Not sure of the exact time it changed but I know it was recently. Just looking at my profile now I noticed ETH staking rate is now only 3.25%. This is a drop from the 3.67% it was for the last few months.
I wonder how much the apy will drop before we get access to the ETH we have been staking. They did mention having a way to trade the locked up ETH before the ETH 2.0 merge happens but that was promised over a year ago and nothing has been changed or implemented.
At least the drop in rate shows that people are still locking up and holding ETH for the long haul so it isnt all negative in this case since coinbase actually stakes the ETH and isn’t lending it like other platforms which is how they can offer better rates than coinbase