Standard Chartered has initiated coverage on Uniswap, projecting that its UNI token could surge from about $2.70 to $100 by the end of 2030, a roughly 40-fold increase driven by expected growth in tokenized assets used in decentralized finance.
Uni price outlook tied to tokenized asset expansion
The forecast is anchored in a sharp rise in onchain assets and their use within decentralized finance. Geoff Kendrick, the bank’s head of digital assets research, estimates total tokenized onchain assets could climb from about $340 billion in 2024 to $4 trillion by 2028. Over the same period, the share of those assets deployed in decentralized finance is expected to grow from 3.5% to 30% by 2030, pushing total value locked in decentralized protocols to around $2.7 trillion.
Kendrick outlined a step-by-step price path for UNI, suggesting it could reach $6.50 by late 2026, $20 in 2027, $40 in 2028, $65 in 2029, and $100 by 2030. If realized, the trajectory would see UNI outperform both Bitcoin and Ethereum over that stretch.
Uniswap model and valuation gap
Standard Chartered points to Uniswap’s decentralized structure as a key advantage over centralized exchanges. Instead of relying on internal capital, the protocol allows users to create liquidity pools, lowering capital requirements and enabling trading across stablecoins, staked assets, and smaller tokens.
Despite processing volumes comparable to major centralized platforms, Uniswap currently trades at a lower market capitalization-to-fees ratio. Kendrick argues that deeper integration with traditional financial firms could help close this gap over time.
Recent data supports the growing scale of the protocol. Uniswap recorded about $73 billion in trading volume over a recent 30-day period, placing it among the top global exchanges by activity, alongside other decentralized platforms.
UNIfication upgrade introduces fees and token burns
A December 2025 governance upgrade known as UNIfication reshaped the protocol’s economics by introducing fees and automated token burns. The update directly links platform activity to UNI supply reduction.
Key changes include:
- Activation of protocol fees across liquidity pools
- Automated UNI token burns tied to revenue
- A one-time burn of 100 million UNI tokens
Since the upgrade, about $21 million in fees have been generated and roughly 5 million UNI tokens have been burned, implying an annual burn rate near 1%.
Total supply has dropped from 1 billion to about 895 million tokens, with circulating supply near 622 million. Governance has also expanded fee participation to more pools, with further proposals aiming to extend the model across additional blockchains such as BNB Chain, Polygon, and Celo.
Technology upgrades and scaling questions
Uniswap V4, released earlier, introduced a new hook-based system that allows developers to customize liquidity pools, along with architectural changes aimed at improving efficiency and lowering costs. While these features are seen as foundational for long-term growth, adoption remains gradual and much of the liquidity is still concentrated in earlier versions.
Kendrick noted that V4 has yet to demonstrate the level of scalability required to support the aggressive 2030 growth scenario.
Regulatory and competitive risks remain
The outlook is not without risks. Competition from smaller decentralized platforms could erode market share, particularly as innovation accelerates across the sector. At the same time, capturing tokenized real-world asset activity may depend on cooperation with established financial institutions.
Regulation also remains a key variable. Recent signals from the U.S. Securities and Exchange Commission suggest a more accommodating stance toward certain non-custodial platforms, while proposed changes to market structure rules could remove barriers to trading tokenized stocks on automated market makers. However, future legislative or regulatory shifts could still shape how the sector develops.
Overall, Standard Chartered’s bullish case for UNI hinges on the rapid expansion of tokenized assets and decentralized finance, alongside Uniswap’s ability to scale, integrate with traditional finance, and maintain its competitive position.
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