Your APY comes from lending, not from Moneda setting a rate. When you deposit, your balance is converted into a stablecoin and supplied to Morpho, a decentralised lending protocol on Base. Borrowers there pay interest on their loans, and that interest is what you earn.
Because the rate is set by supply and demand in that market rather than by Moneda, it moves over time. Your balance compounds in real time, and the current APY is always shown in your Earnings Account.
For the higher-yield option, see the Smart Earnings Account, which spreads funds across multiple strategies instead of a single lending pool.