You're being paid 25.5% to absorb price risk. Only ~25.4% of it is real fees — and they stop covering impermanent loss if ADA-NIGHT diverges more than ±398%.
Real fee/staking yield: 25.4% · token emissions: 0% of the headline.
Break-even fact: a ±398% move in ADA-NIGHT erases a full year of the fees you actually keep (~25.4%). 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.