Coinbase lists token from Base network for the first time

The DeFi project Seamless Protocol, built on Coinbase Layer-2 Base, issued a governance token. The exchange began trading SEAM.

gm ?@seamlessFi is excited to introduce SEAM, the governance token of Seamless, which is @BuildOnBase’s largest native lending protocol!

Did someone say wen airdrop? Keep reading for details on how to claim your airdrop? ? pic.twitter.com/NeztRH6oIv

— Seamless Protocol ? #BuildOnBase (@SeamlessFi) December 11, 2023

The protocol team, deployed in September as a fork of the lending platform Aave v3, announced an airdrop of the asset among early users and liquidity providers. Registration to participate in the distribution of the coins will open on December 12.

Coinbase immediately launched the SEAM/USD trading pair. According to Seamless, the token has become “the first and so far only” asset from the Base ecosystem on the platform.

The exchange used the Coinbase Day One listing procedure with strict requirements, according to The Block, an anonymous member of the Seamless community said. He noted that the token must be truly decentralised and not in circulation before listing on the platform.

According to the user, the protocol team did not raise any funds through the SEAM issuance. The total supply of the coin is 100 million, of which 69% are allocated to the community, 20% will go to the ecosystem development fund, and 8% and 3% to support core and external developers respectively.

After trading opened at $3.8, SEAM quotes rose to $16.5 within a few hours. At the time of writing, the price had corrected to $12.5.

According to DeFi Llama, the total value locked in Seamless assets over the past 24 hours jumped by 783% to $66.83 million. The protocol slightly trails the leader Aerodrome with TVL of $71.11 million.

As reported, Coinbase CEO Brian Armstrong ruled out plans to launch any tokens for the Base network itself.