Standard chartered just initiated coverage on $UNI with a $100 target by 2030 and a $6.50 checkpoint by end of 2026. that's 140% from current $2.70 in 6 months or the thesis dies publicly. first major bank to put a DCF framework on a DeFi governance token with staged milestones. the problem is UNI has generated record fees for years and the token still captures none of it. governance has refused to distribute revenue for 4+ years running. standard chartered is placing a multi-year bet on a vote that hasn't happened. either this coverage note triggers a cascade of bank initiations that forces governance to act, or it becomes the most expensive research note in crypto history. december 2026 is the kill date.