Seamless Protocol, a venture on Coinbase’s Base ecosystem, issued governance tokens that may commerce on the crypto alternate with the ticker SEAM beginning at 18:00 UTC Monday.

Seamless is a lending and borrowing protocol. It’s among the many high platforms on the layer-2 blockchain, with a complete worth locked (TVL) of over $10 million.

SEAM would be the first Base token listed on Coinbase. It was airdropped to customers primarily based on their involvement on the Seamless platform, similar to funds provided to and borrowed from the assorted buying and selling swimming pools. There was no public or personal sale of SEAM tokens.

Seamless beforehand operated the “OG Factors” program, permitting hundreds of liquidity suppliers, debtors, and staking farmers to earn factors of their on-chain wallets. These factors have now been transformed into tradeable tokens.

Seamless Protocol was developed as a collaboration amongst a number of contributors hailing from various Web3 backgrounds, together with Aave, Uniswap, Coinbase, Maple Finance, CertiK and Ampleforth, amongst others.

Its key product is Built-in Liquidity Markets (or ILMs), which echo the ideas of specific-purpose loans – similar to automotive loans or residence mortgages. These loans provide higher phrases than extra general-purpose ones, however the funds could solely be used for predetermined functions, similar to borrowing sure tokens or staking.