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Standard Chartered initiated coverage of Uniswap on Monday with a price target of $100 for UNI by the end of 2030, implying roughly 40x upside from its current price near $2.70. Geoffrey Kendrick, the bank's global head of digital assets research, framed the call as a generational bet on decentralized finance rather than a near-term trade.
Kendrick projects UNI at $6.50 by end-2026, $20 by end-2027, $40 by end-2028, $65 by end-2029, and $100 by end-2030 — a glidepath that assumes Uniswap outperforms both ether and bitcoin across the window. The anchor: tokenized assets onchain grow from roughly $340 billion today to $4 trillion by end-2028, with the share actively used in DeFi rising from 3.5% to 30% by end-2030, pushing total DeFi-locked assets to about $2.7 trillion.
Why it matters
This is one of the first major TradFi banks to put a formal price target on a DeFi-native governance token, and the framing matters: Kendrick isn't calling a cycle bounce, he's calling a structural repricing tied to tokenized-asset migration. He compares Uniswap to YouTube and Coinbase to Netflix — open infrastructure versus a centralized venue — and argues the gap between Uniswap's market-cap-to-fee multiple and Coinbase's is the mispricing that closes.
The fee switch, activated via the December 2025 UNIfication upgrade, gives that thesis a real economic leg to stand on. Since activation, Uniswap has generated roughly $21 million in protocol fees and burned about 5 million UNI tokens, with a planned one-time burn of 100 million UNI taking total supply from 1 billion to 895 million and circulating supply to 622 million. That's a structural reduction in float, not just a narrative.
Market impact
If Kendrick's $4 trillion tokenization figure lands anywhere close, Uniswap's liquidity pools would have roughly 37x more assets available for trading — the variable that drives fee revenue. The path isn't riskless: Kendrick flagged smaller DEXs building better products for specific niches, the commercialization lift needed to capture tokenized real-world-asset flow, and the open question of whether Uniswap V4's hook system holds up at the scale he expects.
Frequently asked questions
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What is Standard Chartered's price target for UNI by 2030?
Standard Chartered's Geoffrey Kendrick set a $100 price target for UNI by end-2030, implying roughly 40x upside from current levels near $2.70, with intermediate targets of $6.50 (2026), $20 (2027), $40 (2028), and $65 (2029).
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Why does Standard Chartered think UNI could 40x?
Kendrick projects onchain tokenized assets growing from ~$340B to $4T by end-2028, with the share used in DeFi rising from 3.5% to 30% by 2030. That would push DeFi-locked assets to ~$2.7T and Uniswap's liquidity pools would see roughly 37x more assets to trade.
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How does Uniswap's fee switch support the bullish case?
The December 2025 UNIfication upgrade activated protocol fees and programmatic UNI burns. Since activation, Uniswap has generated ~$21M in protocol fees and burned ~5M UNI, with a planned one-time burn of 100M UNI taking total supply from 1B to 895M.
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What risks did Kendrick flag for Uniswap?
Smaller DEXs could build better products for specific niches, capturing tokenized RWA volume will require stronger commercialization and TradFi partnerships, and Uniswap V4's hook system has not been tested at the scale Kendrick expects by 2030.
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How did Kendrick compare Uniswap to Coinbase?
He framed Uniswap as YouTube — open infrastructure where users supply liquidity and create pools — and Coinbase as Netflix, a centralized venue. Despite similar transaction volumes, Uniswap trades at a much lower market-cap-to-fee multiple, which he expects to compress.
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