You're being paid 2.98% to absorb price risk. Only ~2.98% of it is real fees — and they stop covering impermanent loss if MNT-USDE diverges more than the pair moves.
Real fee/staking yield: 2.98% · token emissions: 0% of the headline.
The real fees here (~2.98%) can beat holding if MNT-USDE 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.