Original - Odaily
Author - Azuma
In the early morning of December 12th, Beijing time, Base ecological native lending protocol Seamless Protocol announced that it will launch an airdrop plan. This airdrop will issue 400,000 SEAM, and more than 5,000 addresses are eligible to receive it. Seamless Protocol added that the airdrop snapshot was taken on December 8, and the claim was opened at 4:00 am today. Eligible addresses can claim SEAM at any time within the next three months.
At the same time, Coinbase also announced the launch of SEAM, and trading is now open, with a temporary price of $14.61 as of the time of publication.
As the first native project token in the Base ecosystem to be listed on Coinbase, and also the first native project among mainstream ecological projects to conduct large-scale airdrops to the community, Seamless Protocols TGE today has attracted a lot of attention.
From a positioning perspective, Seamless Protocol is a native lending protocol that operates solely on the Base network. It currently supports borrowing and lending services for ETH (including LST such as cbETH) and stablecoins such as USDT, USDC, and DAI.
Official data shows that Seamless Protocols product code is forked from Aave v3, and the liquidity mining code is forked from Ampleforth Geyser v2. Both of the two projects that have been referenced have been running stably for several years, and their security status is relatively good.
In addition to basic services similar to Aave, Seamless Protocol has also created its own Integrated Liquidity Market (ILM) lending form, allowing specific liquidity providers to provide controlled liquidity to authorized borrowing strategies - These borrowing strategies are securely embedded within smart contract code, ensuring liquidity is protected from abuse. The biggest feature of ILM is that it allows borrowers to provide insufficient collateral, thereby amplifying the capital utilization efficiency of the entire DeFi ecosystem.
Defillama data shows that Seamless Protocol’s current total TVL is approximately US$20 million, ranking fifth within the ecosystem and second within the lending track, second only to the veteran leader Compound, which has expanded into the Base ecosystem.
In terms of the token economic model, the main function of SEAM is protocol governance. Its total supply is 100 million. The specific distribution plan is as follows:
Core contributors 8%: allocated to core contributors responsible for developing the protocol;
Community Contributors 3%: allocated to community contributors, part-time contributors and consultants who contribute to protocol development;
Ecosystem support and foundation 20%: used for developer funding, ecosystem/partner funding, community management/operation, etc.;
Community rewards 13.5%: used for various community-oriented rewards, such as third-party-led marketing, education, community incentive activities, airdrops, grants and other community reward programs;
DAO 55.5%: used for protocol liquidity mining and other community rewards.
According to the airdrop requirements disclosed by Seamless Protocol, SEAM’s airdrops will be distributed to two groups of users, one is old users who have used Seamless Protocol and received OG points, and the other is those who have completed various tasks on platforms such as Galxe or participated in AMAs, etc. Users for community growth activities. You can check whether you are eligible for air investment on the official website.
As can be seen from the above information, the share distributed in this genesis airdrop only accounts for 0.4% of the total supply of SEAM, and the total amount of tokens distributed in the community reward category to which the airdrop belongs is 13.5%, so it cannot be ruled out Seamless Protocol will also conduct a continuous airdrop plan in the future (it seems that this is also a common operation of OP projects).
For now, another good way to obtain SEAM is to participate in the liquidity mining plan launched simultaneously by Seamless Protocol early this morning. Supplemented by SEAM incentives, current borrowings and loans have considerable yields. For example, USDbC (bridge version USDC) has a supply yield of up to 79%.
The last thing I want to say is that the most noteworthy thing about Seamless Protocol’s TGE is that Coinbase immediately announced its online support at the beginning of SEAM’s creation.
Although Base itself has emphasized that it will not issue coins and has even entrusted the governance of the network to Optimism, major projects within the ecosystem have complete freedom to issue coins, and Coinbase also has sufficient motivation to support these roots. Projects based on their own soil.
In this way, Coinbases reputation and liquidity advantages will become a major boost to the early development of Seamless Protocol and more Base-native projects in the future. Whether this can unlock the wealth creation effect of the Base ecosystem may be a factor in Bases future relationship with other Layer 2 The key factor in victory.
