Crypto exchange Coinbase has listed SEAM, the governance token of the Base-based decentralized lending and borrowing platform Seamless Protocol, as its airdrop begins. 

"SEAM becomes the first and only native Base-based project's token listed on Coinbase," Seamless Protocol said Monday, adding that it also becomes "the first governance token to have a fair launch airdrop distributed based on each user's involvement in the ecosystem, memorialized on-chain through soulbound points and exclusive NFTs."

With SEAM's listing on the launch day, it becomes part of Coinbase's day-one token listings that go live the same day of the token generation event. Coinbase recently listed gaming token Big Time and Solana-based liquid staking protocol Jito's JTO token as part of its day-one listings, and both tokens have surged in price.

"Coinbase Day One listings are the most exclusive listings since no token exists until it is listed on Coinbase (no decentralized exchanges, etc.)," a community contributor of Seamless Protocol, who declined to be named, told The Block.

"Their requirements are extra stringent. There's a separate listing process for Day One listings, including true decentralization (so making sure that the token has utility on day one, even though it doesn't exist yet), plus the biggest one is that the protocol could not have already released its token or it is disqualified," they added.

Trading in SEAM will begin at 1 p.m. ET today, according to the contributor.

What is Seamless Protocol?

Seamless Protocol was launched in September as a fork on Aave v3, an Ethereum-based DeFi lending protocol. Seamless is built on the Coinbase-incubated Ethereum Layer 2 network Base. It was founded by contributors and advisors from firms including Coinbase, Uniswap, CertiK and Seashell.

Seamless hasn't raised any funds either from equity sales or the SEAM token, marking "a true fair launch" of the token, said the community contributor. They also said that "SEAM votes in the timelock governance contract on Base, unlike any of the other tokens, which typically have Base as an extension, and the tokens go back to Ethereum for voting/utility."

Seamless Protocol is currently the eighth largest Base-based app by total value locked and the third largest native Base-based platform by TVL, with about $7.5 million locked in it, according to DefiLlama data.

SEAM airdrop

The total supply of the SEAM token is 100 million, the community contributor said, adding that 69% of that would go to the community, with the rest to ecosystem support and foundation (20%), core contributors (8%) and community contributors (3%).

Over 5,000 Seamless users are eligible for the SEAM airdrop, the snapshot for which was taken on Dec. 8, the community contributor said. Those are "early supporters of the protocol who acquired OG Points (soulbound, non-transferrable tokens) and other community quests that were hosted on Galxe and other platforms."

Users can claim the airdrop for the next three months, the contributor noted. They declined to comment on the percentage of the tokens that will be airdropped to them, but there will be no vesting period applicable to the airdropped tokens, they said, adding that all of the rest of the tokens will have a vesting period of "over three years."