SLURP-6 | Support cbETH (Coinbase Staked ETH) in ixETH
Abstract
We propose the addition of Coinbase’s liquid ETH staking derivative cbETH to ixETH.
Rationale
cbETH is the second largest ETH LSD by market capitalization, ~$2.27b at the time of this SLURP according to DeFiLlama and Etherscan. By allowing deposits of the second largest LSD by market capitalization, we can anticipate a broader reach for ixETH and potentially extend the reach of ixETH beyond the DeFi Degen usual suspects.
Note, this SLURP’s author would like to point out that Coinbase’s documentation for cbETH is difficult to parse. The data on the cbETH dashboard disagrees with essentially all other data sourced from on-chain including Dune, and DeFiLlama, specifically with respect to circulating supply and market cap.
- APR: Coinbase quotes a 3.83% APY for ETH staking, DeFiLlama quotes 5.1% as the most recent median APY for cbETH, and Rated quotes a 5.59% 30D backward looking APR.
- Audit: OpenZeppelin Security Audit
- Contracts:
- While Coinbase does not specify the exact organizations operating their validators or blockchain nodes, they indicate they are committed to Ethereum client diversity. Rated’s Coinbase ETH staking dashboard.
Specification
Assuming a yes vote for this SLURP and SLURP-7 (Support sfrxETH in ixETH) Coinbase’s cbETH will be made available for deposit into ixETH with a composition target at or around 26%, which is based on the proportion that cbETH makes up in the sum of the cubed roots of marketcaps of stETH, rETH, sfrxETH, and cbETH.
Copyright
Copyright and related rights waived via CC0.
SLURP-7 | Support sfrxETH (Frax Staked ETH) in ixETH
Abstract
We propose the addition of Frax’s liquid ETH staking derivative sfrxETH in ixETH.
Rationale
Using only the circulating supply market cap of sfrxETH from Etherscan (~$208m) and not the more commonly quoted sfrxETH + frxETH market cap (~$330m) sfrxETH is the fourth largest ETH LSD by market cap according to DeFiLlama. Presuming the ratification of SLURP-6 and this SLURP, ixETH would then support the four largest ETH LSDs by marketcap.
- APR: Frax quotes 6.55% on the current cycle, DeFiLlama quotes 6.58% as the most recent median APY, and Rated quotes a 5.76% 30D backward looking APR.
- Audits: Code4rena
- Contracts:
- Frax operates all their own validators in house, according to their documentation. They provide a list of the public keys and realtime stats of their validators on this dashboard, and Rated provides a dashboard here.
Specification
Assuming a yes vote for this SLURP and SLURP-6 (Support cbETH in ixETH) Frax’s sfrxETH will be made available for deposit into ixETH with a composition target at or around 12%, which is based on the proportion that sfrxETH makes up in the sum of the cubed roots of marketcaps of stETH, rETH, sfrxETH, and cbETH.
Copyright
Copyright and related rights waived via CC0.