Overview
- Standard Chartered formally initiated coverage on Monday and published a year‑by‑year price path that rises from $6.50 at end‑2026 to $100 by end‑2030.
- The bank’s bull case assumes tokenized real‑world assets grow to $4 trillion by 2028 and that a rising share of those assets will be routed into DeFi, which it models would push about $2.7 trillion into on‑chain markets by 2030.
- Uniswap is framed as neutral market infrastructure because it uses automated market‑maker pools instead of a central order book, and the note credits the protocol’s late‑2025 fee switch and subsequent token burns with materially reducing UNI supply.
- Markets reacted to the report: UNI traded around $2.7 after the note, and Standard Chartered pointed to concrete adoption signals such as BlackRock’s BUIDL being tradable on Uniswap as early validation for institutional use.
- The bank explicitly warns the thesis depends on multiple sequential outcomes — large RWA growth, significant DeFi migration, Uniswap keeping market share, and effective burn mechanics — and notes competition and regulatory or compliance rules could derail that path.