned that you should try to liquidate at least some of your holdings as there is a possibility that ETH will lose over 60% of its value with the worst-case scenario being ETH hitting the low of $400 by the end of September.

Whether you should stake your currently held ETH is a completely different question. If you want to earn some rewards and anticipate that the merge will have a positive effect on the network, you should stake your holdings and wait for a good moment to cash out. Otherwise, consider diversifying your investments.

trade now

Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published.

Only $250 and you're Rich - Simple way to make $1,372/Day Learn More
Skip to content