Standard Chartered says its $100 UNI target may be too low

Standard Chartered analyst Geoff Kendrick says the $100 price target he set for Uniswap's UNI token by the end of 2030 is looking increasingly conservative, pointing to a sharp rise in protocol revenue and UNI burns tied to the token's buyback mechanism.

Since July 27, Uniswap's daily revenue has climbed roughly 2.4x to around $244,000 a day, driven by a second fee-switch that began routing a share of trading fees generated on Robinhood Chain into the protocol's buyback-and-burn mechanism. At the current pace, that revenue stream would remove roughly $90 million worth of UNI from circulation per year, or close to 4% of circulating supply at current prices, an annualized burn rate Kendrick says is running well above what his original forecast assumed.

The original targets, set when Standard Chartered initiated coverage of UNI, called for $6.50 by the end of 2026, $20 by 2027, $40 by 2028, $65 by 2029, and $100 by 2030, built on a thesis that tokenized real-world assets flowing into DeFi protocols would drive a re-rating of tokens like UNI over the rest of the decade. The newer burn dynamics sit on top of that original thesis rather than replacing it, adding a second, faster-moving mechanical driver, fee revenue converted directly into reduced token supply, alongside the slower structural bet on DeFi's growing share of onchain assets. UNI has already seen roughly 109 million tokens destroyed since launch out of an original 1 billion supply, so the current burn wave builds on a mechanism that predates the Robinhood Chain fee-switch by months.

“I fear my 2030 UNI target of USD100 is too low!”

— Geoff Kendrick, Global Head of Digital Assets Research, Standard Chartered

• Uniswap daily revenue up roughly 2.4x since July 27, to about $244,000 a day
• Driver: a second fee-switch routing a cut of Robinhood Chain trading fees into UNI buybacks and burns
• At current pace, buybacks would remove close to $90 million worth of UNI from circulation per year
• That's roughly 4% of circulating supply annualized, well above the historical burn rate near 1%
• Original Standard Chartered targets: $6.50 (2026), $20 (2027), $40 (2028), $65 (2029), $100 (2030)

The revenue surge lines up with Robinhood Chain's own rapid growth this summer: the network's total value locked neared $500 million within about three weeks of launch, and it has since cracked the top five chains by decentralized exchange volume, with Uniswap capturing the large majority of the fees generated on that volume. Whether the current burn rate holds depends heavily on whether Robinhood Chain's early trading activity proves durable or fades once the initial rush of onboarding slows; Kendrick's own framing treats the current pace as elevated relative to what a sustainable long-run rate would likely look like, even as it strengthens the case that his original 2030 target undersold the mechanical effect of fee-driven burns on UNI's supply. Kendrick hasn't yet published a formal revision to the $100 target, so for now the comment functions as a signal that a re-rating could be coming rather than a confirmed new price forecast.

Nothing here should be taken as financial advice — just information to consider.