About 92% of this 8.82% APY is decaying token emissions. The real fee yield is ~0.75%. This pool is short volatility — fees stop covering impermanent loss if WETH-USDC diverges more than ±28%.
Real fee/staking yield: 0.75% · token emissions: 92% of the headline.
Break-even fact: a ±28% move in WETH-USDC erases a full year of the fees you actually keep (~0.75%). 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.