Seamless Protocol’s governance token, SEAM, saw significant gains during its first day of trading, rising over 31% from its opening price.
Seamless (SEAM) launched Monday on major cryptocurrency exchange Coinbase at a price just under $10, according to CoinMarketCap data. After 24 hours of trading, SEAM was priced at $11.62, showcasing strong momentum right out of the gate.
SEAM is the first token associated with Coinbase’s Base ecosystem to be listed on the exchange. Coinbase facilitated an airdrop of SEAM tokens to active users on the Seamless lending and borrowing protocol prior to the listing.
Seamless Protocol was created by contributors from major Web3 players like Aave (AAVE), Uniswap (UNI), Coinbase, Maple Finance, CertiK, and Ampleforth. It aims to improve capital efficiency in defi via its Integrated Liquidity Markets (ILMs) that enable specialized lending and borrowing dynamics.
The protocol has grown substantially, amassing over $10 million in total value locked. Thousands of liquidity suppliers, borrowers, and stakers had previously earned “OG Points” for engagement with Seamless, which have now been converted to the tradeable SEAM governance token.
As the first project token from Base and a fast-growing defi protocol, Seamless’s entry into the public markets is a milestone worth monitoring. With its considerable early traction and collaboration from major industry partners, Seamless could be poised for long-term impact.
In the short term, investors are excited — if its 31% day-one gains are any indication.