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.
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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?