yes there are dozens of decentralized protocols that claim to offer high yield. but few can really sustain that in reality. safer to not chase such high yield.
My understanding of the "high yield" options don't pay out in stable coins. At best, they are vulnerable to impermanent loss and worse the smart contracts get outsmarted with all the coins gone. Staking crypto has lockin periods, whereas blockfi had no lockin period.
Can you share an example of a decentralized protocol that offers high yield in a stable coin with less risk than blockfi offered?
Are there any "self custody" or "decentralized exchanges" that offer 8% interest on deposits? I think you are comparing apples and oranges here.
disclaimer: I am a current 3-figure BlockFi depositor