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I am a token holder of WHALES, and for a while, I have rarely seen high-quality analysis in the market. You have achieved that. Thank you, Pavel Paramonov, for providing the report on the Whales Market analysis, of which I agree with the indicators used in the valuation section, but I still feel that the comparison targets seem not quite appropriate. My intuition tells me that the product application scenarios of Uniswap and Blur are broader than those of Whales Market. Whales Market, on the other hand, is relatively niche. At present, I think the best reference might be GMX, as "both are limited by the issuance of tradable assets."

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