Standard Chartered initiated coverage of Uniswap’s UNI token with a $100 target by the end of 2030, one of the most aggressive forecasts yet from a major bank for a DeFi governance token.

The call implies a roughly 40 fold gain from UNI’s recent level near $2.50. Standard Chartered laid out a staged path for the token, projecting $6.50 by the end of 2026, $20 in 2027, $40 in 2028, and $65 in 2029 before reaching $100 in 2030.

Geoff Kendrick, the bank’s head of digital assets research, framed Uniswap as one of the clearest token bets on the growth of onchain finance. 

The core argument is that tokenized assets will increasingly move into DeFi, creating a larger addressable market for decentralized exchanges.

Standard Chartered expects tokenized assets to reach $4 trillion by the end of 2028, up from about $340 billion today. The bank also expects the share of tokenized assets active in DeFi to rise to 30% by 2030 from about 3.5% now.

That would imply about $2.7 trillion locked in DeFi by 2030, a 37 fold increase from current levels. Uniswap’s role as one of the largest decentralized exchanges gives UNI direct exposure to that thesis.

Uniswap operates without a central order book or matching engine. Liquidity providers deposit assets into smart contract pools, while traders swap against those pools automatically.

The report points to tokenized treasuries, bonds, equities, real estate, stablecoins, and crypto native assets as potential sources of future onchain trading volume. If those markets migrate into DeFi at scale, Uniswap could become one of the main liquidity venues.