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Uniswap, one of the world’s largest decentralized exchanges (DEXs), could rival traditional financial institutions in scale if regulatory conditions were different.  That’s the view of Matt Hougan, Chief Investment Officer at Bitwise Asset Management, who argued that Uniswap’s current $6 billion market capitalization understates its true value. Uniswap at $6 billion feels too small. If it were a company, it would be the 400th largest financial services business in the world — roughly the same size as Storebrand, a savings and insurance business in Norway. — Matt Hougan (@Matt_Hougan) August 4, 2025 In a series of posts on X (formerly Twitter), Hougan compared Uniswap’s valuation to that of Storebrand, a mid-sized Norwegian insurance firm, which ranks around 400th among global financial services companies. “Uniswap at $6 billion feels too small,” Hougan wrote. “If it were a company, it would be the 400th largest financial services business in the world.” But the analogy quickly drew criticism from industry watchers, who pointed out that Uniswap’s native governance token, $UNI, does not represent equity or ownership, nor does it offer token holders a share of protocol revenue. Bitwise CIO compares Uniswap DEX to traditional finance valuation Tom Lombardi, a partner at Cicada Partners, responded by drawing a sharp line between token value and corporate equity. “I’d be interested in debating Uniswap Lab’s corporate valuation,” he wrote, “but the $UNI governance token has little to no parallel to a corporate valuation.” Hougan acknowledged the distinction, but added that the picture could change should more favorable regulations enter the space. “Yep, that’s a fair point,” he replied. “As mentioned, I think the premise under which it’s interesting is one where regulatory relief allows a reset of tokenomics.” That theme, regulatory reform as a valuation unlock, was reemphasized in Hougan’s responses to another X user, who…

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Filed under: News - @ August 5, 2025 11:25 am