Coinbase has added support for SEAM, the governance token of the Seamless Protocol built on the Layer 2 network Base.

Crypto exchange Coinbase has listed SEAM, the governance token of the Seamless Protocol on the same day as its airdrop event to early users.

Coinbase will add support for Seamless (SEAM) on the Base network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 11, 2023

The Seamless Protocol is a decentralized lending and borrowing protocol built on Coinbase’s Layer 2 network Base, born from a fork of Aave v3 in September. The protocol’s founders had previously contributed to popular crypto platforms, including decentralized exchange Uniswap and blockchain security firm CertiK.

Trading went live on Monday at 1 pm ET in phases after sufficient liquidity conditions were met, and the token is currently trading at around $13, after rising as much as 250% since the listing.

Early supporters of the Seamless Protocol were included in the Genesis airdrop, regardless of whether they used the vault, contributed to social or earned “OG points” in their on-chain wallets by participating in staking, lending or borrowing activities on the platform. The Genesis airdrop will see 400,000 SEAM tokens distributed to users. 

Within 12 hours of Coinbase’s listing announcement, the Total Value Locked (TVL) in the Seamless Protocol surged from around $10 million to over $54 million.

Welp, blushing ☺️

50M TVL spearheaded by a community that is inspired. @BuildOnBase is a cool place to be. pic.twitter.com/tKxkxlOH6v

— Seamless Protocol 🧵 #BuildOnBase (@SeamlessFi) December 12, 2023

The protocol is now the largest lending and borrowing platform on the Base network. SEAM is the first and only Base native token to be listed on Coinbase.