In a groundbreaking move, Seamless Protocol, a leading project within Coinbase's Base ecosystem, has launched its governance token, SEAM, marking the first Base token to be listed on Coinbase. The token, which began trading at 18:00 UTC Monday, represents a significant milestone in decentralized finance, being airdropped to users based on their activity within the Seamless ecosystem.
The Seamless Protocol, notable for its $10 million total value locked (TVL), has transitioned from its "OG Points" program to a more robust SEAM token system. This shift allows liquidity suppliers, borrowers, and stakers to convert their earned points into tradable tokens. Seamless Protocol stands out for its innovative lending and borrowing model, reminiscent of purpose-specific loans, offering tailored terms for borrowing specific tokens or staking.
A community contributor from Seamless Protocol highlighted the exclusivity of Coinbase's Day One listings, which SEAM has been privileged to join. This listing process prioritizes true decentralization, requiring utility from day one and disqualifying tokens previously released. SEAM's listing follows the recent successful listings of Big Time and Jito's JTO token on Coinbase.
Founded as a fork on Aave v3 and built on Coinbase's Ethereum Layer 2 network Base, Seamless Protocol has gained traction as the eighth largest Base-based app by TVL and the third largest native Base-based platform. This achievement is more remarkable considering that Seamless hasn't raised funds through equity sales or the SEAM token.
The SEAM token's total supply is 100 million, with a significant 69% allocated to the community. The distribution plan also includes 20% for ecosystem support and foundation, 8% for core contributors, and 3% for community contributors. Over 5,000 users of Seamless are eligible for the SEAM airdrop, based on their early support and acquisition of OG Points and participation in community quests.
The airdrop, which has no vesting period, is claimable over the next three months, providing early supporters immediate access to their tokens. This contrasts with the rest of the tokens, which are subject to a vesting period of over three years.
Seamless Protocol's collaboration with diverse Web3 contributors, including Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth, has positioned it as a frontrunner in decentralized finance innovation. As SEAM tokens begin trading, the project marks a new era in fair launch airdrops and decentralized governance, setting a precedent for future projects in the blockchain space.