Geoffrey Kendrick, Standard Chartered’s head of digital assets research, discussed four projects that could benefit from traditional finance moving onto blockchain networks. Speaking on Milk Road’s October 1 episode, Kendrick identified Uniswap, Aave, Morpho and Arbitrum as projects well positioned for this shift.
The 2030 price targets discussed in the interview were $100 for UNI, $3,500 for AAVE, $60 for MORPHO and $10 for ARB. Kendrick outlined the reasoning behind his previously published forecasts and the conditions needed to reach those targets.
Tokenization could bring new demand to DeFi protocols
Kendrick’s outlook centers on tokenization, which allows financial assets to be represented on a blockchain. According to the analyst, institutional adoption could increase the value of assets held onchain while expanding the use of decentralized finance applications.
This approach places greater importance on fee revenue and cash flows when assessing projects. Kendrick focuses on protocols that can capture a share of financial institutions’ onchain activity, defend their competitive advantages and pass the economic value they generate through to their tokens.
Standard Chartered previously projected that the stablecoin market would reach $2 trillion by the end of 2028. The bank also forecasts $2 trillion in tokenized real-world assets, excluding stablecoins, by the same date; together, the two categories would represent a $4 trillion market.
Uniswap’s $100 target may be too low
Kendrick believes his previously established 2030 target for Uniswap could prove too conservative. The platform’s deep liquidity and token-burning mechanism are central to that view.
According to the analyst, a platform with strong liquidity has an advantage in attracting new users and trading activity. As trading volumes for tokenized assets grow, Uniswap’s ability to serve that demand becomes increasingly important for UNI.
Kendrick also notes that buybacks and burns linked to trading fees can translate platform growth into value for the token. However, he did not replace the $100 target with a new forecast during the interview; he pointed to potential upside beyond his existing projection.
Aave and Morpho address different financial needs
The 2030 target for AAVE stands at $3,500. Kendrick compares Aave to an onchain banking business, while describing Morpho as a platform serving asset managers.
This distinction shows that he does not view the two projects’ growth as mutually exclusive. In his assessment, lending services and asset management infrastructure can meet different needs within the same ecosystem.
Standard Chartered initiated coverage of Morpho on July 1 with a $60 price target for the end of 2030. Alongside Morpho’s lending market, the bank sees its vault infrastructure as an important part of the growth outlook.
These vaults allow asset managers to offer different strategies onchain. The bank’s long-term expectations depend particularly on capital flowing into this infrastructure from traditional financial institutions.
Arbitrum’s revenue growth must translate into token value
The $10 target for ARB by the end of 2030 rests on the opportunity to provide blockchain infrastructure to financial institutions. In its September analysis, Standard Chartered highlighted Robinhood Chain as a key example supporting this growth outlook.
During the Milk Road interview, Kendrick explained that Arbitrum could benefit from the expansion of tokenized equities. However, how the network’s economic success would translate into value for ARB holders remained an unresolved issue.
Kendrick noted that revenue currently does not flow directly into token buybacks and burns. He said he would welcome the introduction of such a mechanism in the future; the $10 target therefore reflects expectations for both revenue growth and the transfer of value to the token.
