This 3.23% is mostly real staking / lending yield (~3.23% of it). No meaningful token emissions. It is single-asset, so there is no impermanent loss to drag you below holding. It can still fall, but it isn't a disappearing subsidy.
Real fee/staking yield: 3.23% · token emissions: 0% of the headline.
No impermanent loss here — the ~3.23% is real income on the very asset you'd be holding anyway. Only any emissions portion fades.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.