The return of yield farming as DeFi expands beyond Ethereum
During the warmly-lit months of 2020’s “DeFi summer”, yield farming on Ethereum was relatively new, and very big news. Back then, Ethereum was alive with innovative and accessible opportunities for users to get involved in all areas of the DeFi ecosystem in return for a yield, often paid in native tokens that could then be put to work elsewhere to earn more.
These endless “farming” opportunities were a key attraction for many entering Ethereum’s new financial ecosystem. Indeed, yield farming became the driving force behind the explosion of DeFi that has seen its total value rise from less than $1 billion early last year to more than $117 billion today across all blockchains.