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Distributed Compute Tokens Show Real Utility but Remain Undervalued Compared to CoreWeave
Unlike the hype-driven GameFi sector, which often boasts inflated valuations disconnected from actual usage or revenue, distributed compute tokens deliver tangible utility by powering AI, storage, and GPU markets. Yet, despite growing global demand, these tokens remain modestly valued.
Tech investors have long favored potential. GameFi tokens exemplify this optimism—often commanding sky-high market caps regardless of current user numbers or income streams. For instance, CoinDesk’s 2022 investigation revealed that Decentraland’s then-billion-dollar valuation didn’t align with its active user base.
In contrast, distributed compute tokens lack the same speculative premium, even when measured against traditional finance peers such as CoreWeave (CRWV).
According to CoinMarketCap, decentralized GPU compute token networks—which include prominent tokens like BitTensor, Aethir, and Render—collectively hold a market cap of roughly $12 billion. Meanwhile, MarketsandMarkets estimates the GPU-as-a-service market at around $8 billion this year, with projections rising to $26 billion by 2030.
CoreWeave, a centralized competitor, closed Monday’s trading at $163 per share, valuing the company at $79.2 billion. Its 2025 revenue forecast of $5.1 billion implies a forward price-to-sales ratio exceeding 15x.
Though such multiples can be justified by rapid growth, CoreWeave also reported a $314.6 million net loss in Q1, partly due to stock-based compensation and infrastructure investments. Still, investor confidence remains strong—CoreWeave’s stock has surged over 300% year-to-date, buoyed by close ties to Nvidia and contracts with OpenAI and enterprise clients.
Decentralized compute networks offer similar services—AI inference, rendering, and compute power—without massive capital expenditures. By acting as brokers connecting existing GPU resources to users, they eliminate the need to build expensive server farms.
These networks are not theoretical experiments; they are operational, processing real workloads, and the brokerage model has proven attractive to customers.
Yet, despite addressing the same market needs and presenting a more capital-efficient and scalable model, distributed compute tokens’ combined market value remains a fraction of CoreWeave’s. While CoreWeave benefits from scale and visibility, the valuation gap is striking. Whereas GameFi enjoys speculative exuberance, distributed compute tokens might be undervalued relative to their fundamental utility.
Justin Sun-Backed SRM Entertainment Launches $100M 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, aiming for up to a 10% annual return.
This follows a $100 million funding round to back a “TRON treasury strategy,” modeled after bitcoin treasury firms like MicroStrategy but focused on TRX.
This gives equity investors indirect exposure to the TRON network, which plays a crucial role in USDT stablecoin settlements—especially in the Global South, where TRON-based Tether serves as a vital dollar proxy. This is arguably a “Visa IPO moment” for the region’s economy.
Sogni AI Launches Mainnet and SOGNI Token Lists on Major Exchanges
Sogni AI, a decentralized generative AI workflow platform, has officially launched its mainnet and announced that its native token, SOGNI, will be listed on Kraken, MEXC, and Gate.io.
SOGNI functions as the utility token for the Sogni Supernet, used for compute payments, staking, governance, and access to premium features.
The mainnet supports deployments on Base (Coinbase’s Ethereum Layer-2) and Etherlink (a Tezos-based EVM-compatible Layer-2 with Smart Rollups), combining scalability and accessibility in a chain-agnostic approach.
Sogni aims to create an open, sustainable platform for creative AI applications that blend Web3 infrastructure with Web2-like usability. The ecosystem uses “Spark Points”—non-transferable rendering credits earned or purchased—to facilitate AI workloads.
Users engage via Sogni Web, Sogni Pocket, and Sogni Studio, with creators submitting jobs and GPU providers (“Workers”) earning SOGNI tokens for their services.
Market Overview:
- Bitcoin (BTC): Trading at $107,200, supported by a 14,695 BTC volume spike near $107,000, with potential to test $115,000.
- Ethereum (ETH): Rebounded sharply from a 3.4% intraday drop, now at $2,480 after a V-shaped recovery off $2,438, supported by continued institutional inflows amid market uncertainty.
- Gold: Trading at $3,310.95, recovering from a one-month low as a weaker dollar and Fed pressures offset risk-on sentiment.
- Nikkei 225: Asia-Pacific markets traded mixed Tuesday; Nikkei fell 0.58% amid concerns over the expiry of Trump’s 90-day tariff reprieve.
- S&P 500: Climbed 0.52% Monday to a record close at 6,204.95, capping a strong month.
