About 33% of this 3.62% APY is decaying token emissions. The real staking / lending yield is ~2.43%. It is single-asset, so there is no impermanent loss to drag you below holding.
Real fee/staking yield: 2.43% · token emissions: 33% of the headline.
No impermanent loss here, so you keep the same price exposure either way. The honest number is the ~2.43% of real yield — the rest is fading emissions, not income.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.