esSEAM 101: Introducing escrow SEAM to reinforce healthy community alignment
Since the introduction of Seamless Protocol’s native governance token, SEAM, the Seamless community has been actively engaged in executing various governance proposals aimed at enhancing the protocol’s functionality.
In the past few months, numerous insightful ideas have been shared on the Seamless Governance Hub, with some moving from topical discussions to snapshots and subsequent onchain votes.
Most recently, the community has proposed and passed a Seamless Protocol Platform Rewards Refresh, enabling a revamped rewards schedule and approach for the platform, structured around an esSEAM format that intends to further strengthen healthy community alignment.
With the introduction of esSEAM, the following blog post will aim to answer key questions to better help users understand how it all works, empowering the community to continue navigating the platform seamlessly.
What is esSEAM?
esSEAM is an escrowed version of SEAM that linearly unlocks over 12 months. Each esSEAM token corresponds to one SEAM token that is held in smart contract escrow. 1 esSEAM = 1 SEAM.
esSEAM is an ERC-20 compliant token, BUT it cannot be transferred in its escrow form. Once esSEAM unlocks, it can be claimable as SEAM.
esSEAM maintains the key utilities and functionalities of SEAM, i.e. the ability to delegate proportional voting power and participate in governance activities such as voting on onchain proposals.
*Note: Wherever SEAM voting power can be utilized for governance activities, delegated voting power from esSEAM can also be utilized.
How do I obtain esSEAM?
By interacting with Seamless Protocol i.e. supplying and borrowing liquidity, you can obtain esSEAM. Each active market on the protocol e.g., USDC, ETH, wstETH, has a set amount of esSEAM rewards and these rewards are distributed to users who participate in each of those markets.
Click here to view the latest total reward amounts for each market.
Once you have interacted with the Protocol and claimed the eligible rewards, you can view esSEAM in your crypto wallet by using the following smart contract address: 0x998e44232BEF4F8B033e5A5175BDC97F2B10d5e5.
Where can I see my esSEAM balance and claim unlocked SEAM?
Once you have obtained esSEAM through platform rewards and emissions, you can head to https://app.seamlessprotocol.com/governance to view your esSEAM balance and claim your available SEAM from the esSEAM that has already vested.
As your esSEAM “unlocks”, you will see a corresponding amount of claimable SEAM (image below).
Click Claim, sign and approve the transaction in your wallet. Now you have claimed SEAM from your esSEAM! The corresponding esSEAM will be removed and your balances are updated. You can periodically revisit to see an updated claimable SEAM amount as your esSEAM linearly vests.
Can my esSEAM be delegated to activate its voting power?
Yes! esSEAM maintains the key utilities and functionalities of SEAM including the ability to delegate voting power and participate in governance activities such as voting on onchain proposals.
It is important to note that delegation does not transfer token ownership, it only grants “Voting Power” to the delegated address.
To delegate esSEAM, simply follow the same flow as SEAM delegation. Within the Seamless Protocol app, users can navigate to the Governance Tab to delegate their token’s corresponding voting power.
Once on the Governance Tab and with a wallet connected to the app, users will see the amount of SEAM and esSEAM in their wallet in the “Your Info” section on the left hand side of the app.
Users can then click Set Up Delegation to properly delegate their token’s voting power.
In the modal pop up, users can enter a Recipient Address (EVM Wallet) and click Delegate and confirm the transaction in their wallet.
*Note: you can either self-delegate to their own address or delegate voting power to another address. You can view a list of Seamless Community Representatives who are active in the governance community and interested in receiving voting power in the Seamless Governance Hub.
Additional FAQs
Can I participate in Seamless governance?
All esSEAM holders can participate in governance so long as they have delegated their voting power. Users can either self-delegate or delegate their vote to another address. To delegate your esSEAM, head to the Governance tab in the Seamless app.
All community members, regardless of delegated voting power, are able to share their ideas in the Seamless Governance Hub and Community Discord.
For more information on Seamless governance, please check out the Seamless Docs on Gitbook.
Seamless Protocol is the first decentralized, native lending and borrowing protocol on Base. Seamless lays the foundation for the next generation of DeFi, focusing on lower-collateral borrowing and a better user experience to inspire the masses.
Join the community and get plugged in via the following links:
🧑💻 Website: https://seamlessprotocol.com
📱 App: https://app.seamlessprotocol.com
🐦 Twitter: https://twitter.com/seamlessfi
👾 Discord: https://discord.com/invite/Uye9jCVgUp
💬 Telegram: https://t.me/seamless_protocol
