Gate News message: On April 8, Base-chain DeFi lending protocol Seamless Protocol announced its official shutdown. The protocol has been operating for more than two and a half years. The protocol UI will be taken offline on June 30, 2026, and the team’s support will be terminated at the same time. Users must withdraw all assets through the UI before this date; after the deadline, they will need to manually interact with the contract. The process is complex and there is no technical support.
The team said the core reason for the shutdown is that Leverage Tokens were unable to find a product-market fit. The specific reasons include: structural liquidity insufficiency in the DeFi lending market, which prevents the product from scaling up; interest rate volatility in lending that erodes returns; the protocol lacking a path to sustainable revenue; and the DeFi market trend shifting toward actively managed vaults, which creates a fundamental disagreement with its non-custodial, fully automated product positioning.
In addition, the team will submit a governance proposal to distribute the remaining assets in the DAO treasury to holders of the SEAM token.
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