What is Seamless Protocol?

Seamless Protocol is the first native lending and borrowing protocol on Base. It has grown into the largest liquidity market on the network, ranking among the Top 10 by TVL according to DefiLlama.

Originally built on an AAVE V3 fork, Seamless pivoted to a “platformless future” by migrating to Morpho, gaining efficiency and flexibility to focus on innovation. Its core product, Leverage Tokens (LTs), wrap complex DeFi strategies into simple ERC-20 tokens, giving users automated leverage without manual management.

Community-governed and supported by contributors from leading companies like Coinbase, Uniswap, Robinhood, and Kraken, Seamless is pushing to make DeFi more transparent, scalable, and accessible.

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The Challenge

To showcase the power of Leverage Tokens, Seamless prepared to launch its weETH / WETH 17x Leverage Token Vault (Ether.fi Yield Loop). Success depended on bootstrapping liquidity quickly and reaching meaningful TVL from day one. The team wanted to incentivize deposits but faced clear challenges:

• Designing a transparent and capital-efficient reward system.
  
  
• Tracking and rewarding net TVL, not just deposits: ensuring users couldn’t game the system by depositing and withdrawing immediately to farm rewards.
  
  
• Fair reward distribution: the incentives program needed to prevent large depositors from draining the entire rewards budget at once, ensuring sustainability and meaningful participation for all users.
  
  
• Launching the program quickly without heavy developer resources: since the internal team was fully focused on core product innovation.
  
  
• Using their native token for incentives.
  
  
• Delivering the program inside a seamless (pun intended) user experience: keeping everything native and white-label within the Seamless app to maintain trust and brand consistency.

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The Solution

Seamless decided to leverage Fuul to configure and deploy its incentives program. Through Fuul’s infrastructure, Seamless implemented a program model tailored to their incentive design needs: the Proportional Pool Distribution, enabling control over budget, timing, and reward allocation consistent with SEAM’s tokenomics.

With Fuul, Seamless was able to:

• A fixed reward budget of SEAM tokens was distributed every 6 hours, ensuring a sustainable program design. This predictable allocation, framed within a weekly budget, prevented whales from draining the entire pool at once and maintained fairness across participants.

• Track and calculate net TVL: rewarding depositors based on effective liquidity share, discouraging deposit–withdraw loops aimed at farming rewards.
  
  
• Use liquid SEAM tokens as incentives: leveraging the native token to attract liquidity while keeping rewards consistent with protocol economics..
  
  
• Integrate rewards natively in-app: real-time APRs and accrued incentives displayed through Fuul’s API, ensuring the experience stayed fully white-label inside Seamless.
  
  

For users, this meant transparent APRs and structured rewards they could trust. For Seamless, it ensured capital-efficient incentives and fast deployment without dedicating internal developer time.

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"Capital efficiency was critical. Fuul's proportional pool distribution prevented whales from draining rewards, and made sure all depositors had meaningful participation."

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Results

In the first month, Seamless rapidly bootstrapped liquidity in its new weETH / WETH 17x Leverage Token Vault, with SEAM rewards as the catalyst to attract a broad base of depositors. The structured distribution of SEAM tokens every 6 hours created predictable emissions, prevented whales from draining the pool, and accelerated TVL growth.

By integrating APRs and rewards directly inside the app, the program delivered a native, trust-building user experience. Instead of spending cycles on custom infrastructure, the team launched a fully white-label program in days and stayed focused on product innovation.

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