You're being paid 3.32% to absorb price risk. Only ~1.94% of it is real fees (the other ~41% is decaying emissions) — and they stop covering impermanent loss if USDT-WBTC-WETH diverges more than ±49%.
Real fee/staking yield: 1.94% · token emissions: 41% of the headline.
Break-even fact: a ±49% move in USDT-WBTC-WETH erases a full year of the fees you actually keep (~1.94%). 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.