Coinbase, the largest cryptocurrency exchange in the United States, has added Liquid Staked Ethereum (LSETH) to its listing roadmap.
Liquid Staked ETH is a new “receipt token” that investors obtain when they stake Ethereum (ETH) with the Liquid Collective, a system for liquid staking.
The Liquid Collective states that its form of staking differs from traditional staking, in which tokens are locked by users.
“Whereas traditional techniques of staking are subject to bonding and unbonding durations (varying from days to weeks), liquid staking offers increased liquidity and capital efficiency to stakers. The token holder stakes their token and receives a receipt token as proof of their token ownership. The receipt token is transferable, storable, tradable, and usable within DeFi or supported DApps.”
ETH costs $1,668 at the time of writing. This is slightly more than ETH’s current market price of $1,647.
Coinbase devised the listing roadmap a year ago to promote openness and limit the likelihood of listing announcements being leaked in advance.
The CEO of Coinbase, Brian Armstrong, stated that the exchange intends to list as many crypto assets as possible, provided they fit the company’s criteria.
It’s similar to Amazon or something similar, where a product may have three or five stars, but if it continually receives one star, it’s presumably fraudulent or defective or whatever, and Amazon may delete it. Otherwise, you should let the market determine their value.”