As more people lock up ETH in anticipation of the merger, the APY has dropped considerably from over 6% when it was first offered, to 3.25%. Tough to watch it drop while it's locked up, bust sustainability for Coinbase is key right now. The APY should go up considerably once the difficulty bomb is dropped, and miners no longer receive rewards.
Hopefully the merger isn't delayed too much longer, or Coinbase provides some sort of liquidity option like they mentioned. I was a little disappointed they don't communicate the drops either, they should give a heads up.
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