Seamless Protocol, a decentralized lending protocol built on the Ethereum Layer 2 network Base, announced on Tuesday the issuance of its governance token, SEAM, along with the release of its airdrop rules. Shortly after, the cryptocurrency exchange Coinbase announced the listing of the token, with the SEAM trading price at approximately $13 at press time.
SEAM is the token of the first Base ecosystem project listed on Coinbase, with no public or private sales. According to the Seamless airdrop rules, 33.3% of the token airdrop will be distributed to users who participate in promoting the protocol and community development through social and on-chain activities. The remaining 66.7% will be airdropped to users who acquire “OG Points.”
Seamless previously launched the “OG Points” program, allowing liquidity providers, borrowers, and stakers who have interacted with the protocol to earn points. Now, Seamless enables these early supporters to convert their points into tradable tokens. The SEAM token claiming page will be open for three months.
Seamless Protocol was developed collaboratively by contributors from different Web3 backgrounds, including Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth, among others. The main product of Seamless is the Integrated Liquidity Market (ILM), which reflects the concept of specific-purpose loans, such as car loans or mortgage loans, that offer better terms than general-purpose loans but can only be used for designated purposes, such as borrowing specific tokens or collateralizing.
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