Uniswap’s UNI could surge 40x to $100 by 2030, Standard Chartered says

Uniswap’s UNI token has been projected to climb from about $2.70 to $100 by the end of 2030 as tokenized assets increasingly enter decentralized finance, according to a new forecast from Standard Chartered Bank.

Standard Chartered Bank initiated coverage of Uniswap (UNI) on Monday and said the decentralized exchange could be one of the biggest beneficiaries of growth in tokenized assets and on-chain financial activity over the rest of the decade.

The bank expects tokenized assets on public blockchains to expand from roughly $340 billion today to $4 trillion by the end of 2028. At the same time, Standard Chartered projects the share of those assets being used in DeFi applications to rise from 3.5% to 30% by the end of 2030. Combined with growth in crypto-native assets, the bank estimates total assets locked in DeFi could reach about $2.7 trillion, nearly 37 times current levels.

Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, said he sees decentralized finance as the next major wealth-creation opportunity in digital assets. Based on that outlook, the bank believes Uniswap’s liquidity pools could eventually have access to roughly 37 times more assets for trading than they do today.

Under Standard Chartered’s forecast, UNI could reach $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. The bank also expects UNI to outperform both Bitcoin and Ether during that period.

Fee burns and token supply changes support the thesis

Part of the bank’s optimism comes from changes made to Uniswap’s economic model over the past year. Before December 2025, swap fees generated on the protocol were distributed entirely to liquidity providers. A protocol upgrade known as UNIfication introduced protocol fees and a mechanism that burns UNI tokens, while later governance decisions expanded fee collection across additional liquidity pools.

According to Standard Chartered, Uniswap has generated roughly $21 million in protocol fees since the fee switch was activated and has burned about 5 million UNI tokens, equivalent to an annual burn rate near 1%.

Token supply has also declined. The bank noted that a one-time burn of 100 million UNI, combined with ongoing burns, has reduced total supply from 1 billion to 895 million tokens, while circulating supply has fallen to about 622 million.

Recent activity on the network has reinforced that trend. Earlier this month, the UNI Burn Bot reported a record daily burn of 134,000 UNI through the UNIfication system. The mechanism requires users claiming protocol fees from TokenJar contracts to burn an equivalent value of UNI through the Firepit contract, permanently removing those tokens from circulation.

Uniswap governance has also expanded the burn framework. Proposal 96, approved in May, extended fee collection and UNI burns to BNB Chain, Polygon, and Celo, increasing the number of supported chains to 11.

Alongside those governance changes, Uniswap Labs has rolled out wallet services, cross-chain swaps, portfolio tracking tools, and multichain portfolio views. The company said nearly half of new traders on Ethereum, Arbitrum, and Base who completed swaps in 2026 made their first transaction through Uniswap.

Bank sees valuation gap with Coinbase narrowing

In its report, Standard Chartered compared Uniswap’s business model with Coinbase and argued that the decentralized exchange remains undervalued relative to the volume it processes.

The bank described Uniswap as similar to YouTube because users create and supply liquidity, while Coinbase was compared to Netflix because it operates and manages its own centralized platform infrastructure.

According to the report, that structure gives Uniswap lower capital requirements since liquidity comes from users rather than the protocol itself. The bank also expects the platform to remain competitive in markets involving closely related assets such as stablecoins, liquid staking tokens, and eventually tokenized real-world assets.

Although Uniswap handles transaction volumes that are comparable to Coinbase, Standard Chartered said the protocol trades at a much lower market capitalization-to-transaction fee multiple. Geoffrey Kendrick said stronger commercialization efforts and partnerships with traditional financial institutions could help narrow that gap over time if Uniswap successfully scales its business.

Risks remain. Standard Chartered warned that specialized decentralized exchanges could develop products better suited for certain markets, while capturing tokenized asset activity will require stronger relationships with traditional finance firms. The bank also noted that Uniswap V4’s hook system has not yet been tested at the scale anticipated in its long-term projections.

Looking ahead, Standard Chartered said regulatory developments such as the expected passage of the U.S. Clarity Act or future guidance from the Securities and Exchange Commission could help address some of those challenges and support wider adoption of decentralized finance infrastructure.