If most people don't vote after 1 day, what makes you think most people will vote 29 days later? But the difference is now you're limited to 30 days while before you weren't. Your posts now grow old and die.
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Well, the way I understood is that. Now we will have 12 hours for first payout which is shorter period for post to stay on top of the post on trending page. After that period it is payed out and other post will come to visibility and they go down, but the post which has real good value keep getting votes for second period which starts after first 12 hours and so on. I think this will increase chances to more posts to get spread of votes instead only few getting major votes.