About 86% of this 8.31% APY is decaying token emissions. The real fee yield is ~1.20%. This pool is short volatility — fees stop covering impermanent loss if YMVDG-USDC diverges more than ±36%.
Real fee/staking yield: 1.20% · token emissions: 86% of the headline.
Break-even fact: a ±36% move in YMVDG-USDC erases a full year of the fees you actually keep (~1.20%). 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.