Coinbase, the largest cryptocurrency exchange in the US, presents a new altcoin project built on its own Ethereum (ETH) layer-2.
In a new announcement made through the Coinbase Assets account on the social media platform X, Coinbase announces they mention Seamless (SEAM).
According to the Seamless website, the crypto project is the first “native, decentralized, non-custodial lending and lending protocol” built on the Coinbase-backed layer-2 scaling solution Base.
Project incubator Coinbase says Base is designed to provide a secure, low-cost, and developer-friendly way to build on-chain. The Layer-2 network is powered by the Optimism (OP) development stack and is compatible with Ethereum, Ethereum Layer-2s, and alternative EVM chains.
According to SeamlessSEAM is the protocol’s new governance token.
“SeamlessFi is excited to introduce SEAM, the governance token of Seamless, Base’s largest native lending protocol!”
Coinbase mentions SEAM as its new governance token airs.
At the time of writing, SEAM is less than 24 hours old, making it relatively volatile. That’s why Coinbase lists the asset under the experimental label.
SEAM is currently worth $13.11, down 5.8% from the all-time high of $14.35, which was reached just hours ago.
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Generated image: Midjourney