[PCP] Adding additional Base Markets to Seamless (Single Sided)

General
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TL;DR Summary

  • By adding additional Base Markets to Seamless Protocol, Seamless could attract more eyeballs, more users, and higher TVL while building direct relationships with other protocols across Base.
  • New Seamless Markets would begin as Single Sided Supply Markets (similar to recent markets such as DEGEN & SEAM) and if subsequent requirements are met surrounding risk analysis and oracle price feeds, these new markets could ‘graduate’ into fully fledged lending and borrowing markets.
  • Rewards to be emitted to these newly established Single Sided Supply Markets to provide utility to token holders of these projects, while bolstering Seamless Protocol awareness.

Context & Motivation

To lean into the growing Base ecosystem, it would be important for Seamless Protocol and the Seamless Community to create a program that expands the horizons of the different types of projects that Seamless can collaborate with. This means being able to work with projects of all shapes, sizes and levels of maturity. The reason for doing so would be to drive TVL, awareness, eyeballs and ultimately additional users/community of the Seamless platform.

By providing a pathway for other protocols to be listed on Seamless, Seamless Protocol could be positioned as a central lending hub on Base, offering utility and function to many other builders and projects. This is a natural evolution and/or precursor to the early Seamless Spark program.

Sequencing for the launch of these single sided markets would follow this suggested process:

  1. Create a new home (or tagging system) on Seamless, to house and list these new markets.
  2. In this specific single sided staking area, as new single sided markets are launched, users can deposit (“stake”) their project tokens for esSEAM, SEAM or other rewards (from the partner projects directly).
  3. If/when project has met certain hurdles (i.e. liquidity requirements, risk partner review, oracles, etc.), then the single sided staking market would graduate into a fully fledged lending and borrowing market (pending relevant onchain governance processes).

Projects like DEGEN, BRETT, and TOSHI have informally followed the outlined process. Formalizing this structure will benefit these projects and others launching on Base, allowing Seamless to expand its reach and appeal. This would also create an opportunity for revisiting past proposals, such as WAMPL, that initially couldn’t progress.

Next Steps

Would encourage discussion from the Seamless Community here to see if this effort is worth pursuing. If there is general buy-in, a snapshot vote could be had to signify a formal kickoff to this outreach and protocol growth effort.

If this proposal were to proceed beyond the offchain signaling, it would likely require some technical work (updates to UI and future payload prep for single sided markets) and non-technical work (community outreach and socialization of the process).

1 Like
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Thanks for this proposal @lewis, fully support it!

How do u see #3 to be implemented? Shall it be a certain list of criteria that, once they are met, will let an asset to graduate to a fully fledged lending and borrowing market? Or for example we can rely on @chaoslabs analysis, once they make a positive assesement, than an assets is automatically upgraded?

Anyway, this could be decided at a later stage, I believe this proposal is ready for the offchain signaling vote

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Thanks @Ras. For #3, there are a couple of things the community should look out for. One being Chaos Labs recommendations, two being an oracle in place to allow for borrowing, and three being a smart contract review by eng contributors to see if any red flags in code base that may pose a risk for borrowing such as certain admin powers. Once those have completed then the asset could ‘graduate’. Once the asset reaches that graduation stage, best for the asset to post another discourse post seeking the opening of the fully fledged lending and borrowing market noting they have completed the aforementioned steps.

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I’m supportive of this direction - leaning into the growing Base ecosystem should ultimately help Seamless in the long run. Since the start, Seamless has embraced collaborations with other Base projects, and I think this initiative gives a good reason for projects to inbound on Discord/TG/Twitter/etc. and begin a relationship with Seamless.

Also, as we’ve seen with some other markets - projects giving incentives to Seamless users can very quickly get the word out and grow their community base of supporters.