Coinbase has introduced new functionalities to allow users to transfer USD Coin (USDC) stablecoin at zero fees. The move is part of the company’s drive to expand the adoption of its new Layer-2 protocol.
Coinbase’s Simple Mode Feature
Simple Mode, Coinbase’s newest feature, aims to make it easier for newcomers to navigate the platform. It aims to enable seamless crypto asset buying, selling, and swapping through a simplified user interface.
Coinbase CEO Brian Armstrong stated that Simple Mode will automatically become the default option for users in emerging markets. This user-friendly interface supports free USDC transfers on the Base network.
This is a significant benefit for first-time users, as they avoid the high fees associated with transferring USDC on Ethereum, the default option in the native Coinbase Wallet app. Before eliminating transaction fees, users paid as high as $1.31 for USDC transfers due to block demand, but Simple Mode’s integration with Base provides an accessible and immediate alternative.
Driving Base Network Adoption
Coinbase’s new features aim to accelerate the adoption of the Base network. Coinbase Wallet is one of the most widely used Web3 wallets in the crypto landscape, with over 100 million verified users on the exchange.
The firm has publicly stated its intention to use its massive user base to establish the Base network as a major player in the global blockchain landscape. This layer-2 network runs on Ethereum and has seen early success, which Coinbase’s support has significantly aided.
The Base is the 10th largest chain in DeFi in terms of Total Value Locked (TVL), with over $365 million secured across multiple protocols on its network.
Coinbase Lists SEAM Governance Token
Meanwhile, the number one US-based crypto exchange recently listed SEAM, the governance token of Seamless Protocol, a decentralized lending and borrowing platform built on Base. This listing is significant because SEAM is the first native Base-based project token to appear on Coinbase’s trading platform.
SEAM’s inclusion in Coinbase’s day-one token listings, which coincide with its launch date, places it among a select group of tokens that go live concurrently with their token generation events. This precedent was recently achieved with the listing of Big Time, a gaming token, and Jito’s JTO token, a Solana-based liquid staking protocol, with each recording significant price increases following their listing.
Regarding Coinbase’s day-one listings, an anonymous contributor from the Seamless Protocol community explained that the criteria for Coinbase’s day-one listings are particularly stringent.
Furthermore, the process has several prerequisites, the most important of which is true decentralization. This criterion ensures that the token has utility immediately after launch.
Seamless Protocol Explained
In September, the Seamless Protocol debuted as an Ethereum-based DeFi lending platform and runs on Coinbase’s Ethereum Layer 2 network, Base. Seamless Protocol, the brainchild of a collaborative effort involving contributors and advisors from notable entities such as Coinbase, Uniswap, CertiK, and Seashell, is backed by industry experts.
Seamless is distinguished by its novel approach to funding. Notably, the Protocol has yet to raise funds through equity sales or the issuance of the SEAM token.
At the time of writing, Seamless Protocol is the eighth largest app on Base, with approximately $7.5 million in total value locked. DefiLlama data places it as the third largest native Base-based platform by Total Value Locked (TVL).
This impressive TVL reflects the platform’s growing prominence within the Base network, signaling its traction and contribution to the overall vitality and growth of the ecosystem.
The SEAM Airdrop
The total supply of the SEAM token is 100 million, and approximately 69% will be distributed to the community. The balance will go to the ecosystem and foundation (20%), core contributors (8%), and community contributors (3%).
As of December 8, over 5,000 Seamless users have met the criteria to qualify for the SEAM airdrop. The entry qualification for this airdrop is still valid for the next three months.
While the exact percentage of airdropped tokens is unknown, these tokens will not have a vesting period.
