[DigitalToday reporter Jinju Hong] Standard Chartered said $100, its 2030 price target for Uniswap’s UNI token, could be too low.

On Aug. 13, blockchain media outlet The Defiant reported that Geoff Kendrick, head of digital assets research at Standard Chartered, assessed that existing forecasts need to be revisited as Uniswap fee revenue generated on Robinhood Chain is quickly leading to UNI burns.

A key basis is Uniswap’s recent increase in fee revenue. By DefiLlama’s tally, Uniswap protocol revenue averaged $244,222 a day from July 27 to Aug. 12. That is a sharp rise from the previous 17-day average of $99,770. Under the “Unification” upgrade applied in December 2025, this revenue is used to buy and burn UNI.

Based on UNI’s current price of $3.53, this would allow the burn of about 25,000,000 tokens a year. That is about 4 percent of the circulating supply of 624,200,000 tokens. Kendrick said, “A 4 percent annual burn is clearly not sustainable.” He said, “Even if UNI reaches my end-2026 target price of $6.50, the annualised burn rate is 2.2 percent,” adding, “Even that is likely not sustainable over the long term.”

Even so, Kendrick highlighted that the current trend comes before additional partnership expansion. He wrote, “This is even before additional partnerships like Robinhood are added,” and “I worry the 2030 UNI target price of $100 may be too low.”

Robinhood Chain is at the centre of the recent surge in revenue. Over the past seven days, $925,054 of Uniswap protocol total revenue of $1.55 million came from v3 deployments on Robinhood Chain. That is about 60 percent of the total. Over the same period, Uniswap accounted for $439.30 million, or 86 percent, of Robinhood Chain’s 24-hour decentralised exchange trading volume of $511.10 million.

Still, it is hard to view the fee increase as solely the effect of Robinhood Chain. Uniswap Labs deployed v2, v3, v4 and UniswapX on Robinhood Chain on July 2 and introduced itself as a “major public AMM.” On July 17, two governance proposals were implemented: “Protocol Fee Expansion: Robinhood Chain” and “Activate v4 Protocol Fee.” Those two measures overlapped with the period of the revenue surge.

There are also differences in the figures for Robinhood Chain’s own metrics. Citing Entropy Advisors, Kendrick put Robinhood Chain’s total value locked at just under $1 billion and assessed it as the fastest-growing chain on record by that measure. By contrast, DefiLlama put total value locked at $506.97 million and bridged inflows at $1.55 billion. Early July metrics also showed meme coin trading, rather than the tokenised stocks the chain originally targeted, was driving activity.

Market prices have yet to reflect strong expectations for burns. By CoinGecko data, UNI traded at $3.53, down 6.7 percent over 24 hours and down 13.4 percent over the past week. Its market capitalisation is $2.2 billion. Standard Chartered began covering UNI on June 15 and, based on a then-price of $2.50, presented $100 for 2030.

The key point to watch is how long the current pace of fees and burns can be sustained. Revenue is quickly concentrating in a single venue, Robinhood Chain, and the recent increase also reflects the effect of expanded protocol fees. As a result, a revaluation of UNI has come to depend on whether this revenue base can continue over the long term, rather than on the burn structure itself.