Seamless Protocol is the first native, decentralized, non-custodial lending and borrowing protocol on the Base network. In the first month of being live, it has grown to be the largest native liquidity market (Top 20 TVL on Base, according to DefiLlama), enabling users to supply and borrow USDbC, ETH, and cbETH (with more assets underway). Seamless enables users to engage in a new form of peer-to-peer borrowing/lending—Integrated Liquidity Markets (or ILMs, for short)—which are isolated, smart contract-to-smart contract markets for undercollateralized, yet still permissionless, borrowing. Seamless Protocol is a community-governed initiative and no funds were raised. Types of Users Liquidity Suppliers may earn fees for providing liquidity to be borrowed. Liquidity Borrowers seek to borrow from the liquidity pools and are required to pay fees, as well as lock collateral, in order to be eligible to borrow.