Standard Chartered’s global head of digital assets research Geoff Kendrick said Thursday that his $100 UNI price target for the end of 2030 may already be conservative, as Uniswap’s token burn rate is running above the assumptions behind his original call. Kendrick’s initial target was published on June 15, when the bank began coverage of Uniswap. The change in outlook is tied to the UNIfication upgrade, introduced in late December 2025. The upgrade cut UNI’s total supply from 1 billion to about 895 million, a reduction of more than 10%, and switched on an automated buy-and-burn mechanism that uses part of protocol trading fees to buy UNI on the open market and permanently remove it from circulation. Before Robinhood Chain, UNI’s annualized burn rate was about 1%. That pace has increased as Uniswap now acts as the default liquidity layer on Robinhood’s Ethereum Layer 2 network (a scaling network built on Ethereum). Robinhood Chain has processed more than $500 million in trading volume since launch, generating millions in daily fees that feed UNI burns. In one reported example, trades on Robinhood Chain alone burned more than 22,000 UNI, worth about $85,000. Kendrick said the Uniswap-Robinhood integration expands Uniswap’s addressable market beyond crypto-native traders by connecting it to brokerage activity from Robinhood’s millions of retail users. Proposals that emerged in July 2026 would formalize fee structures for Robinhood Chain and broaden UNI burns to include v4 pools, potentially increasing token destruction further if approved. The shift from a fully inflationary 1 billion-token supply before UNIfication to a declining supply of roughly 895 million marks a fundamental change in UNI’s tokenomics.