Coinbase Base Gets Its First Token as Seamless Protocol Unveils ERC-20 SEAM Token

Coinbase Base Gets Its First Token as Seamless Protocol Unveils ERC-20 SEAM Token

UTC by Bhushan Akolkar · 2 min read
Coinbase Base Gets Its First Token as Seamless Protocol Unveils ERC-20 SEAM Token
Photo: Unsplash

SEAM tokens were distributed through an airdrop, providing rewards to users based on their interactions with the Seamless platform. They didn’t undergo any public or private sale.

Seamless Protocol, a prominent project within Coinbase’s Base ecosystem, has launched its governance tokens for trading on the crypto exchange under the ticker SEAM starting at 18:00 UTC on Monday, December 11.

As a leading lending and borrowing protocol on the layer-2 blockchain, Seamless boasts a substantial total value locked (TVL) exceeding $10 million. SEAM, the inaugural Base token, will debut on Coinbase.

The distribution of SEAM occurred through an airdrop, rewarding users based on their engagement with the Seamless platform, including activities like providing funds to pools and participating in borrowing transactions. It’s noteworthy that SEAM tokens did not undergo any public or private sale.

Crypto exchange Coinbase cautioned users against sending this asset over different networks to prevent potential fund loss. Moreover, transfer services for SEAM are accessible on Coinbase’s platforms in regions where trading is supported.

As the asset’s supply becomes sufficient, Coinbase will roll out the trading on SEAM-USD pairs in phases. However, SEAM support might be subject to restrictions in certain supported jurisdictions. The contract address for Seamless (SEAM) on the Base network (ERC-20 token) is 0x1C7a460413dD4e964f96D8dFC56E7223cE88CD85.

More About the Seamless Protocol

Seamless has transitioned from its “OG Points” program, allowing liquidity suppliers, borrowers, and staking farmers to earn points that are now converted into tradable tokens. The development of Seamless Protocol also involved collaboration among contributors with diverse Web3 backgrounds, including Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth.

Besides, the protocol’s primary offering is Integrated Liquidity Markets (ILMs), resembling specific-purpose loans with favorable terms but limited to predetermined uses like borrowing specific tokens or staking.

Coinbase has unveiled “Base” as an Ethereum layer-2 network, marking the inaugural instance of a publicly traded company launching such a network. Setting itself apart with an open-source, decentralized, and permissionless model, Base boasts exceptionally low gas fees.

With a focus on user-centric strategies and no native token, Coinbase aims to foster mass adoption within the Web3 ecosystem by encouraging developers and entrepreneurs to build on the platform. Leveraging Ethereum’s security protocol and integrating Coinbase’s features, including fiat payment integration, Base emerges as a significant development in the crypto space.

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