Understanding Conversion Rates in Funnel Analysis

Hi, question about funnels. For example, I have a funnel with step 1 -> step 2, where step 2 takes place weeks after step 1. If I look at the timeline for the conversion rate for this funnel, to understand how the conversion rate between 1 -> 2 changed overtime, does the data point I see at a specific time point to the time a user did step 1 or step 2? In other words does the value I see for a specific time point refer to the cohort (user entering step 1) or the action the user did (step 2)? Thanks!