Asia Morning Update: Is the Market Undervaluing Distributed Compute Tokens Versus CoreWeave?

Distributed Compute Tokens Show Strong Utility but Remain Undervalued Compared to CoreWeave

Unlike the hype-driven GameFi sector, where token valuations often soar without solid revenue or user metrics, distributed compute tokens are grounded in real utility. These tokens power AI, storage, and GPU computing markets, yet they remain modestly valued despite growing global demand.

Tech investors often focus on potential, which explains why many GameFi tokens boast high market caps disconnected from active user bases or revenue streams. For example, a 2022 CoinDesk investigation highlighted how Decentraland’s billion-dollar valuation vastly outpaced its actual user engagement.

In contrast, distributed compute tokens lack such speculative premiums even when compared with centralized firms like CoreWeave (CRWV).

According to CoinMarketCap, decentralized GPU compute token networks—including BitTensor, Aethir, and Render—together hold a market capitalization of roughly $12 billion. Meanwhile, MarketsandMarkets estimates the GPU-as-a-service market at about $8 billion in 2025, projected to grow to $26 billion by 2030.

CoreWeave’s stock closed Monday at $163 per share, valuing the company at $79.2 billion. With a 2025 revenue estimate of $5.1 billion, this implies a forward price-to-sales ratio over 15x. While high multiples are typical for growth companies, CoreWeave reported a net loss of $314.6 million in Q1, partly due to stock-based compensation and infrastructure investments. Despite this, its shares have surged over 300% year-to-date, boosted by strong partnerships with Nvidia, OpenAI, and major enterprise clients.

Decentralized compute networks provide similar GPU-powered services—AI inference, rendering, and more—without heavy capital expenditures. By acting as intermediaries connecting existing GPU resources with users, they eliminate the need for costly server farms.

These platforms are no longer theoretical; they’re actively processing workloads and attracting customers with a more capital-efficient, scalable model. Yet, their combined market valuation remains a fraction of CoreWeave’s.

While CoreWeave benefits from scale and visibility, the valuation gap highlights how distributed compute tokens might be undervalued relative to their underlying utility—unlike the speculative hype often seen in GameFi.

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Justin Sun-Backed SRM Entertainment Initiates $100 Million TRX Staking Strategy

SRM Entertainment (Nasdaq: SRM), soon to rebrand as TRON Inc., has staked its entire treasury of 365 million TRX tokens via JustLend, targeting up to 10% annual returns.

This move follows a $100 million funding round supporting a “TRON treasury strategy,” inspired by bitcoin treasury firms like MicroStrategy but focused on TRX.

The strategy offers investors indirect exposure to the TRON blockchain, which underpins USDT stablecoin settlements—particularly in the Global South, where TRON-based Tether serves as a vital dollar proxy. This could represent a “Visa IPO moment” for emerging economies.

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Sogni AI Launches Mainnet and Lists SOGNI Token on Major Exchanges

Sogni AI, a decentralized generative AI workflow platform, has launched its mainnet and announced listings of its native token, SOGNI, on Kraken, MEXC, and Gate.io.

SOGNI is the utility token for the Sogni Supernet, used for compute payments, staking, governance, and premium feature access.

The mainnet supports deployments on Base (Coinbase’s Ethereum Layer-2) and Etherlink (a Tezos-based EVM-compatible Layer-2 with Smart Rollups), blending scalability with accessibility.

Sogni aims to build an open, sustainable platform for creative AI applications combining Web3 infrastructure with user-friendly design.

The ecosystem employs “Spark Points” — non-transferable rendering credits earned or purchased — to power AI workloads.

Users engage through Sogni Web, Pocket, and Studio, where creators submit AI jobs and GPU providers (“Workers”) earn SOGNI tokens for their services.

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Market Snapshot:

• Bitcoin (BTC): Trading around $107,200 with strong volume near $107,000; eyes on $115,000 resistance.
• Ethereum (ETH): Recovered sharply from a 3.4% dip, now near $2,480 after a swift rebound supported by institutional demand.
• Gold: At $3,310.95, bouncing back from a one-month low amid dollar weakness and Federal Reserve pressures.
• Nikkei 225: Mixed trading in Asia-Pacific; Nikkei down 0.58% amid uncertainty over tariff reprieve expirations.
• S&P 500: Closed Monday at a record 6,204.95, up 0.52%, capping a strong month.

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