Standard Chartered predicts a 40-fold increase in 4 years.
What makes Uniswap exceptional?

Tao Zhu, Golden Finance

Summary: On June 15, 2026, a report was released: UNI's target price by the end of 2030 will reach $100, roughly 40 times higher than Monday's trading price of $2.70. The head of global digital asset research at this bank, Geoff Kendrick, positions Uniswap as a core trading hub in the wave of real-world asset tokenization. What makes Uniswap so outstanding that Standard Chartered Bank can praise it?

1. 4-year 40-fold price increase forecast

On June 15, a research report from Standard Chartered Bank suddenly ignited the crypto market.

Standard Chartered's research department was the first to analyze the world's largest decentralized exchange, Uniswap, arguing that Uniswap's governance token is closely related to the institutional tokenization wave. Geoff Kendrick, head of global digital asset research at the bank, believes that as banks transfer real-world assets onto the blockchain, Uniswap is expected to become the trading center for tokenized real-world assets.

According to Kendrick's set annual targets for UNI: reaching $6.50 by the end of 2026, $20 by the end of 2027, $40 by the end of 2028, $65 by the end of 2029, and $100 by the end of 2030. That means, by the end of 2030, UNI's price will have increased about 40 times from Monday's trading price of $2.70. Kendrick predicts that UNI's performance during this period will surpass Ethereum and Bitcoin. This forecast is based on a structural assumption: by 2028, the scale of on-chain tokenized assets will expand to $4 trillion, with an increasing number of assets traded through DeFi platforms, and Uniswap being the default infrastructure for these platforms.

Kendrick also presents a valuation argument. He points out that if Uniswap partners with enough traditional financial companies to expand its commercialization scale, the gap between its market cap and fee income could narrow, and its valuation discount relative to Coinbase might also decrease. The fully diluted valuation of UNI is about $2.4 billion, with a circulating market cap close to $1.68 billion.

For more details, see "Standard Chartered Sets $100 Target Price: Will UNI Become the Next Core Asset for Institutions?"

2. Why does Uniswap attract Standard Chartered Bank's attention?

Many people's impression of Uniswap may still be stuck on decentralized exchanges, but in fact, Uniswap has long grown into one of the most important financial infrastructures in the entire DeFi world.

1. Impressive Data

Since its launch in 2018, Uniswap's total trading volume has exceeded $3.7 quadrillion, with total fee income reaching $5.6 billion. Although Uniswap's trading volume is comparable to Coinbase, its market value-to-fee ratio is significantly lower than Coinbase. Kendrick states that with the strengthening of commercialization and deeper institutional cooperation, this gap is expected to narrow over time. Additionally, the protocol has locked in a total of $2.88 billion in value across Ethereum, Base, Arbitrum, and other chains.

According to Uniswap's 2025 annual review posted on Reddit, the protocol maintained its leading position as a decentralized exchange in the crypto space last year, setting new annual trading volume records. The protocol's trading volume exceeded $1.42 trillion, with total trading volume surpassing $4 trillion, and collected over $932 million in fees.

According to the latest data from DefiLlama, at the time of writing, Uniswap's on-chain total value locked (TVL) is about $3.14 billion, with a cumulative trading volume of $42.46 billion over the past 30 days, accounting for approximately 16.8% of the total DEX market trading volume. Over the past year, the protocol generated about $858 million in trading fees, with roughly $36.55 million as protocol revenue, and distributed incentives exceeding $155 million to liquidity providers and ecosystem participants. Currently, UNI's circulating market cap is about $2.21 billion, with a fully diluted valuation (FDV) of approximately $3.18 billion. The circulating supply of UNI is about 580 million tokens, with a unit price of roughly $3.55. Meanwhile, the Uniswap protocol treasury still holds assets close to $960 million, providing ample funds for future ecosystem expansion, incentive programs, and governance development.

2. RWA Narrative Outlook

At the time of Standard Chartered's first coverage report, many large banks already regard asset tokenization as a long-term trend worth trillions of dollars.

