# \[Direct-to-AIP\] Asset Listing - SPCXc to the Aave V4 Equities Hub on Base **URL:** \ **Category:** Governance\ **Created:** [October 15, 2026, 1:36pm UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-spcxc-to-the-aave-v4-equities-hub-on-base/25850 "2026-10-15T13:36:20Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![AaveLabs](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/aavelabs/32/6388_2.png) [@AaveLabs](https://governance.aave.com/u/AaveLabs)\ **Post date:** [October 15, 2026, 1:36pm UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-spcxc-to-the-aave-v4-equities-hub-on-base/25850/1 "2026-10-15T13:36:20Z")
## Summary This proposal seeks to onboard SPCXc to the Aave V4 Equities Hub on Base. This proposal follows the Direct to AIP route. ## Motivation SPCXc is a tokenized equity issued by Base, providing onchain exposure to SpaceX shares, which trade on Nasdaq under the same ticker. The Equities Hub on Base currently holds seven tokenized equities alongside USDC. Onboarding SPCXc would: - Add tokenized SpaceX equity exposure to the Aave V4 Equities Hub on Base. - Broaden the set of tokenized equities available on the Equities Hub. ## Specification This proposal onboards SPCXc to the Aave V4 Equities Hub on Base. **SPCXc** : [`0xb2000000000000000000007b9fcbd005511acbd5`](https://base.blockscout.com/address/0xb2000000000000000000007b9fcbd005511acbd5) Risk parameters and final configuration will be provided by the Risk Service Providers and this proposal will be updated accordingly. ## Disclaimer This proposal was prepared by Aave Labs in its capacity as a contributor to the Aave ecosystem. Aave Labs has no direct financial relationship with Base or its affiliates and has not received compensation from Base or its affiliates in connection with this proposal. ## Next Steps 1. Gather community and Service Provider feedback. 2. Incorporate the Risk Service Providers’ final configuration for the Aave V4 Equities Hub on Base. 3. Publish the AIP vote for final confirmation and onchain enforcement of the proposal. ## Copyright Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). ---
**Author:** ![LlamaRisk](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/llamarisk/32/12865_2.png) [@LlamaRisk](https://governance.aave.com/u/LlamaRisk)\ **Post date:** [October 15, 2026, 7:01pm UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-spcxc-to-the-aave-v4-equities-hub-on-base/25850/2 "2026-10-15T19:01:14Z")
## Summary LlamaRisk supports onboarding SpaceX Class A common stock (Nasdaq: SPCX) in its Coinbase B20 tokenized form on Base (SPCXc). SPCXc is issued on the same Base stack as the Magnificent Seven tokens already on the hub, namely the B20 token standard, Coinbase’s Token Supply Manager and Oracle Registry, and a Chainlink 24/5 feed built on the same template. That stack was covered in our initial review and initial market parametrization of the Equities Hub. Our legal review found the SpaceX certificates identical to the NVIDIA certificates examined for the existing collateral, apart from the series details and the qualification of the underlying as Class A shares. We nevertheless evaluate SPCXc separately, since SpaceX’s fundamentals and the recency of its IPO set it apart from the existing collateral. Its valuation rests on businesses that are early or unproven, its price history covers four months instead of eight years, and more than half of its locked supply is still to be released. This review covers the company’s fundamentals and valuation, its share structure and lock-up schedule, the behaviour of the stock and its derivatives since the June 2026 IPO, the supply and liquidity of SPCXc on Base, the legal structure of the certificates, and the resulting parameters. SpaceX is a $2.33T company whose valuation rests mostly on businesses that do not yet earn a profit. Starlink generates $8.65B of annual segment EBITDA, which supports about 4% to 15% of the enterprise value depending on the multiple applied, while the group as a whole lost $8.2B and burned $32B of free cash flow over the twelve months to June 2026 as it builds AI compute. The stock trades at 99 times trailing revenue, fell 46% from peak to trough within its first eight weeks, and its volatility since listing (81% annualized) is well above that of any name currently listed on the hub. The supply overhang comes from lock-ups on shares that are already issued and vested, while unvested equity is comparatively small. Only 21% of shares are tradable today, and the 180-day