You're being paid 1.89% to absorb price risk. Only ~1.89% of it is real fees — and they stop covering impermanent loss if RAY-USDC diverges more than ±48%.
Real fee/staking yield: 1.89% · token emissions: 0% of the headline.
Break-even fact: a ±48% move in RAY-USDC erases a full year of the fees you actually keep (~1.89%). 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.