Current skeleton representation learning paradigms face distinct limitations: Contrastive Learning (CL) often overlooks fine-grained motion details, while Masked Auto-Encoders (MAE) rely on coordinate-level reconstruction. This reconstruction inherently demands dense token sequences and heavy decoders, wasting pre-training computation on discarded components and forcing downstream inference to process dense token grids. To resolve these bottlenecks, we propose SLiM (Skeleton Less is More), a compact-token framework that unifies masked feature prediction and contrastive learning via a shared encoder. By shifting the objective from raw coordinate reconstruction to decoder-free, teacher-guided feature prediction, SLiM breaks the reliance on dense tokenization and enables effective learning with a highly compact token grid. Crucially, to prevent trivial shortcut learning arising from strong inter-joint dependencies of human, we introduce Semantic Tube Masking together with Skeleton-Aware Augmentations to enforce deep skeletal-temporal reasoning and anatomical consistency. Extensive experiments across multiple downstream protocols demonstrate that SLiM achieves state-of-the-art performance while structurally reducing inference computation by 7.89$\times$ compared to dense-token MAE baselines.

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