What are the risks?
Usually with these strategies you are susceptible to some sort of de-peg risk, whereby you can get liquidated.
Is there any risk of that happening here where your entire position may get liquidated? These yields are juicy but I've held off from participating in Anchor protocol just because of their ponzi-like structure - their yield reserves are what's paying the interest right now, not genuine demand for their product.
The risk of liquidation due to depegging is determined by your risk ratio / collateral percentage when you borrow assets. Personally I don't ever borrow over ~70-75% of my supplied collateral, so the stablecoin would have to depeg ~25-30% in order for my position to get liquidated.
Rewards on the supply side are earned via 2 mediums: Daily distribution of the GAMMA token and interest paid by borrowers of the token you are supplying.