Title : Enabling Soswap Integration as a Liquidator on Seamless Protocol
Summary : The integration of Soswap as a liquidator within the Seamless Protocol will enhance undercollateralized borrowing opportunities for Base network users.
Overview:
Soswap, a leading DEX on the Base Network, is powered by RAI Finance, an established DeFi project since 2020. It was among the first to integrate with the Base Network, with its native token SOFI supported by Coinbase Custody in 2022, and being one of the 10 tokens supported by official Base Bridge in 2023. Soswap has seen rapid growth with a TVL surpassing $1M, especially for emerging altcoins. SOFI is listed on major exchanges such as Bithumb and Huobi Global, reducing reliance on DEX liquidity.
RAI Finance, as a trading hub, offers customizable DEXs for tokens and NFTs, along with Social Trading. It provides intelligent management tools and opportunities in the era of SocialFi. Users can easily build portfolios with various tokens and explore others’ portfolios, making trending themes more accessible. RAI Finance accommodates various asset types, from simple swaps to NFT and index trading, positioning itself as the premier comprehensive DeFi application on Base.
Seamless Protocol, as a lending protocol, relies on having a consistent liquidator to effectively utilize the capital provided by users. Surprisingly, there have been no liquidations recorded in Seamless debt tokens’ transactions since its launch on the Base Network two months ago. As fellow Base Ecosystem Partners, we propose integrating Soswap as a liquidator into the Seamless Protocol to optimize capital asset utilization. We believe that, as builders in this space, we possess the capability to steer the industry towards its originally intended decentralized future. Even small decisions made today can have significant implications for the future. With the backing and adoption of other leading Base projects, we anticipate that this move will contribute substantially to the genuine decentralization of the Base Network.
Implementation:
Seamless Protocol’s Liquidation Logic contract does not restrict liquidations to whitelisted executors exclusively. Therefore, no action is required from the Seamless Protocol side; only Soswap needs to prepare a liquidation contract and apply it to the Seamless Protocol. Soswap is committed to raising awareness and fostering adoption of Seamless within our community.
References
RAI Finance: https://rai.finance/
Soswap: Soswap