TL;DR Summary

Gauntlet is leading a program to incentivize deeper utilization of native USDC across the Base ecosystem. As such, Seamless protocol contributors and the Seamless community have partnered with Gauntlet, securing a $50k USDC grant for incentivizing Native USDC markets. This proposal aims to update the Seamless Protocol reward schedule, allocating the $50k grant over a 1-month period to boost rewards on the Native USDC sToken markets (supply side). Rewards will be distributed in Native USDC tokens.

Proposal for this specific update to platforms rewards are:

• Rewarded market(s)? Supply side of Native USDC market (Native USDC sToken)
• Schedule? ~30 days (1 month) - targeting March 14th, 2024 (pending onchain governance execution)
• Reward type? Native USDC
• Amount? 50,000 Native USDC

Context & Motivation

The Seamless Protocol community aims to facilitate a healthy migration of liquidity from USDbC to Native USDC, leveraging its position as one of the largest DeFi protocols by USDbC TVL. This transition will contribute to a more seamless and less-fragmented future for stablecoin liquidity on Base DeFi. The initial grant focuses solely on incentivizing this transition, with potential for future grants based on the results and sustainability of the 1-month test.

Specifications/Technicals

The EMISSION_ADMIN role for USDC will be granted to 0xA1b5f2cc9B407177CD8a4ACF1699fa0b99955A22(Seamless Protocol Guardian) to manage the USDC incentive program on behalf of Gauntlet.