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The WhiteWhale project on a certain exchange platform has attracted attention, with a market capitalization reaching $200 million, forming an interesting contrast with Binance Life ($150 million) and Giggle ($63 million) within the ecosystem of a leading exchange. This market competition among projects showcases the valuation differences of tokens within different ecosystems, reflecting the market's varying pricing logic for various Web3 projects. From market data, the size differences between the projects are obvious, and their subsequent development trends are worth paying attention to.