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On-chain whale battles, the landscape has become interesting. WhiteWhale, this whale, has accumulated to a scale of 110 million, directly competing with a leading exchange's 130 million assets. What does this phenomenon indicate? The discourse power of the on-chain ecosystem is being redistributed. The asset advantages once monopolized by exchanges are now gradually being eroded by leading players on decentralized on-chain platforms. Where whales choose to operate and where funds flow to not only serve as market indicators but also reflect the impact of the DeFi ecosystem on centralized trading models. The scale is similar, but the ecological logic is completely different—one is on-chain freedom, and the other is centralized regulation. The market will give the answer as to who has long-term competitiveness.