Yield farming is moving capital across DeFi protocols to earn fees, emissions, or rewards.
Farms can offer high APYs that decline as more capital arrives or token prices fall.
In research workflows, Yield farming is usually interpreted with APY, Total value locked, Impermanent loss, and Liquidity mining rather than as a standalone signal. Smart-contract, oracle, and governance risks are part of the product. Yield without understanding the mechanism is usually underpriced risk.