Yield farming's 'real' yields vs. the narrative

Been pondering the perpetual motion machine that is yield farming lately, specifically how much of the reported APYs are genuinely sustainable, unadulterated returns versus a sophisticated shell game of token emissions and new money. It feels like every cycle we get these stratospheric yields, initially attractive, only to see the underlying token price deflate faster than a politician's promise, leaving the 'yield' aspect somewhat… nominal.

Take some of the liquidity pools on various DEXs. The headline APY might look glorious, but a significant chunk is often in the platform's native token, which is subject to its own inflationary pressures and market sentiment. It’s a bit like being offered a fantastic interest rate on your savings, but only if you take the interest payments in the bank's own, newly printed, rapidly devaluing scrip. Where's the line between true innovation in capital efficiency and simply moving the hot potato faster? I hear a lot of talk about the 'inevitable' value capture, but my wallet often sings a different tune. I'm keen to hear if others are genuinely finding consistent, non-ponzinomics-adjacent yield, or if we're all just chasing the dragon.