Arithmetic on today's supply, not a forecast. It assumes nothing about whether Uniswap could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Uniswap has 623,724,532 UNI in circulation at $6.3950 each, which is $3.99B. Holding that supply still and putting Tether Gold's $2.67B in its place gives $4.2740 per UNI.
Uniswap is already worth more than Tether Gold. Moving to the smaller cap would take UNI down to $4.2740, which is 0.668x of what it trades at now.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy UNI at that level, which is the part that actually decides a price.
$4.2740 per UNI. That is Tether Gold's current market capitalisation of $2.67B divided across the 623,724,532 UNI in circulation.
0.668x. Uniswap trades at $6.3950 today and Tether Gold's market cap is $2.67B against Uniswap's $3.99B.
No. It is one division: Tether Gold's market capitalisation spread over the supply of UNI that exists today. It assumes nothing about whether Uniswap could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $2.67B of market cap spread over more coins gives a lower price per coin. This uses the 623,724,532 UNI in circulation now.