You're being paid 22.7% to absorb price risk. Only ~22.7% of it is real fees — and they stop covering impermanent loss if USDC-CBBTC diverges more than ±347%.
Real fee/staking yield: 22.7% · token emissions: 0% of the headline.
Break-even fact: a ±347% move in USDC-CBBTC erases a full year of the fees you actually keep (~22.7%). 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.