Hello. Thank you for sharing your thoughts and questions. First of all, the mentioned 15% APR is the minimum rate set. Also, as mentioned above, "Our goal in this study is to provide a reference point for returns for projects and users working on Cent delegation and to start/intensify competition among businesses. Currently, Cent can generate approximately 25-27% income through staking and voting."

As for the line of thought "Why bother with a riskier instrument when HBD Savings pays 20% APR?"; This is all about risk: probability of return. If we continue with the line of thought you mentioned, all Hive users are expected to sell their Hive Coins and invest in HBD Savings. Or more mathematically, we are expected to prefer methods that offer lower risk + higher return compared to HBD Savings. We do not see such behavior in most users. Because Hive price is extremely volatile compared to HBD. So is the price of Cent. Our perspectives on investment/investment instrument types are different from each other. Our risk perception is different from each other. Thank you again for your comment.