Top US crypto exchange Coinbase has added the altcoin Liquid Staked Ethereum (LSETH) to its listing roadmap.
Liquid Staked ETH is a new “receipt token” investors receive when they stake their Ethereum (ETH) with the Liquid Collective, a liquid staking protocol.
The Liquid Collective notes its staking method differs from traditional staking, where users lock up their tokens.
“Whereas traditional methods of staking are subject to bonding and unbonding periods (ranging from days to weeks), liquid staking provides stakers with increased liquidity and capital efficiency. Token holders stake their token and receive a receipt token as evidence of their ownership of their staked token. The receipt token can be transferred, stored, traded, and utilized in DeFi [decentralized finance] or supported DApps [decentralized applications].”
LSETH is trading for $1,668 at time of writing. That’s slightly above ETH, which is trading at $1,647.
Coinbase created the listing roadmap last year to increase transparency and reduce the possibility of front-running their listing announcements.
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.”