You're being paid 4.49% to absorb price risk. Only ~4.49% of it is real fees — and they stop covering impermanent loss if MON-USDC diverges more than ±84%.
Real fee/staking yield: 4.49% · token emissions: 0% of the headline.
Break-even fact: a ±84% move in MON-USDC erases a full year of the fees you actually keep (~4.49%). 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.