One major change this cycle is the shift from farming pure stablecoins just for the APY to farming stablecoins for a benefit and/or something that also earn points toward a future airdrop. Think points meta that got really popular due to Ethena and EtherFi. I remember back in 2021, it was common to stake native tokens for their high APRs alone, for example, I used to stake $CAKE. The idea back then was that the high APR, often 50–150%, would offset price drops and still provide a solid income overall. Today though the reason to stake native tokens is because they give you a benefit. Some examples: - $KAITO because you want to get airdrops from new projects - $ETHFI to qualify for the higher tiers for their card - $HYPE to get discounted trading fees Also another thing which is now seen as normal today is leverage looping of both stablecoins and points (think Pendle), and memecoins has taken the market share that ponzi yield farms used to have.