You're being paid 7.76% to absorb price risk. Only ~7.76% of it is real fees — and they stop covering impermanent loss if SOL-PENGU diverges more than ±126%.
Real fee/staking yield: 7.76% · token emissions: 0% of the headline.
Break-even fact: a ±126% move in SOL-PENGU erases a full year of the fees you actually keep (~7.76%). 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.