Don’t compare APR to APY directly
Platforms quote whichever number looks bigger. Convert both to the same basis before comparing yields, or you will pick the worse deal. See projected income on the staking rewards calculator.
APY is always higher than APR — that's the point
APR is the simple interest rate. APY compounds it. 12% APR compounded monthly is 12.68% APY. 12% APR compounded daily is 12.75% APY. The difference grows with the rate: 50% APR daily compounds to 64.8% APY. DeFi protocols always advertise APY.
The conversion: APY = (1 + APR/n)^n − 1, where n is compounding periods per year. To go the other way: APR = n × ((1 + APY)^(1/n) − 1). At 100% APY compounded daily: APR = 365 × ((2)^(1/365) − 1) = 69.3%.
Watch the compounding assumption. Some protocols compound every block (every few seconds). Some compound once a day when you click "harvest." If you don't compound your yields, you earn APR not APY even when they advertise APY — you have to reinvest to realize the full compounded rate.
Related: compound interest calculator, staking vs holding, yield farming calculator.