You're being paid 1.18% to absorb price risk. Only ~1.18% of it is real fees — and they stop covering impermanent loss if GRAM-USD₮ diverges more than ±36%.
Real fee/staking yield: 1.18% · token emissions: 0% of the headline.
Break-even fact: a ±36% move in GRAM-USD₮ erases a full year of the fees you actually keep (~1.18%). 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.