Some people ask why Bitfinex has such high interest rates, and why whale don't borrow money on the blockchain at lower interest rates? Large borrowers are very sensitive to interest rates, especially since Bitfinex whale borrow $1-2 billion; a 1% difference in interest rates would amount to $10 million a year. Later I discovered that Bitfinex's top-ranked user was likely a Tether-related entity, because this user frequently criticized USDC on Twitter... Therefore, I suspect that this Tether-related entity has sufficient margin leverage to long, but prefers to borrow money from its own exchange rather than from other places. This is likely due to security concerns; they are hesitant to deposit too much margin on other platforms. One piece of evidence is that Bitfinex has less than 5% of Binance's market share, but its Bitcoin reserves reach 60% of Binance's. Apart from Tether storing its own Bitcoin there, I can't think of any other reason. These days, which big investor would dare to put so much money in Bitfinex? From another perspective, this is actually a good thing for lenders, as it means that there is a long-term and stable demand for large loans on Bitfinex, and the credit and financial strength of borrowers are far superior to those of ordinary retail investors. This also explains why Bitfinex, an exchange with a relatively low market share, has such a large demand for lending over a long period of time. The above is just my personal speculation and may not be the actual situation.