About 86% of this 12.8% APY is decaying token emissions. The real fee yield is ~1.80%. This pool is short volatility — fees stop covering impermanent loss if CRV-SDCRV diverges more than ±47%.
Real fee/staking yield: 1.80% · token emissions: 86% of the headline.
Break-even fact: a ±47% move in CRV-SDCRV erases a full year of the fees you actually keep (~1.80%). 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.