The reason Wall Street pays so much attention to RWA is that it can improve asset liquidity. In traditional finance, securities trading involves many institutions such as brokers, custodians, and clearinghouses. On the blockchain, issuing assets, matching trades, clearing, and settlement can be completed within seconds, supporting 24/7 trading.

Wall Street giants have already begun action. In March 2024, BlackRock launched its first public chain tokenized money market fund, BUIDL, bringing traditional assets like U.S. Treasuries, cash, and repurchase agreements onto the blockchain; in 2023, JPMorgan completed its first blockchain-based tokenized collateral trade and has been actively promoting digital deposits and treasury tokenization through the Onyx platform; Franklin Templeton launched its on-chain money market fund FOBXX in 2021, and has implemented on-chain fund shares via the BENJI platform; Citibank launched Citi Token Services in 2023, exploring tokenization solutions for cross-border payments, trade finance, and cash management...

Against this backdrop, Standard Chartered has strong confidence in RWA and predicts that by the end of 2028, the scale of on-chain tokenized assets will expand from the current approximately $340 billion to $4 trillion, an increase of nearly 12 times. More assets will be traded through DeFi platforms, with Uniswap being the default infrastructure for these platforms. Currently, about 3.5% of tokenized assets are in DeFi protocols, and by 2030, this proportion is expected to rise to 30%.

If future trillions of dollars in government bonds, funds, bonds, and stocks are gradually tokenized, Uniswap will naturally have an advantage in capturing this incremental market. Therefore, Standard Chartered Bank is paying close attention to Uniswap.

3. Recognition from Traditional Institutions

In June, Uniswap announced that Fidelity has chosen Uniswap as the liquidity infrastructure for its stablecoin FIDD, with the FIDD liquidity pool now live on the Uniswap protocol. Fidelity's stablecoin FIDD was officially launched in February, open to retail and institutional investors.

In February, Uniswap Labs announced a strategic partnership with Securitize to integrate Fidelity's tokenized U.S. Treasury fund BUIDL into the UniswapX trading system, enabling on-chain trading between BUIDL and USDC. Robert Mickenik, head of global digital assets at Fidelity, said: “This collaboration with Uniswap Labs and Securitize is an important milestone in the integration of tokenized assets with decentralized finance. The integration of BUIDL with UniswapX marks a significant step forward in the interoperability of tokenized U.S. dollar yield funds and stablecoins.”

In 2024, Uniswap Wallet will establish a partnership with Robinhood. Users will be able to directly purchase cryptocurrencies within Uniswap Wallet through their Robinhood accounts.

In addition to direct collaborations with Securitize, Fidelity, and Robinhood, traditional financial institutions such as JPMorgan, Franklin Templeton, and Citibank are accelerating their deployment of RWA, which will also create potential incremental trading demand for Uniswap.

3. Recent Uniswap Developments Summary

1. UNI Price Surge

Boosted by the positive news from the Standard Chartered report, UNI's price surged to a high of $3.729. At the time of writing, it is $3.581, with a 24-hour increase of nearly 20%.

2. RWA Ecosystem Expansion

On June 13, Ondo Finance posted on X that Uniswap now supports tokenized stocks and ETF products issued by Ondo, marking the official landing of real-world assets (RWA) on one of the most widely used on-chain financial platforms.

On April 14, Coinbase opened decentralized exchange trading access for UK customers, allowing users to access Uniswap and Aerodrome on the Coinbase app to trade Base native assets, with plans to expand to other networks like Solana.

3. Developer Ecosystem Enhancement

On April 16, Uniswap's developer platform officially launched. The platform provides a new documentation website, AI toolkit, API Playground, and technical guides. Additionally, the Uniswap API added liquidity provider (LP) endpoints, supporting developers to create, adjust positions, and withdraw fees directly via API.
The API currently supports 10 million assets across 18 chains, with routing speeds of about 200 milliseconds and a success rate exceeding 97%. Future plans include launching dashboard analytics to track API performance and providing on-chain operation workflows supporting cross-chain token swaps and bridging. The API is free to use.