You're being paid 0.03% to absorb price risk. Only ~0.03% of it is real fees — and they stop covering impermanent loss if USDC-EURS diverges more than the pair moves.
Real fee/staking yield: 0.03% · token emissions: 0% of the headline.
The real fees here (~0.03%) 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.