Coinbase lists Seamless Protocol’s new token, first Base token launched on the exchange
SEAM serves as the governance token for the Aave-based DeFi lending platform.
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Coinbase announced today the listing of SEAM, the governance token of Seamless Protocol – a decentralized, lending and borrowing protocol on Base. The listing makes SEAM the first Base layer 2 token to be listed on Coinbase.
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
Seamless Protocol aims to expand access to decentralized finance (DeFi) by enabling lower-collateral borrowing and focusing on ease of use.
Unlike most token distributions, SEAM had a fair launch airdrop that rewarded liquidity providers, borrowers, stakers, and other active ecosystem participants with non-transferable “OG Points” that are memorialized on-chain. These points can be used in the future to customize loan terms and increase eligibility for airdrops.
The listing of SEAM provides the burgeoning Seamless community with a highly liquid market to exchange the governance token. SEAM holders can participate in on-chain votes to guide the future direction of the protocol including decisions around token emissions from the treasury and additions of new borrowing strategies.
This comes on the heels of Seamless Protocol’s rapid growth to become one of the top DeFi apps on Base by total value locked (TVL). Seamless Protocol has seen its total value locked (TVL) surge by nearly 150% over the past month, reaching $7.5 million based on DefiLlama data.
The protocol was developed through a collaboration of contributors from leading DeFi projects including Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth.
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