In early 2025, Seamless migrated a majority of its Earn infrastructure to Morpho Vaults, launching Seamless USDC Vault, Seamless WETH Vault, and Seamless cbBTC Vault.

To address the drawbacks of Seamless’s existing smart contract technology — an Aave V3 fork — and to fulfill Seamless' vision for 2025 and beyond, the Seamless DAO recently passed a proposal to migrate its entire lending and borrowing infrastructure to Morpho.

Seamless joins Spark, Moonwell, Compound, Index, and other DeFi protocols building lending and borrowing use cases on Morpho's infrastructure.

Growth of Seamless Vaults

Liquidity in the Seamless vaults has grown rapidly from $0 to $70M, despite market downturns in just a matter of few months. These deposits now constitute a significant portion of Seamless’s total protocol TVL.

Enabling the Seamless vision

After launching 18 months ago as Base's first native lending and borrowing protocol, Seamless sought new opportunities for growth in late 2024.

Seamless migrated its Earn infrastructure to Morpho Vaults, leveraging Morpho’s existing network effect on Base, and successfully boosted its growth.

The migration proposal further commits Seamless to building on Morpho, aiming to leverage Morpho’s infrastructure to enhance core offerings like lending, borrowing, SEAM staking, and their recently announced 2025 Prodcut Roadmap centerpiece Leverage Tokens, ERC20s that tokenize advanced leverage strategies and make them tradable in one-click.

• SEAM stakers will earn a portion of fees from Seamless Vaults on Morpho.

• Leverage Tokens will access liquidity directly from Morpho.

Migrating to Morpho

Seamless originally built its infrastructure by forking AAVE v3, a decision which presented several challenges over time, as detailed by active Seamless Community member Ras here:

• High fixed costs ($30K/month)

• Significant engineering upkeep

• Limited user yields due to strict borrowing limits

Migrating to Morpho’s permissionless and governance-minimized infrastructure reduces maintenance costs and externalizes risk management to risk curators such as Gauntlet.

This shift allows Seamless to prioritize growth and product innovation.

Leveraging Existing Network Effects

Building on Morpho allows Seamless to access the leading lending protocol on Base, which currently holds over $800M in liquidity (source: DefiLlama).

Additionally, Seamless Vaults can help fulfill the borrowing demand of Coinbase's crypto-backed loans while Leverage Tokens can access liquidity from Morpho and other projects that are powered by Morpho, such as Moonwell's lending vaults.

Within 1 month of launching Seamless Vaults on Morpho, deposits grew from 0 to $70M, underscoring the benefits of building within the Morpho Ecosystem.

As Base and Morpho's ecosystem matures, Seamless will further benefit from expanding liquidity and user growth.

Focus on Product & Growth

A key advantage of migrating to the Morpho Stack is freeing the Seamless team from infrastructure maintenance, enabling a sharper focus on executing the Seamless Roadmap for 2025 and beyond.

Post-migration, the Seamless team will concentrate on expanding borrowing products, exploring real-world asset integrations, and delivering greater value to SEAM DAO and token holders.

Build on the Morpho Stack

Projects benefit from building on Morpho's infrastructure through reduced maintenance overhead, shared liquidity, and proven tech stack.

If your project is considering building on Morpho, get in touch via growth@morpho.xyz.