Qiao Wang says a P/E of 20 for Hyperliquid is not cheap: "Which trading product has durable earnings over 20 years? None of them" “I don’t mean to pick on Hyperliquid. It’s every trading product. There’s no switching cost of liquidity” “What does a P/E of 20 really mean? If you believe that a P/E of 20 is fair, what you’re really saying is that the earnings over the next 20 years, discounted, equals today’s price. But which crypto product, which trading product, which financial product has durable earnings over 20 years? None of them. They’re always under competitive threats, always under newcomers” “I think a P/E of 5 is fair. And even then, 5 is high” Imran: “If you see what’s happening in the onchain world, you could see one product instantly get success and the other product instantly go to zero” Qiao: “These onchain games, a P/E of 0.5 is fair. Meaning it’s durable for a few months” Imran: “You have to be extremely careful, because users have no loyalty to the platforms. They’ll go wherever the incentives are. The switching cost is basically zero”