Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Thursday that the $100 price target he set for UNI by the end of 2030 might already be too low. The reason: Uniswap’s token burn rate is running hotter than expected, fueled by trading fees generated on Robinhood Chain.
Kendrick’s original call came on June 15, when Standard Chartered initiated coverage of Uniswap.
The burn mechanics behind the bullish revision
The catalyst here is the UNIfication upgrade, implemented in late December 2025. That upgrade did two significant things. It slashed UNI’s total token supply from 1 billion to roughly 895 million, a reduction of more than 10%. And it activated an automated buy-and-burn mechanism that routes a portion of protocol trading fees into purchasing UNI on the open market and permanently destroying it.
Before Robinhood Chain entered the picture, the annualized burn rate hovered around 1%. Now, with Uniswap serving as the default liquidity layer on Robinhood’s Ethereum Layer 2 network, fee generation has jumped substantially. Robinhood Chain has already processed over $500 million in trading volume since launch, contributing millions in daily fees that flow directly into UNI burns.
