Uniswap now handles 84% of all tokenized gold trading on decentralized exchanges, cementing its role as the primary on-chain venue for real-world assets.
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Uniswap captures 84% of tokenized gold DEX volume as RWAs flood DeFi
Uniswap captured 84% of all tokenized gold decentralized exchange volume as of June 10, extending its dominance as traditional finance moves real-world assets on-chain, DefiLlama data shows.
"Uniswap should be viewed less as a retail DEX app and more as market infrastructure that TradFi can integrate with once tokenized assets scale," Geoff Kendrick, global head of digital assets at Standard Chartered, said.
The decentralized exchange has facilitated more than $3.7 trillion in cumulative trading volume since its 2018 launch, generating $5.6 billion in fees, according to DefiLlama. Standard Chartered projects the value of digital assets deposited in DeFi protocols will reach $2.7 trillion by 2030, giving Uniswap's liquidity pools 37 times more assets to trade. The bank forecasts UNI will hit $100 by the end of the decade, a nearly 40-fold increase from Monday's price of around $2.72.
Uniswap's structural neutrality — its automated market maker model with fixed, immutable rules — makes it an attractive settlement layer for Wall Street firms bringing tokenized assets on-chain. BlackRock already made its tokenized money market fund BUIDL available via UniswapX in February, with the world's largest asset manager planning to purchase UNI tokens, a person familiar with the matter said at the time.
Tokenized Gold Leads the RWA Charge
Tokenized gold — digital representations of physical bullion issued by platforms such as Paxos and Tether — has emerged as one of the fastest-growing real-world asset categories in DeFi. Uniswap's 84% market share across DEXs reflects its deep liquidity pools and first-mover advantage in listing these assets, according to DefiLlama data. Competitors including Curve and Balancer have captured the remaining share, though no single rival holds more than 6%.
The concentration risk has drawn attention from some market participants. A single venue controlling more than four-fifths of tokenized gold trading creates potential vulnerabilities around liquidity fragmentation and smart contract dependency, though no exploit has occurred on Uniswap's Ethereum-based pools.
Fee Switch Tightens UNI Supply
Uniswap's late-2025 "UNIfication" upgrade activated protocol fee collection, programmatically burning a portion of fees. The total UNI supply has fallen to roughly 895 million from 1 billion since December, with an annualized burn rate of about 1%, Kendrick noted. The supply squeeze could accelerate as tokenized asset volumes grow, given the linear relationship between trading volumes and fee generation.
Standard Chartered's Kendrick set a year-end 2026 price target of $6.50 for UNI, implying roughly 140% upside from current levels. The token traded at $2.72 as of Monday, up 9.8% over the past 24 hours, CoinGecko data shows.
This article is for informational purposes only and does not constitute investment advice.
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