Qiao Wang Says a 20x Earnings Multiple Is Not Cheap for Trading Products
Photo: TokenPost
Alliance co-founder Qiao Wang argued that a 20x price-to-earnings multiple is not cheap for crypto trading products because competition can make profits difficult to sustain. Wang cited Hyperliquid as an example of a trading product facing that pressure and said the concern applied broadly across the sector. He also considered a 5x multiple high. Wang made the remarks on Sept. 15, 2026. He pointed to the ease of moving between on-chain platforms, arguing that low switching costs make it harder for trading products to maintain earnings over the long term.
Source: TokenPost
