On Tuesday, Seamless Protocol, a decentralized lending protocol built on the Ethereum Layer 2 network Base, announced the issuance of its governance token SEAM and revealed its airdrop rules. Subsequently, the cryptocurrency exchange Coinbase announced the listing of the token, with the SEAM trading price around $13 at the time of writing.
SEAM is the first token of a Base ecosystem project listed on Coinbase, with no public or private sale. According to Seamless’s airdrop rules, 33.3% of the token airdrop will be allocated to users participating in social and on-chain activities that promote the protocol and community development. The remaining 66.7% will be airdropped to users who have earned “OG Points”.
Seamless had previously implemented the “OG Points” program, allowing liquidity providers, borrowers, and stakers who had interacted with the protocol to earn points. Now, Seamless allows these early supporters to convert their points into tradable tokens. The SEAM token claim page will be open for 3 months.
Seamless Protocol is a collaborative development effort involving contributors from various Web3 backgrounds, including Aave, Uniswap, Coinbase, Maple Finance, CertiK, and Ampleforth, among others. Seamless’s main product is the Integrated Liquidity Market (ILM), which reflects the concept of purpose-specific loans such as auto loans or home mortgage loans. These loans offer better terms than general-purpose loans but the funds can only be used for the intended purpose, such as borrowing specific tokens or staking.
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