Sky, formerly MakerDAO, has one of the stronger fundamental profiles in decentralized finance, but the investment case is not straightforward. The protocol has: The main issue is value capture. A large and profitable stablecoin ecosystem does not automatically mean that SKY holders receive equivalent economic benefit. Buybacks, staking rewards, reserves, collateral policies, and treasury allocations are all controlled by governance. At the same time, governance concentration, regulatory exposure, RWA counterparty risk, and thin token liquidity create substantial risks.