lock-up releases another 2.43B shares, 84% of the current float, between 26 October and 8 December 2026. The stock itself is highly liquid, with $14B to $16B of daily volume, $625M of perpetual open interest across the four venues used for Magnificent Seven caps and a live 24/5 Chainlink feed on Base. The full assessment can be found in its [corresponding thread](https://governance.aave.com/t/coinbase-b20-equities-on-base-assessments/25690/3). ## Parametrization SPCXc joins the pooled lending spoke of the Equities Hub on the same terms as the existing collateral. The collateral factor, the maximum liquidation bonus and a risk premium are set specifically for SPCX, since its volatility and the length of its history differ materially from the Magnificent Seven, while the exposure cap follows the same approach used for the existing names due to comparable liquidity properties. ### Collateral Factor We recommend a collateral factor of 0.55 for SPCXc, ten points below META and TSLA, the most conservative names on the hub. The collateral factor has to absorb the fall the collateral can suffer between the moment a position becomes liquidatable and the moment a liquidator can act on it. On a 24/5 feed the largest such falls happen off-hours, from a price after the close to the next regular open, and as for the Magnificent Seven we size the collateral factor so that this fall is exceeded about once per stock in ten years. The Magnificent Seven figures were drawn from eight years of each stock’s own history. SPCX has four months of trading, which is too short to contain a once-in-ten-year night, so we estimate that night from the stock’s volatility. The estimate scales a forecast of SPCX’s daily volatility by the size of a once-in-ten-year off-hours fall relative to daily volatility, measured across all S&P 500 stocks since 2018 with a 2020-type crash year assumed once a decade. The forecast weights SPCX’s recent moves and pulls them partly towards the market-wide level, since unusually volatile stocks tend to calm over the following year. We tested the approach on 184 US IPOs from 2018 to 2025, with the collateral factor set 40 to 120 trading days after listing. On data to the 12 October close, the estimate puts SPCX’s once-in-ten-year off-hours fall, the haircut h, at 41.0%. SPCX’s worst off-hours fall so far, 16.4% on the night of its Q2 earnings release, sits well inside it. The collateral factor also leaves room for the liquidation bonus set below and for the interest i that accrues while the market is closed, \mathrm{CF} = \frac{1 - h}{(1 + \mathrm{LB})\,(1 + i)} = \frac{1 - 0.410}{1.065 \times 1.00279} = 0.552, where i is 0.279%, the interest on SPCXc-backed debt at its 26.4% top rate including the risk premium set below over the longest market closure of 92.6 hours. ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/7/7d23d42751c28ae4e2544a9df2ec9ac332758c07.png) Source: LlamaRisk, 14 October 2026 ### Liquidation Bonus We recommend a maximum liquidation bonus of 6.5% for SPCXc, one point above the Magnificent Seven. The bonus has to cover what a liquidator gives up between repaying the debt and holding USDC again. As on the existing collateral, a liquidator can redeem the seized tokens with the issuer during regular hours, sell them on Base, or hedge them with a perpetual short outside regular hours. On every route it bears the gap \delta of up to 0.5% between the oracle price and the market, the move d in the stock before its hedge is in place, and the cost k of the route itself. The bonus a liquidator needs to break even is b\_n = \frac{1 + \delta}{(1 - d)\,(1 - k)} - 1, and the borrower pays b\_n / (1 - \rho) once the 10% liquidation fee \rho is added. The route costs are the same as on the existing collateral, while the move before the hedge is larger because SPCX moves faster. Its largest five-minute falls on Hyperliquid over the last 17 days, at the 99.9th percentile, are 1.63 times those of the Magnificent Seven, which raises the stress move from 2.02% to 3.30%. | Route | Oracle gap \delta | Move before hedge d | Route cost k | Bonus to break even | Bonus paid by the borrower | | --- | --- | --- | --- | --- | --- | | Redemption, regular hours | 0.50% | 3.30% | 0.06% | 4.00% | 4.44% | | Secondary sale on Base | 0.50% | 3.30% | 2.00% | 6.05% | 6.72% | | Perpetual hedge, stressed | 0.50% | 3.30% | 1.50% | 5.51% | 6.12% | ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/c/ccbf0ca3e176f24c6a03c5b8ce6b05b41e446f85.png) Source: LlamaRisk, 14 October 2026 At 