This research paper aims to share insights on the evolution of yield farming strategies, targeting crypto professionals and DeFi amateurs. For those who need explanations of basic DeFi concepts, please check out Finematics’ introduction to yield farming and liquidity pools. Yield farming, also known as liquidity mining, is a crypto innovation that started a few years ago. It is a concept of liquidity pools (LPs)¹ incentivizing yield farmers² to provide liquidity in exchange for some rewards i...