Seamless Protocol Takes Crypto Lending To New Heights On Base With Altcoin-Focused DeFi Marketplace

• The DeFi lender Seamless Protocol has introduced a lending market specifically for altcoins on Coinbase’s Layer 2 network, Base.
• The platform’s initial altcoins, DEGEN and SEAM, are now supported for lending on Base.

The decentralized finance (DeFi) platform Seamless has launched an altcoin lending market on Base, Coinbase’s Layer 2 blockchain network.

The first two tokens to be included in this new altcoin lending market are DEGEN from Degen Chain, which is rewarded to effective Farcaster users, and SEAM, the native token of Seamless Protocol. SEAM is also the first Base-based token listed on Coinbase, according to a press release shared with CoinNerd.

Seamless Protocol is a DeFi platform built on Base and is a fork of the decentralized liquidity protocol Aave v3. The new altcoin lending market allows users to lend or borrow DEGEN and SEAM, offering holders an opportunity to earn rewards through the platform.

“A massive accelerant to Base’s recent growth has been the rise of altcoin and meme communities,” Seamless Protocol core contributors told CoinNerd. “These projects and community members are looking for more token utility, and by offering altcoin lending on Seamless, the idea is that over time these holders can continue holding while borrowing other DeFi assets such as stablecoins or ETH.”

“Idle capital that is locked up in the form of tokens can be viewed as capitally inefficient if there is no utility or application available, but by providing borrowing capabilities, this idle capital can be put to work. Through thorough risk analysis with partners, Seamless is excited to be the first protocol to offer this service on Base,” the contributors added.

Coinbase listed the native token of Seamless Protocol, SEAM, in December 2023. As of 3:43 p.m. ET on April 18, SEAM was trading at $7.01, representing a 1.34% increase over the previous 24 hours, according to CoinMarketCap.

At 12:46 p.m. ET on April 19, DEGEN was valued at $0.33, with a market capitalization of $465.6 million, as indicated by CoinMarketCap. DEGEN is an ERC-20 token originating from Degen Chain, a Layer 3 network that rewards users with DEGEN for posting high-quality content on Farcaster, a web3 social media platform.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.