Introducing SEAM: the Seamless Protocol Governance Token
Seamless Protocol Governance
A decentralized and community owned protocol
Seamless Protocol is a decentralized lending and borrowing protocol, focused on higher capital efficiency and a better user experience to inspire the masses, paving the way for modern DeFi, where users can seamlessly bridge, swap, supply and borrow their favorite Base tokens. To facilitate this vision, decentralization and community governance are logical next steps to ensure protocol sustainability.
In a step towards realizing this vision, Seamless is proud to introduce a governance system that is inclusive and comprehensive, allowing users to propose, delegate, and implement changes to the protocol.
The SEAM governance token
Seamless Protocol’s native governance token, SEAM on Base, determines both voting power and governance rights. Holders of SEAM can either self-delegate their voting power or choose to delegate to any other Base-compatible wallet. By delegating, note that token ownership is not transferred, it only grants “Voting Power” to the delegated address.
Once delegated, these tokens can be used to vote on existing proposals and to create new proposals about Seamless. If you’d like to become a delegate, introduce yourself and why you’d reliably represent others in Seamless Protocol’s decision-making process — all you need to do is nominate yourself! Simply Join the Seamless Governance Hub and reply to the post named Seamless Community Representative.
Through this system, the SEAM governance token, sets a new standard for community-driven decision-making, fair token distribution, and active voting participation.
A Seamless Governance Framework
The governance framework for Seamless Protocol is simple and straight-forward, allowing you to participate and govern openly. Here’s how it works:
Seamless Governance follows a structured six-step process to facilitate community proposals and decision-making. In the Ideation Phase, community members submit proposals in the Seamless Governance Hub, utilizing a community-created template for clarity. Engagement with the community through platforms like Seamless Community Discord is encouraged.
Once a proposal gains community interest, it moves to a proposal submitted on Snapshot Labs. Here, an off-chain temperature check occurs, allowing collaboration and refinement before on-chain voting. The next phase, Onchain Voting (SIP) Phase, involves submitting the proposal on-chain via the Governance Tab on Seamless Protocol. Users can submit proposals here related to Protocol Changes and Governance Changes. Detailed descriptions and executable code must accompany SIP submissions.
The Voting Period Phase follows, lasting 3–10 days depending on the proposal category. Delegated voting power is required, and success criteria include quorum attainment and a majority of “For” votes. The Timelock Phase executes the proposal code on-chain after meeting quorum and passing the vote, with a 2–5 day delay depending on the proposal type. If quorum isn’t met or the vote fails, the proposal is unsuccessful. Finally, in the Execution Phase, any user on the BASE network can trigger the proposal’s executable code after the Timelock period, completing the governance process.
The onchain voting process follows the diagram below.
Seamless Protocol is the first decentralized, native lending and borrowing protocol on Base. Seamless lays the foundation for the next generation of DeFi, focusing on lower-collateral borrowing and a better user experience to inspire the masses.
Join the community and get plugged in via the following links:
🧑💻 Website: https://seamlessprotocol.com
📱 App: https://app.seamlessprotocol.com
🐦 Twitter: https://twitter.com/seamlessfi
👾 Discord: https://discord.com/invite/Uye9jCVgUp
💬 Telegram: https://t.me/seamless_protocol
