ChainCatcher reported that Standard Chartered has initiated coverage of Uniswap, the decentralized exchange protocol, and issued a long-term forecast for its UNI token. The bank projects that UNI could rise from about $2.7 at present to $100 by the end of 2030, implying a gain of nearly 40 times. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said the next round of wealth opportunities in digital assets may come from DeFi protocols.
Tokenized assets are central to the DeFi thesis
The core reasoning in Standard Chartered’s view is that the amount of tokenized assets entering DeFi will grow significantly. A larger base of tradable assets would expand the activity available to protocols such as Uniswap and increase their fee potential. The bank expects the scale of on-chain tokenized assets to grow from about $340 billion today to $4 trillion by the end of 2028.
Standard Chartered also expects the share of those tokenized assets entering DeFi to rise from roughly 3.5% now to 30% by the end of 2030. Together with growth in crypto-native assets, DeFi total value locked could reach about $2.7 trillion, around 37 times the current level. That calculation forms a key part of the bank’s long-term valuation framework for Uniswap.
UNI path depends on commercialization and TradFi partnerships
Kendrick said that if Uniswap successfully commercializes and builds partnerships with traditional financial institutions at sufficient scale, the valuation multiple between its market capitalization and trading fees could improve. In that case, the gap between Uniswap and centralized trading platforms such as Coinbase could narrow. The report links Uniswap’s protocol growth, fee potential and institutional relationships within the same assessment.
Standard Chartered’s year-end UNI price path is $6.5 for 2026, $20 for 2027, $40 for 2028, $65 for 2029 and $100 for 2030. The bank also expects UNI to outperform ETH and BTC over that period.