# Standard Chartered Initiates Uniswap Coverage

> Standard Chartered initiated coverage of Uniswap (UNI), forecasting UNI will rise 40x to $100 by year-end 2030.

**Published by:** [ETH Daily](https://ethdaily.io/)
**Published on:** 2026-06-15
**URL:** https://ethdaily.io/standard-chartered-initiates-uniswap-coverage

## Content

Standard Chartered initiated coverage of Uniswap (UNI) in a Global Research note led by Geoff Kendrick, the bank's Global Head of Digital Assets Research, forecasting UNI-USD will rise 40x to $100 USD by end-2030 from around $2.50 USD today. The note lays out a path of $6.50 USD by end-2026, $20 USD in 2027, $40 USD in 2028, $65 USD in 2029, and $100 USD in 2030, a trajectory the bank expects to outperform both ETH and BTC over the period. The bullish call rests on tokenization. Standard Chartered projects tokenized assets on-chain will grow to $4 trillion USD by end-2028 from $340bn USD today, and expects the share of those assets active in DeFi to rise to 30% by end-2030 from 3.5% currently. Combined with crypto-native value, the bank calculates roughly $2.7tn USD of assets locked in DeFi by 2030, a 37x increase that would give Uniswap liquidity pools 37x more on-chain assets to trade. The note frames Uniswap as DeFi trading infrastructure for TradFi integration rather than a retail exchange app, likening it to YouTube as an open platform against Coinbase as a Netflix-style closed entity. It argues Uniswap's automated market maker model lets it dominate highly correlated pairs and the long tail of assets at a lower cost of capital, positioning it to host the naturally correlated tokenized pairs that TradFi cannot easily scale on its own. UNI's fee mechanics underpin the valuation. The UNIfication upgrade executed in December 2025 switched on protocol fees and routed them into programmatic UNI burns, generating around $21mn USD in protocol revenue and burning roughly 5mn UNI for an annualized burn rate near 1%. Standard Chartered notes a linear pass-through from trading volume to protocol fees, implying that a 37x rise in DeFi assets would translate into a 37x increase in fees and burns, lifting the burn rate or the token price toward a sustainable level. The bank flags execution risk: capturing RWA volume requires significant commercialization and unproven TradFi partnerships, sector-specific DEXs like Aerodrome and Curve compete in single niches, and Uniswap's V4 hook ecosystem has not been tested at the scale implied. A clearer US regulatory framework after expected passage of the Clarity Act may ease TradFi onboarding over time. Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created

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