Support Native USDC & DAI on Seamless

Project and Asset Integrations
1

Summary
Proposal to add Native USDC and DAI for lend and borrow markets on Seamless Protocol on Base.

References
Projects - https://www.coinbase.com/price/usdc, https://www.coinbase.com/price/dai
Whitepaper - https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf, https://makerdao.com/en/whitepaper/
Smart contracts - USDC | Basescan, DAI | BaseScan
Chainlink oracle - USDC / USD Chainlink Price Feed (Base), DAI/ USD Chainlink Price Feed (Base)

Paragraph Summary
This is a proposal to add Native USDC and DAI to Seamless protocol on Base mainnet. These are both ERC-20 compliant tokens on Base (and Ethereum and other chains) that are pegged to the US Dollar.

Motivation
Since Seamless Protocol is the first (and only) native liquidity platform built on Base, it should consider expanding its shelf to include other stablecoins that are currently being utilized on Base that also have deep liquidity. On Base alone, Native USDC has over 86,000 holders and DAI has over 28,000. Due to their utility across DeFi, in particular user demand to both lend and borrow these two tokens, Seamless should consider offering these markets to expand its reach across the Base Ecosystem.

Specifications

  1. What is the link between the author of the AIP and the Asset?
    Seamless Community Contributor

  2. Provide a brief high-level overview of the project and the token
    USDC (USD Coin): USDC is a stablecoin pegged to the US dollar, meaning its value is designed to be equivalent to one US dollar. It’s a fully-backed digital dollar, where each USDC token is backed by a corresponding real US dollar held in reserve. USDC is often used as a stable and secure medium of exchange in the cryptocurrency space.
    DAI: DAI is a decentralized stablecoin on the Ethereum blockchain that is pegged to the US dollar. Unlike USDC, DAI is not backed by a direct reserve of dollars; instead, it is generated through collateralized debt positions (CDPs) on the MakerDAO platform. Users lock up cryptocurrencies as collateral to generate DAI. The goal is to maintain the value of 1 DAI close to 1 USD through smart contract mechanisms. DAI provides a decentralized and algorithmic approach to achieving stability.

  3. Explain positioning of token in the Seamless ecosystem. Why would it be a good borrow or collateral asset?
    Discussed above, the each of these assets have tens of thousands of unique holders each, attracting both new and existing users to Seamless Protocol. Additionally amongst lending and borrowing activities, there is sustained demand for stablecoins to utilize across other DeFi and web3 dapps.

  4. How is the asset currently used?
    Both are used as stablecoins and are held by users as non-volatile crypto assets

  5. Market data (Market Cap, 24h Volume, Volatility, Exchanges, Maturity)
    Native USDC ~$158M market cap on Base
    DAI ~ $8.5M market cap on Base

  6. Contracts date of deployments, number of transactions, number of holders for tokens

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