The article discusses the current state of Bluesky, a social network that has been gaining popularity, and whether it can be considered decentralized or federated. The author argues that while Bluesky has made efforts towards decentralization, it still has a long way to go. The article also touches on the financial concerns and the potential for Bluesky to become a major player in the social media landscape. The author concludes that Bluesky's success is not guaranteed, but it has some promising features, such as domain-based usernames and composable moderation.