# Aave’s SpaceX Token Plan Faces Thin Trading Ahead of Share Unlock By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/36971 Published: 2026-10-21T19:38:23.000Z Updated: 2026-10-21T19:38:23.000Z Section: Investing > The proposed $5.47 million collateral cap is about 15 times the token’s onchain trading depth at a 2% price impact. 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. A large liquidation could require redemption through the token’s issuer or hedging with perpetual futures. Secondary-market holders must complete an issuer vesting process before redeeming SPCXc. As of Oct. 15, no lending-protocol liquidation contract had permission to complete that process, and no processing deadline had been set. The liquidity question comes as [about 1.313 billion SpaceX shares are scheduled to become eligible for sale]() on Oct. 22. That tranche is 28% of a roughly 4.691 billion-share lockup pool and had an estimated market value of $194.1 billion at the Oct. 20 close. Eligibility allows holders to sell their shares; it does not mean they will do so. The proposed collateral factor is 55%, limiting how much users could borrow against SPCXc. It incorporates a modeled 41% decline outside market hours, a stress scenario rather than a forecast. SpaceX shares have only four months of trading history, so the estimate also draws on the behavior of other stocks. Price updates create another timing challenge. SPCXc’s Chainlink feed operates on a five-day-a-week schedule and holds its last value during market closures, while the token can continue trading onchain. A sharp move during a closure could therefore leave the feed’s price behind the token’s trading price until updates resume. The proposed listing requires a final onchain vote before SPCXc-backed borrowing can begin. A separate tranche of 328.4 million SpaceX shares is scheduled to become eligible for sale Oct. 26. ## Links in this article - [about 1.313 billion SpaceX shares are scheduled to become eligible for sale](https://www.tokenpost.com/news/investing/36862)