LlamaRisk Proposes 55% Collateral Factor for SpaceX-Linked Aave Asset

The proposed collateral factor and token cap signal that risk curators are treating tokenized pre-IPO exposure as a distinct category, not just another RWA listing. The SpaceX share unlock is the real pressure point: if redemptions or derivatives hedges are the only backstops for larger liquidations, the structure's resilience depends on markets that may not be there when needed. How Aave governance weighs the cap against demand, and whether the unlock tests the redemption and hedge assumptions, are the open questions.