You're being paid 9.93% to absorb price risk. Only ~9.93% of it is real fees — and they stop covering impermanent loss if AVAX-USDC diverges more than ±154%.
Real fee/staking yield: 9.93% · token emissions: 0% of the headline.
Break-even fact: a ±154% move in AVAX-USDC erases a full year of the fees you actually keep (~9.93%). 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.