Coinbase, the biggest crypto exchange in the US, is listing a new altcoin project built on its proprietary Ethereum (ETH) layer-2.

In a new announcement made through the Coinbase Assets account on the social media platform X, Coinbase announces they are listing Seamless (SEAM).

According to the Seamless website, the crypto project is the first “native, decentralized, non-custodial lending and borrowing protocol” built on the Coinbase-backed layer-2 scaling solution Base.

Project incubator Coinbase says Base is designed to offer a safe, low-cost, developer-friendly way to build on-chain. The layer-2 network is powered by the Optimism (OP) development stack and is compatible with Ethereum, Ethereum layer-2s and alternative EVM chains.

According to Seamless, SEAM is the protocol’s new governance token.

“SeamlessFi is excited to introduce SEAM, the governance token of Seamless, which is Base’s largest native lending protocol!”

Coinbase is listing SEAM as the new governance token is being airdropped.

At time of writing, SEAM is less than 24 hours old, making it relatively volatile, which is why Coinbase is listing the asset under its Experimental Label.

SEAM is currently worth $13.11, down 5.8% from its all-time high of $14.35, reached mere hours ago.

Generated Image: Midjourney

The post Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 12, 2023 8:15 pm