Someone asked me this week why SKY trades at 5x multiple or some nonsense. > You need to have publicly available data & dashboards that investors can trust. Sky does not publish honest financials. They exclude material expenses like emissions. The last rational report was for Q3 2025 which showed a loss over the previous 12 months. > Real investors don't want to have to explain to their LPs why an investment they made is a 0 because a few folks at the Labs entity decided to redirect revenue. Sky extracted $60m from the protocol to a foundation controlled by two investors (tokenholders were not compensated and do not control the foundation) That was most of the equity in the protocol and it was just moved out. If you are a random tokenholder — even if institutional — you lost most of your equity in the protocol. SKY is not an investable asset. Only buy it for a short term trade. Value trap.