Seamless Protocol Issues SEAM, Bags First Base-Blockchain Token Listing on Coinbase

Seamless Protocol, a project on Coinbase’s Base ecosystem, issued governance tokens that will trade on the crypto exchange with the ticker SEAM starting at 18:00 UTC Monday.

Seamless is a lending and borrowing protocol. It is among the top platforms on the layer-2 blockchain, with a total value locked (TVL) of over $10 million.

SEAM will be the first Base token listed on Coinbase. It was airdropped to users based on their involvement on the Seamless platform, such as funds supplied to and borrowed from the various trading pools. There was no public or private sale of SEAM tokens.

Seamless previously operated the “OG Points” program, allowing thousands of liquidity suppliers, borrowers, and staking farmers to earn points in their on-chain wallets. These points have now been converted into tradeable tokens.

Seamless Protocol was developed as a collaboration among several contributors hailing from diverse Web3 backgrounds, including Aave, Uniswap, Coinbase, Maple Finance, CertiK and Ampleforth, among others.

Its key product is Integrated Liquidity Markets (or ILMs), which echo the concepts of specific-purpose loans – such as car loans or home mortgages. These loans offer better terms than more general-purpose ones, but the funds may only be used for predetermined purposes, such as borrowing certain tokens or staking.