Standard Chartered Says Binance Hack Could Push Traders Toward DEXs and Lift Uniswap

Geoffrey Kendrick, global head of digital assets research at Standard Chartered, believes the Binance breach could speed up the move of crypto trading from centralized platforms to decentralized ones. He pointed out that Uniswap has never suffered an exploit, while the largest centralized exchange has now been hacked, so he expects the DEX to CEX trading ratio to keep climbing. He urged investors to re engage with Uniswap, but only after the market has absorbed the shock.

DEX Market Share Was Already Rising

The trend was in place before this week. Data shows the top 10 spot DEX to CEX ratio at 23.5% in the second quarter, up 2.1 points from the first quarter. ARK Invest had earlier put the first quarter reading near 27.4% on a different basis, even as total DEX volume fell 26%.

UNI Price Target and the Fee Switch

Kendrick kept his $100 target for UNI by 2030 and said the hack may make that number too low. His call builds on Standard Chartered’s view that assets locked in DeFi could reach $2.7 trillion by 2030, with Uniswap serving as a key venue for tokenized assets. Since late 2025, part of Uniswap’s trading fees has been used to burn UNI, tying the token more closely to trading activity. UNI fell 10.4% to $6.48 after the breach.

Near Term Pain Before a New Base

Kendrick expects more price weakness in the short run. He said a new base will form only after frozen assets are released and more details of the hack come out. Binance has put the impact at about $6.3 billion, with roughly $3 billion frozen so far.