Standard Chartered Bank’s Global Head of Digital Assets Research, Geoff Kendrick, initiated coverage of Uniswap (UNI) in a June 15 report with a $100 end-2030 price forecast. The target compares with today’s $2.50 price level and implies a 40-fold increase.

Uniswap is the largest decentralized exchange, giving the protocol direct exposure to activity in decentralized trading markets. The report frames UNI as a potential beneficiary of tokenized assets moving on-chain and becoming more active across decentralized finance ( DeFi) protocols.

Kendrick wrote:

“We initiate coverage of Uniswap with a UNI-USD price forecast of USD 100 by end-2030, a 40x increase from today’s USD 2.50 level. This would see UNI outperform both ETH and BTC through end-2030.”

Standard Chartered forecasts UNI-USD at $6.50 in 2026, $20 in 2027, $40 in 2028, $65 in 2029, and $100 in 2030. The bank also forecasts ethereum at $40,000 and bitcoin at $500,000 by the end of the decade.

The investment case depends on Uniswap capturing more protocol fees as DeFi markets expand. The report states that stronger commercialization and traditional finance partnerships could lift Uniswap’s market capitalization-to-transaction fees multiple and narrow its gap with Coinbase, the largest U.S. cryptocurrency exchange.

Standard Chartered projects that tokenized assets on-chain will rise to $4 trillion by the end of 2028 from $340 billion today. The bank also expects the share of tokenized assets active in DeFi to rise to 30% by the end of 2030 from 3.5% today.

Current activity remains concentrated in a small portion of tokenized markets. The report estimates that DeFi activity now includes about 3% of stablecoins and 10% of real-world assets. Those figures support the bank’s projection for $2.7 trillion of assets locked in DeFi by end-2030.

Kendrick noted:

“We expect the value of tokenised assets active in DeFi to grow 37x between now and end-2030.”

Uniswap’s liquidity pools could expand as more tokenized assets enter DeFi markets. The report cites the protocol’s all-purpose infrastructure, long operating history, recognizable brand, and current dominance in highly correlated pair trading as advantages for scaling with institutional activity.

Traditional finance firms may need decentralized venues to trade naturally correlated tokenized assets through liquidity pools. Standard Chartered states that TradFi cannot perform that function alone. The report also links DeFi growth to Ethereum, where much of the sector’s value remains concentrated and many protocols originated.

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