Geoff Kendrick, Standard Chartered Bank's Head of Digital Assets Research, initiated coverage on Chainlink in a report and set this price target. The report states that the value of on-chain tokenized assets is expected to grow 12-fold from approximately $340 billion currently to $4 trillion by the end of 2028, while assets deployed in DeFi are projected to increase 37-fold to $2.7 trillion by 2030. As Chainlink charges fees for providing data and transferring assets between different chains, the bank anticipates its fees to grow approximately 25-fold during this period, assuming the token price will rise with the fees. The report also mentions that Chainlink currently has over $110 billion in total value locked, covering about 70% of the oracle-dependent value in global DeFi. The bank has previously provided price predictions for other DeFi projects such as Uniswap and Aave.