Asia AM Briefing: Are Distributed Compute Tokens Undervalued Relative to CoreWeave?

Distributed Compute Tokens Offer Real Value but Are Still Undervalued Compared to CoreWeave

While the crypto space is often dominated by hype—especially in sectors like GameFi, where token prices frequently exceed actual user engagement and revenues—distributed compute tokens stand out by providing genuine utility. These tokens support key services in AI, storage, and GPU computing, yet despite increasing global demand, they remain undervalued relative to centralized players such as CoreWeave.

Investors often focus on future potential, which partly explains the high valuations of many GameFi tokens, even when their user bases and revenues don’t justify such numbers. For instance, CoinDesk’s 2022 report found Decentraland’s billion-dollar valuation was disproportionate to its active users.

In contrast, distributed compute tokens have not benefited from similar speculative excitement, even when compared with traditional companies like CoreWeave (CRWV).

According to CoinMarketCap data, the total market capitalization of decentralized GPU compute tokens—such as BitTensor, Aethir, and Render—is approximately $12 billion. Market analysts estimate that the global GPU-as-a-service market is worth about $8 billion this year and is projected to grow to $26 billion by 2030.

CoreWeave’s shares closed Monday at $163, giving the company a market value of $79.2 billion. With an expected 2025 revenue of $5.1 billion, this implies a forward price-to-sales ratio of more than 15x. Although this is common for fast-growing firms, CoreWeave reported a $314.6 million net loss in the first quarter, mainly due to infrastructure costs and stock-based compensation. Despite this, its stock price has soared over 300% so far this year, boosted by partnerships with Nvidia, OpenAI, and major enterprises.

Decentralized compute platforms deliver comparable GPU-based services—including AI inference and rendering—without the heavy upfront costs of building data centers. By linking GPU providers directly with users, these platforms create a more efficient and scalable model.

These networks are operational, handling real-world workloads, and have attracted customers. However, their combined market value is only a small fraction of CoreWeave’s.

While CoreWeave benefits from scale and visibility, the valuation disparity suggests that distributed compute tokens could be undervalued based on their actual utility. This contrasts with sectors like GameFi, where hype often drives token prices beyond fundamental value.

Justin Sun-Backed SRM Entertainment Invests $100 Million in TRX Staking

SRM Entertainment (Nasdaq: SRM), which will soon become TRON Inc., has staked its entire treasury of 365 million TRX tokens via JustLend, aiming for an annual return of up to 10%.

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

This approach gives investors indirect exposure to the TRON blockchain, which plays a key role in USDT stablecoin transactions—especially in emerging markets where TRON-based Tether acts as a vital dollar substitute. This may represent a “Visa IPO moment” for these economies.

Sogni AI Launches Mainnet and Lists SOGNI Token on Major Exchanges

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

SOGNI serves as the utility token for the Sogni Supernet, used for compute payments, staking, governance, and premium features.

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

Sogni aims to build an open, sustainable platform for AI creativity that combines Web3 technology with user-friendly design.

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

Users interact through Sogni Web, Pocket, and Studio, where creators submit tasks and GPU providers (“Workers”) earn SOGNI tokens.

Market Update:

• Bitcoin (BTC): Trading around $107,200 with solid volume, eyeing resistance near $115,000.
• Ethereum (ETH): Recovered sharply from a 3.4% drop, trading near $2,480, buoyed by institutional demand.
• Gold: At $3,310.95, recovering from a one-month low amid dollar weakness and Federal Reserve pressures.
• Nikkei 225: Mixed trading in Asia-Pacific; Nikkei down 0.58% amid tariff uncertainty.
• S&P 500: Closed Monday at a record 6,204.95, up 0.52%, marking a strong monthly finish.