About 82% of this 15.4% APY is decaying token emissions. The real fee yield is ~2.76%. This pool is short volatility — fees stop covering impermanent loss if FRXETH-CVX diverges more than ±61%.
Real fee/staking yield: 2.76% · token emissions: 82% of the headline.
Break-even fact: a ±61% move in FRXETH-CVX erases a full year of the fees you actually keep (~2.76%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.