Binance Hack May Boost Decentralized Exchanges Like Uniswap, Says Analyst

Kendrick shared in a communication with Cointelegraph that this security incident is expected to increase the market share of trading on DEXs relative to centralized exchanges (CEXs). However, he advised investors to remain patient until the fuller market implications of the Binance hack become clear.

"I would recommend that investors take another look at Uniswap," Kendrick stated. He emphasized that decentralized exchanges have not experienced hacks, and the breach at the largest centralized exchange, Binance, is likely to drive higher trading volumes on DEX platforms compared to CEXs.

Data from CoinGecko reveals that the ratio of spot trading volumes between the top 10 decentralized and centralized exchanges reached 23.5% in Q2 2026, marking a 2.1 percentage point increase from Q1 2026.

Kendrick maintains a price target of $100 for Uniswap’s (UNI) token by 2030. He noted that the recent Binance hack provides further justification for potentially revising this forecast upward.

This outlook is based on Standard Chartered’s earlier analysis suggesting that assets locked in decentralized finance (DeFi) could grow to $2.7 trillion by 2030, with Uniswap positioned as a major platform for trading tokenized assets.

Regarding the broader impact of the Binance security breach, Kendrick expects that prices may continue to decline in the short term as markets digest the news.

Following the hack, cryptocurrency markets experienced declines: Binance’s native token BNB dropped over 8% within 24 hours, Bitcoin hovered around $77,000, and DeFi tokens also saw losses. Specifically, Aave’s AAVE token fell 11.3% to $118.54, while Uniswap’s UNI dropped 10.4% to $6.48, according to CoinGecko data.

Kendrick commented that a new price floor will only become clear once assets frozen by the hack are unfrozen and additional details emerge.

Binance has reported that the hack, valued at $6.3 billion, involved the compromise of an engineer’s laptop.

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