The significant drop in APY from 20% to 3.48% is likely due to the recent changes made by Convex, a financial services company. Convex recently announced that they would be reducing the rewards for their customers, which has likely had a major impact on the APY rate. This is likely due to the fact that Convex offers a variety of financial services and products, including credit cards, personal loans, and investment opportunities. By reducing the rewards for their customers, Convex is likely attempting to reduce the cost of their services, which would result in a lower APY rate. It is also possible that the current economic climate has had an impact on the APY rate, as it is often influenced by interest rates and the overall performance of the stock market.
