Yield farming's real long-term viability without the bull run sugar rush

Been thinking a lot about the sustainability of current DeFi yield farming models, especially now that the broader crypto market isn't in full parabolic mode. It feels like a lot of the eye-popping APYs we saw were largely propped up by the appreciation of the underlying assets, rather than pure protocol efficiency or genuine utility driving demand for the farmed tokens. Once the music stops, or even slows down, the impermanent loss starts looking a lot less temporary.

Are we looking at a future where only the most robust, truly integrated protocols with real-world use cases (or at least sustained organic demand) can offer competitive, sustainable yields? Or is the expectation just that we're always chasing the next high-APY farm, regardless of the underlying tokenomics? I'm genuinely curious if anyone sees a path for current yield structures to remain compelling when the $USDX is at 25.505 and the broader macro picture isn't screaming 'risk on' anymore. Push back if you think I'm missing something crucial.