Coinbase Lists First Base-based Token, SEAM

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  • Coinbase has listed SEAM, the governance token of Seamless Protocol, the first native Base-based token on the platform
  • SEAM’s airdrop, initiated on the launch day, is the first with a fair distribution based on users’ ecosystem involvement
  • Seamless Protocol, the eighth-largest Base-based app, was founded by contributors from Coinbase, Uniswap, CertiK, and Seashell.

Coinbase has listed the first token native to its Base blockchain and issued an airdrop. SEAM is the governance token of decentralized lending and borrowing platform Seamless Protocol, and its addition marks the first governance token with a fair launch airdrop based on users’ ecosystem involvement. Founded by contributors and advisors from Coinbase, Uniswap, CertiK, and Seashell, Seamless is currently the eighth-largest Base-based app by total value locked and the first to achieve the accolade of a Coinbase listing.

Seamless Wants to Drive DeFi Lending Forward

Seamless Protocol, a fork of Ethereum-based DeFi lending protocol Aave v3, launched in September on the Coinbase-incubated Ethereum Layer 2 network Base. The project says on its website that it “stands on the shoulders of giants, taking inspiration from both Aave and Compound, who have established the initial foundation of DeFi as we know it today.”

The project adds that it has taken the “baton” and added further innovations, aiming to “open the doors for the next generation of DeFi, where the users can interact more efficiently, effectively, and seamlessly.” Seamless hopes to achieve this by introducing significant changes to decentralized lending and borrowing, innovating beyond the traditional overcollateralization model established by Compound and Aave.

While the conventional approach requires borrowers to lock up more collateral than the borrowed amount, Seamless introduces Integrated Liquidity Markets (ILMs). This innovation allows both overcollateralized and undercollateralized borrowing, making the system more accessible and efficient for a broader user base.

Integrated Markets are Seamless’ Not-so-secret Sauce

Seamless says that it identified that borrowers often have specific purposes for the funds, such as amplifying exposure to assets. To cater to this, Seamless has introduced Integrated Markets, enabling users to decide how they want to utilize borrowed funds even before borrowing. This approach aligns with the idea that borrowers have specific intentions for the borrowed assets, akin to the purpose-driven transactions seen in web2 credit card usage.

SEAM governance token holders can propose changes to the protocol that trigger open voting periods upon reaching specific thresholds. During these voting periods, all SEAM holders can express their preferences by casting votes. If the required quorums are met, the voting results automatically enter timelock contracts for the execution of the winning outcome.

Airdrop Season Starts

The SEAM airdrop is available to over 5,000 Seamless users who are early supporters, acquired OG Points (soulbound, non-transferrable tokens), and participated in community quests.

While users can claim the airdrop over the next three months, there is no information on the percentage of tokens allocated. However, there will be no vesting period for airdropped tokens, whereas the remaining tokens will have a vesting period exceeding three years.