Standard Chartered’s Geoff Kendrick says Uniswap’s UNI token could reach $100 by 2030, nearly 40x, as Wall Street treats the DEX as neutral market infrastructure for tokenized assets and the fee-switch burn tightens supply.
Posted June 16, 2026 at 5:47 am EST.
Uniswap’s native token is set to climb nearly fortyfold in the coming years, outperforming bitcoin and ether as Wall Street migrates onchain, according to Standard Chartered’s Geoff Kendrick.
The decentralized exchange is positioned to benefit from an influx of digital assets that represent traditional investments, the bank’s global head of digital assets wrote in a Monday note, penciling in a price target of $100 by 2030. The projection rests on Uniswap’s structural neutrality, which Kendrick argued lets Wall Street firms build on the platform confident that its underlying rules will not change as tokenized assets scale. “For TradFi institutions, Uniswap should be viewed less as a retail DEX app and more as market infrastructure,” he wrote, comparing Uniswap to YouTube and Coinbase to Netflix.
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The math behind the call rests on DeFi’s growth. Standard Chartered expects the value of digital assets deposited or staked in DeFi protocols to reach $2.7 trillion by the end of the decade, which would give Uniswap’s liquidity pools 37 times more assets to trade onchain. Because the protocol’s fees scale with trading volume, more tokenized assets would mean more revenue, and the late-2025 “UNIfication” fee-switch upgrade programmatically channels that into token burns. UNI’s total supply has already fallen to roughly 895 million from 1 trillion since the fee activation in December, helped by a large retroactive burn and an ongoing annualized burn rate of about 1%.
The thesis has early validation, considering BlackRock, in February, made its tokenized money market fund BUIDL tradable via UniswapX through Securitize. A person familiar with the matter told Decrypt that the asset manager planned to purchase UNI tokens.
Kendrick projected UNI would reach $6.50 by the end of 2026.
Smaller players could build more competitive solutions for specific use cases, and new compliance rules around tokenization could create headwinds, Kendrick noted, flagging key risks for the protocol.
UNI traded around $2.72 on Monday, up nearly 10% on the day, though still far below its roughly $45 peak five years ago.
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