Aave’s SpaceX Token Plan Faces Thin Trading Ahead of Share Unlock

Aave Labs has proposed accepting a tokenized SpaceX share certificate as loan collateral, but limited onchain trading could complicate liquidations around a scheduled Oct. 22 share unlock. The proposal would let users pledge SPCXc, a certificate linked to SpaceX Class A shares, to borrow USD Coin (USDC) through Aave’s V4 Equities Hub on Base. A proposed cap of 37,000 SPCXc represents about $5.47 million at SpaceX’s Oct. 20 closing price of $147.79. Onchain trading depth on Base was about $370,000 at a 2% price impact, making the cap roughly 15 times that amount.