Highlight Clip: Qiao Wang: A 20x P/E Ratio Is Not Cheap for Trading Products Qiao Wang: A 20x P/E Ratio Is Not Cheap for Trading Products On September 15, 2026, Alliance co-founder Qiao Wang said on Good Game Podcast that a 20x price-to-earnings ratio is not cheap for trading…
oducts facing constant competition, citing Hyperliquid as an example. He argued that even 5x is high
With switching costs virtually zero on-chain, trading products struggle to sustain earnings over the long term. Valuations should therefore account for how long profits can last, rather than just current earnings. — link