6.5% the bonus covers redemption and the stressed perpetual hedge, as well as a sale on Base of up to about $310k, the amount that moves the Aerodrome pool by 1.5% today. Larger liquidations go through redemption or the perpetual hedge, as on the existing collateral. The spoke’s bonus curve pays 5.85% at a health factor of 1.0 and the full 6.5% from a health factor of 0.90. ### Caps We recommend an add cap of 37,000 SPCXc, about $5.8M at current prices. The USDC caps on the spoke are unchanged. | Reserve | Perp open interest, four venues | 5% of open interest | Mint allowance per day | DEX depth at 2% impact | Supply outstanding | Add cap | Add cap, USD | | --- | --- | --- | --- | --- | --- | --- | --- | | SPCXc | $625.1M | $31.26M | 37,000 ($5.80M) | $0.37M | 13,214 ($2.07M) | 37,000 | $5.80M | The cap is 2.8 times today’s supply. Several Magnificent Seven caps also sit above their token’s supply, since authorized participants mint on demand as collateral demand grows. It is also about fifteen times the depth of the Aerodrome pool at a 2% price impact, so a liquidation of a large part of the cap would go through redemption or a perpetual hedge instead of a sale on Base. ### Risk Premium We assign SPCXc a collateral risk of 1,000 bps, while the Magnificent Seven remain at 0. The premium is added for two reasons. - SPCX is an outlier in the current composition of the hub. Its volatility, its four-month history with a single earnings release and its remaining lock-up calendar set it apart from the Magnificent Seven, and the premium compensates suppliers for the uncertainty that the collateral factor cannot remove. The collateral factor, the bonus and the cap remain the protection against bad debt, while the premium prices the residual uncertainty. - The premium encourages diversification. A borrower’s premium is the debt-weighted collateral risk of the collateral backing its debt, and Aave V4 assigns the lowest-risk collateral to the debt first. A borrower whose Magnificent Seven collateral covers its USDC debt therefore pays no premium on account of its SPCXc, and only the part of the debt that relies on SPCXc pays it. At the current USDC drawn rate of 1.85%, debt backed by SPCXc pays 2.03%, rising to 4.40% at the 90% optimal usage ratio and 26.4% at the top of the curve. The premium starts small and can be raised through the risk steward process if SPCXc comes to back a large share of the hub’s debt. ### Re-evaluation The lock-up calendar sets the first two important dates to track: - After the Q3 earnings release, expected on 3 to 5 November, and the tranche of about 1.3B shares two trading days later. The release adds a second earnings night to the history, and the tranche is the largest supply event still outstanding. - After the 8 December release of 797.6M shares and the start of demand registration rights around 11 December, from which underwritten block sales become possible. Beyond these dates we will review the parameters, including the risk premium, monthly while the listing history remains short, and the caps through the risk steward process as supply, pool depth and open interest change. ## Specification ### Spoke Parameters | Chain | Hub | Spoke | Reserve | Collateral Factor | Max Liquidation Bonus | Borrowable | Collateral Risk | Liquidation Fee | Risk Premium Threshold | Receive Shares | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Base | Equities Hub | MAG7 Spoke | SPCXc | 55.00% | 6.50% | FALSE | 1,000 bps | 10.00% | 0 | TRUE | ### Add and Draw Caps | Chain | Hub | Spoke | Reserve | Add Cap | Draw Cap | | --- | --- | --- | --- | --- | --- | | Base | Equities Hub | MAG7 Spoke | SPCXc | 37,000 | 0 | ### Hub Spoke Configuration | Chain | Hub | Spoke | Asset | Risk Premium Threshold | | --- | --- | --- | --- | --- | | Base | Equities Hub | MAG7 Spoke | USDC | 1100% | ### Price Feed SPCXc is priced by the Chainlink total return feed for the token, which carries the issuer multiplier and follows the 24/5 US equities market hours on the same template as the existing reserves. | Reserve | Token | Chainlink feed | | --- | --- | --- | | SPCXc | [0xb2000000000000000000007b9fcbd005511acbd5](https://basescan.org/token/0xb2000000000000000000007b9fcbd005511acbd5) | [0x6A634B235903C4ad6376892180d6fF8612e3Fa68](https://basescan.org/address/0x6A634B235903C4ad6376892180d6fF8612e3Fa68) | ### Disclaimer This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work. The information provided should not be construed as legal, financial, tax, or professional advice.