A tokenised share still has things happening behind the counter.

Aave Labs published a technical assessment of NVDAc on Base on 29 October. The report, dated 23 October, finds the token technically eligible for listing but flags pricing, administrative controls and off-chain custody dependencies. It is an assessment, not evidence that a lending market has launched.

NVDAc represents NVIDIA shares through an issuer-controlled structure. The assessment says the token's behaviour is implemented in Base's node software, rather than a conventional individual Solidity contract. The underlying shares remain in off-chain custody.

The report records a 24/5 price feed that retains its last value during market closures, while the token can continue trading. It also describes a changeable multiplier governing the share entitlement per token, immediate administrative powers and restricted redemption. Those are specific findings in this dated assessment; they should not be read as a live status check of every equity feed.

The practical distinction is between a transferable token and the arrangements behind it. A technical listing assessment examines those dependencies; it does not remove them or guarantee investment safety. Readers comparing tokenised shares should look beyond the ticker to custody, pricing and who can redeem.