What changed

At 03:43 JST on 2026-09-05, the Aerodrome SPCXc/USDC observation showed $44,954.13 of liquidity and $225,747.04 of 24-hour volume. A Uniswap V4 SPCXc/USDC pool with a 5% trading fee has since been identified at 0x65206fdc2323af155a01c9be845fa500e6d1058c207d2f2d83e9c48b706d0170, showing $18,860.87 of liquidity, $25,898.56 of 24-hour volume, 284 transactions and an age of roughly six hours. The related-pool view on GeckoTerminal currently shows Aerodrome SPCXc/USDC at about $11,420 of liquidity and $380,960 of 24-hour volume. The displayed Aerodrome liquidity is about 74.6% below the 03:43 observation while displayed volume is about 68.8% higher.

Why it matters

The verified yield source for the new Uniswap V4 pool is its 5% swap fee; no external reward, additional incentive or sustainable APY was independently confirmed at observation time. The change shows SPCXc liquidity beginning to split across venues and fee tiers. A 5% trading fee may also increase adverse-selection risk, and volume from a pool only about six hours old should not be annualized into a durable yield estimate. Coinbase states that Tokenized Stock dividends and splits are reflected through an onchain multiplier rather than token-balance changes, which is also relevant when comparing raw token-price displays across venues and indexers.

Evidence

  • GeckoTerminal — Aerodrome SPCXc/USDC baseline observation — The observation snapshot showed the Aerodrome Slipstream 3 SPCXc/USDC pool at $44,954.13 of liquidity, $225,747.04 of 24-hour volume and 1,276 transactions. 2026-09-05T03:43:03+09:00
  • GeckoTerminal — Uniswap V4 SPCXc/USDC 5% — The Uniswap V4 SPCXc/USDC pool displayed a 5% trading fee, $18,860.87 of liquidity, $25,898.56 of 24-hour volume, 284 transactions and an age of roughly six hours. The related-pool view on the same page showed Aerodrome SPCXc/USDC at roughly $11,420 of liquidity and $380,960 of 24-hour volume. 2026-09-05T19:42:07+09:00
  • Base — Stocks — Base lists SPCXc (SpaceX, contract suffix CBd5) among Coinbase Tokenized Stocks and describes these assets as B20 tokens that can be used across Base DeFi. 2026-09-05T19:42:07+09:00
  • Coinbase — Tokenize — Coinbase states that dividends and splits for Tokenized Stocks are reflected through an onchain multiplier rather than changes to token balances. 2026-09-05T19:42:07+09:00

Limitations

The Uniswap V4 pool is only about six hours old, so its 5% fee cannot be converted directly into realized LP returns or a sustainable APY. Active liquidity, LP range, fee growth, hook details, protocol fees and external rewards or incentives were not independently verified in this observation. The current Aerodrome figure comes from GeckoTerminal's related-pool view and is not a synchronized point-in-time comparison with the 03:43 baseline. Concentrated-liquidity range risk, impermanent loss, SPCXc issuer/custody/redemption/eligibility constraints, differences in how venues and indexers reflect the B20 multiplier, and the gap between round-the-clock onchain trading and reference-asset price formation remain relevant limitations.

Disclosure

This is a public-market observation and does not constitute investment advice.