About 100% of this 33.2% APY is decaying token emissions. The real fee yield is ~0.06%. This pool is short volatility — fees stop covering impermanent loss if PMUSD-IREET diverges more than ±7.2%.
Real fee/staking yield: 0.06% · token emissions: 100% of the headline.
Break-even fact: a ±7.2% move in PMUSD-IREET erases a full year of the fees you actually keep (~0.06%). 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.