SKY vs WSTETH
Sky (formerly Maker) and Wrapped Lido Staked ETH scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
SKY scores 141 of 250 and ranks 30th of 251. WSTETH scores 185 and ranks 3rd. WSTETH leads by 44 points, which is a wide enough margin that the framework is not ambivalent. SKY takes 1 of the 25 variables, WSTETH takes 22, and 2 are level.
The framework rates SKY CAUTIOUS HOLD and WSTETH HOLD CORE. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. WSTETH is clear on Supply Inflation (8 against 3), Smart Money Flows (9 against 5) and Active Users (8 against 4).
WSTETH is valued at $11.76B against $1.86B for SKY, a 6.3x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
WSTETH trades 56% below its all-time high and SKY 21.2% below its own. Recovering the high needs 2.3x from WSTETH and 1.3x from SKY, which is the same statement read as the return each one has to produce.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 8 | 9 | WSTETH +1 | |
| Revenue Trend | 7 | 8 | WSTETH +1 | |
| P/S Multiple | 7 | 7 | level | |
| Real Staking Yield | 6 | 9 | WSTETH +3 |
Supply
| Supply Inflation | 3 | 8 | WSTETH +5 | |
| Vesting Schedule | 9 | 10 | WSTETH +1 | |
| Circulating / FDV Ratio | 9 | 10 | WSTETH +1 | |
| Buyback and Burn | 4 | 5 | WSTETH +1 |
Ownership
| Smart Money Flows | 5 | 9 | WSTETH +4 | |
| Insider Selling | 6 | 8 | WSTETH +2 | |
| Holder Concentration | 3 | 5 | WSTETH +2 |
Traction
| TVL Trend | 5 | 7 | WSTETH +2 | |
| Active Users | 4 | 8 | WSTETH +4 | |
| Developer Activity | 6 | 7 | WSTETH +1 | |
| Network Growth | 6 | 7 | WSTETH +1 |
Position
| Market Share | 7 | 8 | WSTETH +1 | |
| Competitive Moat | 6 | 8 | WSTETH +2 | |
| Institutional Adoption | 8 | 7 | SKY +1 | |
| Exchange Depth | 4 | 6 | WSTETH +2 | |
| Social Mindshare | 3 | 7 | WSTETH +4 |
Risk
| Regulatory Safety | 4 | 6 | WSTETH +2 | |
| Catalyst Calendar | 5 | 6 | WSTETH +1 | |
| BTC Alpha Potential | 3 | 5 | WSTETH +2 | |
| Team Execution | 5 | 7 | WSTETH +2 | |
| Treasury Runway | 8 | 8 | level |
Bars read outward from the centre: SKY to the left, WSTETH to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| SKY | WSTETH | |
|---|---|---|
| Price | $0.0795 | $3,193 |
| Market cap | $1.86B | $11.76B |
| Circulating | 99.9% | 100% |
| Dilution to full supply | 1x | 1x |
| Off all-time high | -21.2% | -56% |
| To recover the high | 1.3x | 2.3x |
| Total value locked | $6.02B | $26.00B |
| Network | Ethereum | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
SKY · CAUTIOUS HOLD
Buyback restoration ~Nov 2026 when Solvency Reserve hits $125M (currently $70.6M). Revenue still growing (Q1 record $61M net). SSR cut improves margins. Remaining 3 Stars. S&P upgrade path. Obex Cohort 2.
Validated RISKS: Rune SPOF (80% governance, emergency proposals bypass process). Net inflationary ~4.4%/yr at current rates. Revenue $246M net but SKY captures only $97M (holders rev). TVL declining. not MiCA-compliant (Jul 2026 deadline). $756M USDC in unverifiable EOA. 35% of USDS is just wrapped USDC. All financials self-reported by Sky Foundation.
WSTETH · HOLD CORE
WstETH becoming default collateral across all major lending protocols; MakerDAO, Aave, Spark all natively integrated
Lido centralization risk (about 24% of staked ETH, down from a 32% peak in 2023); Ethereum validator concentration concerns; potential regulatory classification as security
Common questions
- Is SKY or WSTETH the better investment?
- On this framework WSTETH scores higher: 185 against 141 of 250, and it is rated HOLD CORE against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and SKY still wins 1 of the 25 individual variables against WSTETH.
- What is the biggest difference between SKY and WSTETH?
- Supply Inflation. SKY scores 3 of 10 there and WSTETH scores 8, a gap of 5 points on a single variable.
- Which is bigger, SKY or WSTETH?
- SKY is valued at $1.86B and WSTETH at $11.76B on the latest market snapshot.
Related comparisons
Keep reading
Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.