Do Kwon has put forth a revised proposal for a hard for of LUNA in order to try and distance it from the old LUNA and UST. And start afresh. This proposal has been put up for voting by LUNA holders over the last couple of days. While the voting is still open and several votes are left uncast we can sort of see where it is heading.
The votes are in, sort of
As of the moment of writing close to 231M votes of the 365M available votes have been cast. And it is looking like the future ahead will be the hard fork of LUNA Do Kwon has proposed. He is currently leading with 142M votes. While he is still missing about 40m votes in order for him to have secured a majority. I do not think it will be needed. As the No side seems to be losing footing with every new vote cast.
Initially the No side looked to have a force to reckon with. But as more and more votes have been cast. Their percentage seems to drop every more. This is because non of the new votes seem to be cast to the no side. Instead, the abstain side has swelled up and is not sitting as the second-largest option with a total of 49M votes. The main reason for this is that two of the largest holder of votes, Orion.Money which has 8.92% and SmartStake with 3.92% of the total votes in the past day decided it was time to head to the polls. And there they placed their vote on the abstain option.
How does the voting work?
While I can not for certain say how the voting works here, I have not been able to find that out. I have tried tho. In most cases as soon as a quorum has been reached. That was reached fairly fast, it only required 150M votes. It meant that whatever the vote would be the final decision. And as far as I can tell this appears to be the case here as well.
Where this voting differed appears to be that this allows people to change their minds. And switch their vote as long as the voting is open. This means that you will not be able to close down the voting just because one side has got a majority of votes. Unless they have a special rule for that. Wich, I would think would be strange.
This means that we probably have to wait out the remaining 4 days of voting until the decision will be final. Sadly this probably means precious time at this current time for LUNA. And probably this would not even change if all the votes would be cast.
Why vote abstains
In a normal election, a vote to abstain can arguably be seen as a sign those voters are showing a lack of contentment. They care enough about the voting process to cast their votes, but they do not care for any of the parties in the election.
But this being a yes to the proposition or no to it. It is not your normal election. As there are only two options yes or no. And in the case of no, it means going back to the drawing board. Or putting up a new proposition for a vote.
So if they were unsatisfied with how the proposition is they really should have voted no, instead of abstaining. Can there be another reason for voting in this way? Well yes, there can be. If we take a look at the players voting we see that Orion.Money clearly is the largest holder of votes. And SmartStake is not doing so bad either, they are in fact the third-largest holder of votes. Only stake.systems are larger with 4.98% of the votes.
So this can simply be viewed as a force of strength as well. They can decide to show Do Kwon that their votes matter, and if they can not come to some sort of arrangement their votes might go the other way. Is it purely speculation, well yes. Or at least I would argue until they switch their votes to yes or no. I would argue that would be confirmed on either an agreement being reached or they were able to not come to terms.
That is the only reason I can see for anyone with that many votes voting to abstain. If they have so many votes they arguably should care how their future will look. For holders with a small number of votes, I can see they think their votes do not matter or they do not care as a valid option. but I am being hard-pressed to view that as a real option for Orion.Money and SMartStakes.
The timing at least fits, as Do Kwon currently is in the fight of his life. Well with just over 4 days remaining on the vote I guess we will just have to wait and see.
What are your thoughts on how the votes are falling? Are there some nefarious backroom dealings going on, or have I just read too many spy novels? Please share your thoughts on this and the voting in general in the comments down below. If you want to check in on the voting live there is a link down below that takes you to the page directly.
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