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It's a limited reward pool, using 25% means your influence is diminished compared to the curator who continues voting at 100%. So, those voting more will start to get crowded out of the reward pool as their VP diminishes fast.

Yes, You are right. Actually, it seems that this HF has lowered the power of dolphins and whales both in quality and quantity.

This is something that I dont understand much. Can you enlighten me?