You're being paid 13.6% to absorb price risk. Only ~13.6% of it is real fees — and they stop covering impermanent loss if EURC-USDC diverges more than the pair moves.
Real fee/staking yield: 13.6% · token emissions: 0% of the headline.
The real fees here (~13.6%) can beat holding if EURC-USDC 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.