According to CoinMeta, co-founder Qiao Wang mentioned in the Good Game Podcast program, taking Hyperliquid as an example, that trading products are continuously facing challenges from new competitors. A price-earnings ratio of 20 times is not considered cheap, and even a ratio of 5 times is on the high side. He pointed out that the cost for users on the blockchain to switch platforms is almost zero, making it difficult for products to ensure long-term stable profitability. Therefore, when evaluating a product's value, one cannot solely rely on current profits; it is also necessary to consider how long the profitability can be sustained.