Due to yield farming, the rates of APR are artificially higher. In theory though the more people join and then sell the yield coins, rates will come down. Due to the bull market type area, the yields will be high until it cools down as coins get pumped and due to this coin being "new money" paper value it increases.
One could say much lending is speculative in the DeFi which is both good and bad you know.
Centralized ones lend to more centralized trusted such as miners,short traders, and etc. Rates are thus lower.
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