The Base ecosystem project Seamless Protocol announces it will gradually shut down, with the UI interface going offline on June 30.

ME News Report, April 8 (UTC+8), according to an official announcement, the Base ecosystem DeFi lending protocol Seamless Protocol announced it will gradually shut down after operating for two and a half years. The UI interface will be offline by June 30, 2026, and the team will no longer provide support. Users need to withdraw all assets through the UI before this date, and leveraged tokens must be redeemed before the UI is deactivated. Seamless’s vaults on Morpho will close in an orderly manner, and Gauntlet, as curator, will withdraw all lent assets from the Morpho market. Users can directly withdraw funds via the Morpho app. Staked SEAM will gradually shut down due to the termination of revenue sources. Core contributors will prepare governance proposals to distribute the remaining assets of the DAO treasury to SEAM token holders. The reasons for project closure include: leveraged tokens not finding true product-market fit, liquidity limits and structural issues in the DeFi lending market restricting scalability, and currently limited viable sources of yield in the market. The protocol operates in a capital-efficient bootstrap manner, with no investors or external funding, but lacks a clear sustainable revenue path. The team stated that their mechanisms are effective, but the market conditions necessary for scaling have not materialized. (Source: PANews)