Seamless Protocol governance token exchange rate rises by 35% after airdrop announcement

A day earlier, Coinbase listed the asset

12.12.2023 - 14:40

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What’s new? The team behind Seamless, a decentralized lending protocol on the Layer 2 (L2) Base network from US crypto exchange Coinbase, has announced the distribution of SEAM governance tokens to early participants in the project. There are 400 000 SEAM allocated for airdrop, and you can apply for participation over the next three months. Unclaimed coins will go back into a smart contract under the control of a decentralized autonomous organization (DAO).

Developer announcement

What else is known? Seamless Protocol was launched in September as a fork of Aave v3, the third version of the Ethereum blockchain-based lending protocol. Seamless was launched by members and consultants of Coinbase and Uniswap exchanges, as well as auditing firm CertiK.

The project did not raise funds through an initial token or equity offering, SEAM will be distributed to participants based on their activity as of the December 8 snapshot.

The total offering is 100 million SEAM, of which 69% will go to the community, 20% to the ecosystem fund, 8% to the core project participants, and 3% to the core community.

Seamless Protocol ranks second among projects on the Base network in terms of total value locked (TVL) with $66,83 million, according to DeFiLlama. The figure jumped by 747% in 24 hours.

On December 11, Coinbase listed the asset, a day later it is trading at $12,38, having added 34,8%.

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