State of Seamless: January 2024
Since our last article, the Seamless protocol has skyrocketed to become the second-largest protocol by total value locked (TVL) on Base, and the #1 largest lending protocol with approximately $72 million at the time of writing.
Given the broad support from the community, our goal moving forward is to publish a monthly brief covering the performance and development of the Seamless Protocol. These briefs may be extensive or in a TL;DR format, depending on the nature of developments that occur within the given month.
With this in mind, let’s dive into some of the progress!
SIP-1 Passes with unanimous decision
On January 10th, 2024, the Seamless Protocol executed its first-ever governance proposal! The proposal, SIP-1: Adjusting Parameters: Increasing Borrow Caps and Setting Supply Caps, aimed at expanding the platform’s growth potential by re-evaluating and raising the borrow caps. This strategic move was supported by Seamless’s robust operational history, the integration of Chaos Labs for enhanced risk monitoring, and the strengthening of the liquidator network, ultimately aiming to boost capital efficiency and stimulate broader growth within the Base ecosystem.
The proposal can be found here: Adjusting Parameters: Increasing Borrow Caps of Existing Markets
Seamless (Re)activates its Staking Farms
Back by popular demand, the Seamless Protocol has reactivated its Staking Farms. This enables SEAM token holders to add the token as liquidity against certain supported liquidity pools, stake the liquidity pool tokens, and in return, receive reward tokens in the form of SEAM.
Currently, Seamless’s staking farms support the following pairs:
- SEAM/USDC — which can be found on Soswap
2. SEAM/ETH — which can be found on SushiSwap
Note: All pools shown are on Base Network NOT Ethereum Mainnet.
Seamless Protocol’s official announcement can be found here:
https://seamlessprotocol.medium.com/seamless-farms-more-ways-to-earn-seam-a-step-by-step-guide-1fdf1a9e15df
Seamless Community supports the utilization of the Seamless Spark integration program
Although not directly implemented on the blockchain, the Seamless community enthusiastically supported the “Seamless Spark Asset Integration Program!” proposal. This initiative aimed to integrate smaller, less liquid projects into the Base ecosystem, striking a balance between inclusivity and risk management. It introduced a comprehensive governance voting process, set detailed criteria for asset liquidity, provided incentives for community engagement in market activities, and required a commitment from proposers for initial market seeding and handling bad debt. All these aspects were thoughtfully reviewed with the valuable insights provided by community contributors like Chaos Labs.
Following the adoption of this integration program, Lido Finance became the inaugural protocol to follow its guidelines, proposing the integration of their Wrapped Staked ETH (wstETH) into the Seamless Protocol. This move represented a significant utilization of the program’s structured approach for integrating new assets.
Currently, this proposal is subject to an active off-chain vote via Snapshot, available for viewing and participation at this link: Snapshot Proposal for wstETH Integration. Additionally, the detailed forum proposal can be accessed for more in-depth information here: Seamless Spark Proposal for wstETH on the Forum.
See you next month!
That’s a wrap on this month’s edition of “State of Seamless.” It’s been a big month, and there’s plenty more where that came from. We’re all set to keep these monthly updates coming your way, so make sure you’re tuning in for the latest scoop on Seamless.
In the meantime:
- Dive into the Litepaper 📜
- Stay updated via Twitter 🐦
- Gain more insights on Medium 📚
- Connect on Discord 💬
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