Crypto exchange Coinbase has listed SEAM, the governance token of the Seamless Protocol on the same day as its airdrop event to early users.

The Seamless Protocol is a decentralized lending and borrowing protocol built on Coinbase’s Layer 2 network Base, born from a fork of Aave v3 in September. The protocol’s founders had previously contributed to popular crypto platforms, including decentralized exchange Uniswap and blockchain security firm CertiK.

Trading went live on Monday at 1 pm ET in phases after sufficient liquidity conditions were met, and the token is currently trading at around $13, after rising as much as 250% since the listing.

Early supporters of the Seamless Protocol were included in the Genesis airdrop, regardless of whether they used the vault, contributed to social or earned “OG points” in their on-chain wallets by participating in staking, lending or borrowing activities on the platform. The Genesis airdrop will see 400,000 SEAM tokens distributed to users. 

Within 12 hours of Coinbase’s listing announcement, the Total Value Locked (TVL) in the Seamless Protocol surged from around $10 million to over $54 million.

The protocol is now the largest lending and borrowing platform on the Base network. SEAM is the first and only Base native token to be listed on Coinbase.