Kendrick's Top 4 Altcoins for 2030: Uniswap, Aave, Morpho, and Arbitrum
Standard Chartered's head of digital assets research, Geoffrey Kendrick, says that traditional finance's move to on-chain systems has '100% locked in' tokenization. He expects four altcoins to capture a large share of the money that follows: Uniswap (UNI), Aave (AAVE), Morpho (MORPHO), and Arbitrum (ARB).
Kendrick set a high target of $100 for Uniswap by 2030, saying it may be too low after the token's price has already surpassed $9. He cites the platform's fee switch, which uses trading fees to buy back and burn tokens, as a key factor in its growth. Kendrick notes that his burn theory is based on 'literally one data point,' referring to the surge in token burns following activity from Robinhood Chain.
Despite a $300 million hack, Kendrick believes Aave is well-positioned for growth, calling it the leader in 'on-chain banking.' He notes that the community's response to the hack was swift and effective, with over $300 million raised in ETH to support the platform. Kendrick's target for Aave is $3,500 by 2030, even after the hack, which he says has made him more confident in the platform's future.
Morpho is a different business from Aave, according to Kendrick, who sees it as a platform for asset managers. He expects Morpho to win the on-chain asset management space over the medium term, citing its vault product as a key differentiator. Kendrick notes that Morpho's token is less volatile and less liquid than Aave's, but is mostly held by venture funds.
Arbitrum is Kendrick's biggest call, with a target of $10 by 2030. He cites the platform's 10% revenue share from Robinhood Chain as a key factor in its growth, which could increase to $40 million to $50 million a month within two years if other firms follow suit. Kendrick also notes that Arbitrum trades at a valuation multiple about 30 times lower than layer 1 networks such as Ethereum, Solana, and Avalanche.
Kendrick expects these four altcoins to capture a large share of the money that follows traditional finance's move to on-chain systems, but notes that the predictions are based on his analysis and may not come to pass.