Qiao Wang: A 20x P/E Ratio Is Not Cheap for Trading Products On September 15, 2026, Alliance co-founder Qiao Wang @QwQiao said on Good Game Podcast @goodgamepodxyz that a 20x price-to-earnings ratio is not cheap for trading products 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.