Lending Protocol Seamless Points SEAM, Baggage First Base-Blockchain Token Itemizing on COIN

Seamless Protocol, a mission on Coinbase’s Base ecosystem, issued governance tokens that can commerce on the crypto trade with the ticker SEAM beginning at 18:00 UTC Monday.

Seamless is a lending and borrowing protocol. It’s among the many prime platforms on the layer-2 blockchain, with a complete worth locked (TVL) of over $10 million.

SEAM would be the first Base token listed on Coinbase. It was airdropped to customers based mostly on their involvement on the Seamless platform, corresponding to funds equipped to and borrowed from the assorted buying and selling swimming pools. There was no public or non-public sale of SEAM tokens.

Seamless beforehand operated the “OG Factors” program, permitting hundreds of liquidity suppliers, debtors, and staking farmers to earn factors of their on-chain wallets. These factors have now been transformed into tradeable tokens.

Seamless Protocol was developed as a collaboration amongst a number of contributors hailing from numerous Web3 backgrounds, together with Aave, Uniswap, Coinbase, Maple Finance, CertiK and Ampleforth, amongst others.

Its key product is Built-in Liquidity Markets (or ILMs), which echo the ideas of specific-purpose loans – corresponding to automotive loans or dwelling mortgages. These loans supply higher phrases than extra general-purpose ones, however the funds might solely be used for predetermined functions, corresponding to borrowing sure tokens or staking.