High US crypto trade Coinbase has added the altcoin Liquid Staked Ethereum (LSETH) to its itemizing roadmap.
Liquid Staked ETH is a new “receipt token” traders obtain after they stake their Ethereum (ETH) with the Liquid Collective, a liquid staking protocol.
The Liquid Collective notes its staking technique differs from conventional staking, the place customers lock up their tokens.
“Whereas conventional strategies of staking are topic to bonding and unbonding durations (starting from days to weeks), liquid staking gives stakers with elevated liquidity and capital effectivity. Token holders stake their token and obtain a receipt token as proof of their possession of their staked token. The receipt token will be transferred, saved, traded, and utilized in DeFi [decentralized finance] or supported DApps [decentralized applications].”
LSETH is buying and selling for $1,668 at time of writing. That’s barely above ETH, which is buying and selling at $1,647.
Coinbase CEO Brian Armstrong said the exchange aims to list as many crypto assets as possible, as long as they meet the company’s standards.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are.”
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