Uniswap — the decentralized exchange that shook up the crypto world — could be worth far more if it weren’t held back by unclear regulations, according to Matt Hougan, Chief Investment Officer at Bitwise. Currently valued at around $6 billion, Uniswap could rank among the top 400 financial institutions in the world.
“Uniswap at $6 billion is undervalued,” Hougan wrote on X. “If it were a traditional company, it would be comparable in size to Norway’s Storebrand — and that’s already global league.”
💬 A Token Without Rights? For Now, Yes.
However, Hougan’s statement quickly sparked pushback. Critics noted that the $UNI governance token doesn’t give holders any claim to profits, ownership, or dividends — in short, no actual “ownership” value.
Tom Lombardi from Cicada Partners responded: “Exactly. You can’t compare the $UNI token to company shares. But if we’re talking about the value of Uniswap Labs as a company, that’s a different story.”
Still, Hougan stands by his view — everything depends on regulatory change. If the environment shifts to allow tokens to be directly tied to earnings, $UNI’s value could skyrocket.
📈 Uniswap Is Waiting for Its Moment
According to CoinMarketCap, Uniswap has a market cap of over $6.1 billion. That’s impressive, especially for a DEX that operates without a corporate structure and still rivals centralized exchanges in trading volume.
The issue is that Uniswap Foundation has not yet introduced any system to link the $UNI token with protocol revenue. And any such move could attract regulatory scrutiny from the SEC.
📜 The SEC’s “Project Crypto” Might Unlock Real Value
Hope comes in the form of the U.S. Securities and Exchange Commission’s new initiative — “Project Crypto.” It aims to modernize how digital assets are regulated. And if the initiative allows direct profit-sharing with token holders, it could reshape the entire space.
As Hougan notes: “We might be just a few regulatory changes away from $UNI becoming a true equity-like token with real cash flow.”
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