Is 40x just hype or based on a model? Anyway, TradFi is starting to seriously look at on-chain transaction fee business, which is more worth paying attention to than the price itself.

Standard Chartered first coverage of Uniswap, predicting UNI will rise from about $2.70 to $100 by the end of 2030, approximately 40 times. The core view is that DeFi tokenized assets will grow significantly, enhancing trading infrastructure and fee potential. It is expected that by 2028, on-chain tokenized assets will reach $40 trillion, with the proportion of DeFi increasing to 30%, and DeFi locked assets possibly reaching $2.7 trillion. If Uniswap achieves commercialization and forms large-scale partnerships with traditional finance, the valuation multiple of market cap to fees could increase, narrowing the gap with centralized exchanges like Coinbase.