You're being paid 0.04% to absorb price risk. Only ~0.04% of it is real fees — and they stop covering impermanent loss if USDC-EURS diverges more than the pair moves.
Real fee/staking yield: 0.04% · token emissions: 0% of the headline.
The real fees here (~0.04%) can beat holding if USDC-EURS 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.