About 89% of this 6.47% APY is decaying token emissions. The real fee yield is ~0.72%. This pool is short volatility — fees stop covering impermanent loss if USDC-USG diverges more than ±27%.
Real fee/staking yield: 0.72% · token emissions: 89% of the headline.
Break-even fact: a ±27% move in USDC-USG erases a full year of the fees you actually keep (~0.72%). 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.