The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Seamless Protocol
Analysis of 27 Dec 2025Seamless Protocol is the first native decentralized lending and borrowing protocol built on Base, Coinbase's Layer 2 network. Launched on September 11, 2023, Seamless has grown to over 250,000 users with $100+ million in total value locked, ranking among the top 10 protocols on Base by TVL.
Full overviewShow less
The protocol originated as an Aave V3 fork but announced a strategic migration to Morpho's permissionless lending infrastructure in early 2025 to gain greater architectural freedom and accelerate innovation. Seamless pioneered Integrated Liquidity Markets (ILMs) in 2024, attracting 6,500+ users, and launched Leverage Tokens in mid-2025 that wrap complex DeFi strategies into simple ERC-20 tokens.
