Because BNB Liquid Staking is not instantly redeemable, it suffers from a higher liquidity risk than lending BNB on Venus, which can be redeemed any time under normal market conditions (unless if utilization rate of the pool is 100%). As a consequence, BNB lending rewards tend to be typically lower than BNB liquid staking rewards, and we can assume that the difference reflects the additional illiquidity risk of BNB liquid staking vs. lending. Most of the time, BNB lending rewards are significantly lower than BNB liquid staking rewards (Lending APR is about 5x lower), and we believe that this difference does not fairly represent the liquidity risk associated with liquid staking, which is redeemable under 7 to 14 days depending on the liquid staking provider.