[CyberWasp]

At the moment it is at 19.38%
There is almost $10 Billion UST Deposited in there at the moment.
It gets complicated to explain it all but there are many videos that explain Anchor Protocol.
They have a mechanism to lend the money that is deposited, but at the moment deposits are way higher than borrowings, so I guess over time the interest rate will go down until it finds a balance between deposits and loans.

You can use Luna or Eth as Collateral at the moment but I think that will expand soon to other coins.

Why would you borrow this way?
Pros
Loans are instant and don't need approval. Loan is % of collateral @ 12.5%
If you cash out any Crypto to have to pay capital gains on profits, but not on borrowings.
In a rising market you could use you Crypto to buy more Crypto....free money.
Cons
Your collateral is calculated at the market price so it will vary.
If you deposit $1000 and borrow $400 and your $1000 of Luna, tomorrow is worth $400 you are done.