Kendrick: Tokenization Shift to Boost Uniswap, Aave, Morpho, and Arbitrum

Standard Chartered's Geoffrey Kendrick sees tokenization as a durable shift rather than a passing crypto narrative. He believes that more real-world assets will move onchain, with a growing share entering DeFi and investors increasingly valuing protocols through revenue and cash-flow models.

Kendrick identifies Uniswap, Aave, Morpho, and Arbitrum as his highest-conviction potential winners. Uniswap has a liquidity moat and token burn, while Aave plays an onchain bank role. Morpho's asset-management model is another key aspect, and Arbitrum's exposure to tokenized equities through Robinhood Chain is significant.

Kendrick notes that Arbitrum's token value capture remains an evolving question. He also discusses Chainlink's role in securely bringing data onchain, Sky's yield-bearing stablecoin model, and why he expects Ethereum to benefit indirectly from greater activity across its ecosystem.