What is the difference between ETH and cbETH?

Could you elaborate on the key differences between ETH and cbETH in the cryptocurrency and finance landscape? As a professional practitioner, I'm curious to understand how these two assets differ in their functionality, value proposition, and the role they play within the broader ecosystem. ETH, being the native token of the Ethereum blockchain, has a pivotal role in powering decentralized applications and smart contracts. In contrast, cbETH seems to be a derivative or a wrapped version of ETH, but I'm unclear about its specific use cases and advantages. Could you provide a concise yet comprehensive comparison between these two assets?