Coinbase lists SEAM as native Base-based token is airdropped

Crypto exchange Coinbase has listed SEAM, the governance token of Base-based decentralized lending and borrowing platform Seamless Protocol, as soon as its airdrop begins.

“SEAM will be the first and only native Base-based project token to list on Coinbase,” Seamless Protocol said on Monday, adding that it will also be “the first governance token to receive a fair launch airdrop, distributed based on engagement from every user at the ecosystem, commemorated on-chain through soulbound points and exclusive NFTs.”

With SEAM’s launch day listing, it will become part of Coinbase’s day one token lists go live on the same day of the token generation event. Coinbase recently listed gaming token Big Time and Solana-based liquid staking protocol Jito’s JTO token as part of the first daily listings, and both tokens have increased in price.

“Coinbase Day One listings are the most exclusive listings as no token exists before it is listed on Coinbase (no decentralized exchanges, etc.),” a Seamless Protocol community contributor, who declined to be named, told The Block.

“Their requirements are extra strict. There is a separate listing process for day one listings, including true decentralization (so ensuring the token is usable on day one even if it doesn’t exist yet), plus the biggest one is that the protocol can be token has not already been released, otherwise it will be disqualified,” she added.

According to the contributor, trading in SEAM will begin today at 1:00 PM ET.

What is Seamless Protocol?

Seamless Protocol was launched in September as a fork of Aave v3, an Ethereum-based DeFi lending protocol. Seamless is built on the Ethereum Layer 2 network incubated by Coinbase Base. It was founded by employees and advisors from companies such as Coinbase, Uniswap, CertiK and Seashell.

Seamless has not raised any money from stock sales or the SEAM token, marking a “true fair launch” of the token, the community contributor said. They also said that “SEAM votes in the timelock governance contract on Base, unlike all other tokens, which typically have Base as an extension, and the tokens go back to Ethereum for voting/utility.”

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

SEAM air drop

The total supply of the SEAM token is 100 million, the community contributor said, adding that 69% of that would go to the community, while the rest would go to ecosystem support and base (20%), core contributors (8%) and community contributors . (3%).

More than 5,000 Seamless users are eligible for the SEAM airdrop, the snapshot of which was taken on December 8, the community contributor said. These are “early proponents of the protocol who acquired OG Points (soulbound, non-transferable tokens) and other community quests hosted on Galxe and other platforms.”

Users can claim the airdrop over the next three months, the contributor said. They declined to comment on the percentage of tokens that will be airdropped to them, but no vesting period will apply to the airdropped tokens, they said, adding that all remaining tokens will have a vesting period of “greater than.” three years.”