# Qiao Wang Says a 20x Earnings Multiple Is Not Cheap for Trading Products

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/34153
Published: 2026-10-17T18:36:05.000Z
Updated: 2026-10-17T18:36:05.000Z
Section: Investing

> The Alliance co-founder cited competition and low switching costs on on-chain platforms as obstacles to sustaining profits over time.

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.

His valuation argument focused on how long profits can last, rather than on current earnings alone.