You're being paid 3.08% to absorb price risk. Only ~3.08% of it is real fees — and they stop covering impermanent loss if EURCV-USDC diverges more than the pair moves.
Real fee/staking yield: 3.08% · token emissions: 0% of the headline.
The real fees here (~3.08%) can beat holding if EURCV-USDC stays calm, but a sharp divergence flips that. It's a genuine short-volatility bet, not free income.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.