About 73% of this 4.02% APY is decaying token emissions. The real fee yield is ~1.10%. This pool is short volatility — fees stop covering impermanent loss if CRVUSD-TBTC-WSTETH diverges more than ±35%.
Real fee/staking yield: 1.10% · token emissions: 73% of the headline.
Break-even fact: a ±35% move in CRVUSD-TBTC-WSTETH erases a full year of the fees you actually keep (~1.10%). 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.