You're being paid 12.5% to absorb price risk. Only ~12.5% of it is real fees — and they stop covering impermanent loss if GRAM-USD₮ diverges more than ±187%.
Real fee/staking yield: 12.5% · token emissions: 0% of the headline.
Break-even fact: a ±187% move in GRAM-USD₮ erases a full year of the fees you actually keep (~12.5%). 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.