UNI, the governance token of decentralized exchange Uniswap, surged double digits over the past 24 hours to a local high of $3.70, its highest level in over a month.

At time of publication, Uniswap is trading at $3.63, up 19.8% on the day and 48.4% over the week, per CoinGecko data, outpacing Bitcoin and Ethereum. The move lifted Uniswap's market cap to roughly $2.26 billion on 24-hour volume near $864 million, as institutional optimism swept the DeFi blue chip.

Much of the catalyst traces to a Standard Chartered research note published Monday by Geoff Kendrick, the bank's global head of digital assets, who set a $100 target for UNI by 2030—a near-fortyfold gain—plus a $6.50 target by year-end. Kendrick argued that TradFi should view Uniswap "less as a retail DEX app and more as market infrastructure," likening Uniswap to YouTube and Coinbase to Netflix.

The analyst posited that Uniswap is "uniquely positioned to scale" as tokenized assets in DeFi surge, with its neutral, rules-based automated market maker set to become the liquidity layer institutions plug into.



Standard Chartered expects DeFi to hold $2.7 trillion in assets by 2030, potentially giving Uniswap pools 37x more to trade. A late-2025 "UNIfication" fee-switch upgrade has also been burning roughly 1% of supply a year, trimming total supply to about 895 million from 1 billion.

The surge also comes on the back of Uniswap's tokenized securities launch on June 12, which made tokenized stocks including SpaceX, Apple, Tesla, and NVIDIA tradable across its app, wallet, and API. Calling the launch a “small fraction of what’s coming,” the company pointed to the more than $9.1 billion swapped in real-world-asset pools ahead of tokenized securities’ debut on the platform.

Researchers have been making a fundamentals case, too. ARK Invest's Lorenzo Valente noted that Uniswap posted a record $125 billion in monthly trading volume in October 2025, has since reclaimed the top spot among DEXs at 25–30% of total volume, and earns “close to half of all gross spot trading fees in the space.” Over the past 30 days, annualized, the protocol is on pace to burn roughly 2% of total supply, he wrote, with the token now "fully aligned with the protocol as the single source of value accrual."

Even so, UNI sits near a multi-year low, trading far below its all-time high of $44.92 set in May 2021, and Kendrick flagged risks including niche competitors and the standardization of compliance rules as TradFi participants prepare to enter the tokenization space.

The token’s momentum builds on BlackRock’s February move to make its BUIDL tokenized money market fund available via UniswapX, with Uniswap Labs noting at the time that the asset manager had “made a strategic investment within the Uniswap ecosystem.”

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