About 54% of this 2.85% APY is decaying token emissions. The real fee yield is ~1.32%. It is single-asset, so there is no impermanent loss to drag you below holding.
Real fee/staking yield: 1.32% · token emissions: 54% of the headline.
No impermanent loss here, so you keep the same price exposure either way. The honest number is the ~1.32% of real yield — the rest is fading emissions, not income.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.