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The DeFi lending protocol Seamless Protocol has announced its shutdown, and users must withdraw their assets by June 30
According to the official announcement from Seamless Protocol, the Base chain DeFi lending protocol Seamless Protocol, which has been operating for over two and a half years, has announced its official shutdown. The protocol's UI will go offline on June 30, 2026, at which point team support will also cease. Users must withdraw all assets through the UI before this date; otherwise, they will need to manually interact with the contract, which is complex and lacks technical support.
The team stated that the core reason for the shutdown is that leverage tokens failed to find a product-market fit—structural liquidity shortages in the DeFi lending market have prevented the product from scaling, compounded by fluctuations in lending rates eroding returns, and the protocol also lacks a sustainable revenue path.
The team also pointed out that the DeFi market trend is shifting towards actively managed vaults, which fundamentally diverges from its non-custodial, fully automated product positioning. Additionally, the team will submit a governance proposal to allocate the remaining assets in the DAO treasury to SEAM token holders.
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