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Home»ADOPTION NEWS»Coinbase airdrops SEAM as its native Base-based token.
ADOPTION NEWS

Coinbase airdrops SEAM as its native Base-based token.

By Crypto FlexsDecember 12, 20233 Mins Read
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Coinbase airdrops SEAM as its native Base-based token.
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Cryptocurrency exchange Coinbase has listed SEAM, the governance token of Seamless Protocol, a base-based decentralized lending platform, with the start of airdrop.

“SEAM becomes the first and only native-based project token to be listed on Coinbase,” Seamless Protocol said on Monday, “making it the first governance token with a fair launch airdrop distributed based on each user’s participation in the ecosystem. .” he added. “On-chain through Soulbound Points and exclusive NFTs.”

With the launch date listing of SEAM, this will be part of Coinbase’s first token listing. Go live on the day of the token creation event. Coinbase recently listed gaming token Big Time and Solana-based liquid staking protocol. Jito’s JTO token As part of the first day listing, both tokens saw their prices skyrocket.

“The Coinbase Day One listing is the most exclusive listing because the token does not exist until it is listed on Coinbase,” said a community contributor to Seamless Protocol, who declined to be named.

“Their requirements are more stringent. There is a separate listing process for first listings, including true decentralization (ensuring that tokens have utility on day one, even if they don’t exist yet). Moreover, the biggest point is that the protocol already has “The tokens could not be released or were disqualified,” he added.

According to the contributor, SEAM trading begins today at 1 PM ET.

What is a 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 powered by Coinbase. Base. Coinbase, Uniswap, CertiK and clam.

The community contributor said Seamless did not raise funds through stock sales or SEAM tokens, indicating a “true fair launch” of the token. They also said, “Unlike other tokens that typically use Base as an extension, SEAM votes on Base’s timelocked governance contract and the tokens return to Ethereum for voting/utility.”

Seamless Protocol is currently the 8th largest Base-based app by total value locked and the 3rd largest Base-based platform in TVL, with approximately $7.5 million locked. DefiLlama data.

SEAM airdrop

The community contributor said the total supply of SEAM tokens is 100 million, adding that 69% of them will go to the community, with the remainder going to ecosystem support and foundations (20%), core contributors (8%), and community contributors. (three%).

Community contributors revealed that more than 5,000 Seamless users are eligible for the SEAM airdrop, a snapshot of which was taken on December 8th. They are “early supporters of the protocol who have earned OG Points (Soulbound, non-transferable tokens) and other community quests hosted on Galxe and other platforms.”

Users can request airdrops over the next three months, the contributor said. They declined to comment on the percentage of tokens that will be airdropped, but added that there will be no vesting period applied to airdropped tokens and that the vesting period for all remaining tokens will be “100%.” “Three years.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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