Standard Chartered initiated ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 coverage today with a $100 target by 2030 (a 40x from current levels). This is the first token-specific price target to come out of a DeFi thesis they published in October 2025. In October they published "DeFi 101", a framework for how DeFi disrupts TradFi, built around five categories on one chain: → Lending, led by Aave and Compound → Liquid staking, dominated by Lido → Restaking, led by EigenLayer → DEXs, led by Uniswap → RWAs Concluding also that the vast majority of DeFi disruption this is likely to happen on Ethereum. Today they quantified the macro behind that framework: → Tokenised assets active in DeFi grow 37x by end-2030. → $2.7T locked in DeFi. →Tokenised RWAs reach $2T in market cap by 2028. →ETH reaches $ 40k by 2030. UNI gets the first target because DEXs are the most immediate TradFi integration point as tokenised assets move onchain. But the October report was explicit that lending and RWAs are "the key areas where DeFi protocols can disrupt TradFi", with democratised borrowing against tokenised assets as the central use case. If Standard Chartered follows its own framework, the remaining four categories each have a dominant protocol already previously mentioned. ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 in lending, ethereum:0x5a98fcbea516cf06857215779fd812ca3bef1b32 in liquid staking, ethereum:0xec53bf9167f50cdeb3ae105f56099aaab9061f83 in restaking.