Coinbase has announced the listing of SEAM, the governance token of Seamless Protocol, a decentralized lending and borrowing platform on Base layer 2 blockchain.

This listing marks a significant milestone as SEAM becomes the first Base Layer 2 token featured on Coinbase.

SEAM Token Lists on Coinbase

In conjunction with the Coinbase listing, Seamless Protocol has unveiled plans for an airdrop of 400,000 SEAM tokens. Eligible recipients can expect to receive their SEAM tokens within three months.

Coinbase will add support for Seamless (SEAM) on the Base network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets (@CoinbaseAssets) December 11, 2023

Unlike traditional token distributions, SEAM initiated a fair launch airdrop that rewarded various ecosystem participants, including liquidity providers, borrowers, stakers, and other active contributors, with non-transferable “OG Points.” These points, memorialized on-chain, can be utilized to customize loan terms and enhance eligibility for airdrops.

The SEAM token has a total supply of 100 million, with 69% allocated to the community. The remaining supply is designated for ecosystem support and foundation (20%), core contributors (8%), and community contributors (3%).

Over 5,000 Seamless users are eligible for the SEAM airdrop, who are considered early supporters of the protocol. They acquired OG Points and participated in various community quests hosted on platforms like Galxe.

The Coinbase listing of SEAM provides the growing Seamless community with a highly liquid market for exchanging governance tokens. SEAM holders can actively participate in on-chain votes to influence the protocol’s future direction, including decisions related to token emissions from the treasury and the addition of new borrowing strategies.

SEAM Surges 150% in Total Value Locked

The listing of SEAM on Coinbase follows the rapid growth of Seamless Protocol, positioning it as one of the top decentralized finance (DeFi) applications on Base by total value locked (TVL). The protocol has experienced a remarkable surge of nearly 150% in its total value locked over the past month, reaching $7.5 million, according to Defillama data.

Seamless Protocol results from a collaborative effort among contributors with diverse Web3 backgrounds, including individuals from Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth.

The protocol’s main offering is Integrated Liquidity Markets (ILMs), which mirror the principles of specific-purpose loans, such as car or home mortgages. These ILMs provide more favorable terms than general-purpose loans but come with the condition that the funds must be used for predetermined purposes, such as borrowing specific tokens or staking. This innovative approach has contributed to the protocol’s rapid ascent in the DeFi space on the Base Layer 2 blockchain.

The post First Base Layer 2 Token to Be Listed on Coinbase, Airdrop Planned appeared first on CryptoPotato.

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Filed under: Bitcoin - @ December 12, 2023 9:35 pm