SEAM is Listed by Coinbase As Native Base-based Token

Keypoints:

• On the same day that the token creation event takes place, Coinbase will publish a list of all listed companies, and SEAM is one of them.
• One of the DeFi protocols that has split off from Aave v3 is Seamless Protocol, and its governance token is SEAM.

Trading cryptocurrency As the airdrop for Seamless Protocol’s governance token, SEAM, begins, Coinbase has described the platform as a lending and borrowing business based in Base.

“SEAM becomes the first and only native Base-based project’s token listed on Coinbase,” Seamless Protocol announced on Monday, noting that it is also “the first governance token to have a fair launch airdrop distributed based on each user’s involvement in the ecosystem, memorialised on-chain through soulbound points and exclusive NFTs.”

When SEAM is listed on Coinbase on the launch day, it will be one of the first tokens listed on the exchange on the day the token is generated. Both Big Time, a gaming token, and Jito’s JTO token, a liquid staking technology developed in Solana, have had significant price increases since being published on Coinbase as part of its day-one listings.

“Coinbase Day One listings are the most exclusive listings since no token exists until it is listed on Coinbase (no decentralised exchanges, etc.),” described an anonymous community contributor of Seamless Protocol to The Block.

“Their standards are exceptionally high. True decentralisation (i.e., ensuring the token has usefulness on day one, even though it doesn’t exist yet) and the major one is that the protocol must have already released its token or it is disqualified; these are part of the separate listing procedure for Day One listings, they added.

The source claims that SEAM trading will start at 1 p.m. ET today.

SEAM Airdrop

According to the community contributor, there are 100 million SEAM tokens in circulation. Out of that, 69% will be distributed to the community, 20% to the ecosystem support and foundation, 8% to core contributors, and 3% to other contributors.

The community contributor announced that the SEAM airdrop, which was last captured on December 8, is open to more than 5,000 Seamless users. These individuals are “early supporters of the protocol who acquired OG Points (soulbound, non-transferrable tokens) and other community quests that were hosted on Galxe and other platforms.”

The donor mentioned that users had three months to claim the airdrop. While they did not reveal how many tokens will be airdropped to them, they did say that none of the tokens that will be airdropped will have a vesting term of “over three years.”

What is Seamless Protocol?

Aave v3, a DeFi lending technology built on Ethereum, was forked in September to create Seamless technology. Seamless is constructed on the Ethereum Layer 2 network Base, which is incubated by Coinbase. Advisors and contributors from companies including Coinbase, Uniswap, CertiK, and Seashell helped launch it.

According to the community member, Seamless has not raised any funds through stock sales or the SEAM token, which signifies “a true fair launch” of the coin. Additionally, they stated that “SEAM votes in the timelock governance contract on Base, unlike any of the other tokens, which typically have Base as an extension, and the tokens go back to Ethereum for voting/utility.”

With around $7.5 million locked in, Seamless Protocol is the third largest native Base-based platform by TVL and the eighth largest Base-based app by total value locked, according to DefiLlama data.

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