$AKT The on-chain vote passed the Solana migration with 97% approval, but the price didn’t take off. My take is straightforward: this vote only approved the plan, not the switchover. Don’t treat it as already live.

Key data: Proposal 346 received about 59.98 million AKT in favor (97.27%), with 1.29% opposed and 1.44% abstaining; voter turnout was about 69.4%. Gate perpetuals are currently around 0.605, down about 0.6% over 24 hours, after touching a daily low of 0.583.

First, the core contradiction. When many people hear “Akash is migrating to Solana,” they already imagine SPL tokens being tradable and the market migration complete. But the proposal is very clear: a YES vote only approves the migration plan and authorizes the launch of SPL AKT and a two-year, one-way conversion portal after the token and portal audits are complete. It does not set a switchover date or move the markets. Leases, staking, and governance will continue to run on the original Cosmos chain; the actual migration will require another vote on the switchover. A 97% approval sounds like a done deal, but the market reaction says, “The bullish news is out; expectations have been priced in.”

Three data points on Gate perpetuals.

First, price and trading volume. The vote result came through around 11 p.m. Shanghai time on November 2. The daily candle opened at about 0.612 and closed at about 0.599, down on the day. During the hour of the vote, price touched 0.612 after starting at 0.609, then got dumped back to 0.603 and closed at about 0.605, with only about 6,000 U in volume. Trading stayed choppy through the day today. At 4 p.m., price hit the daily low of 0.583. The 5 p.m. hourly candle had about 19,000 U in volume, the largest of the day, and price bounced back above 0.60. Total 24-hour volume was around 69,000 U. The order book is very thin, and just a few tens of thousands of U can create a big high-low spread.

Second, open interest and funding rates. Around the vote, open interest stayed pinned at about 585,000–587,000 contracts, with a notional value of roughly 350,000–360,000 U. During this afternoon’s drop, open interest briefly climbed to about 617,000 contracts, then fell back to around 603,000 in the evening, with a notional value of about 366,000 U. The long-short ratio by account was around 0.95, with slightly more short accounts; among top traders, the long-short ratio by contract count was about even, around 1.00. The funding rate is 0.005% every four hours, so there’s hardly any crowding. Put simply, nobody on the futures side is using “migration to Solana” as fuel to build positions.

Third, the BTC backdrop. Bitcoin is around 77,400, down about 0.6% over 24 hours, with a range of 76,400–78,000. Notional open interest is about 4.65 billion U, the long-short ratio by account is around 2.0, and the top-trader long-short ratio by position is around 0.78. The broader market is moving sideways, and AKT hasn’t made an independent move either.

My take: What was approved this time is authorization to “migrate,” not confirmation that the migration is “already complete.” The audit will still take about two or three weeks. After that, the portal will be open for two years, allowing a one-way 1:1 swap to SPL AKT; once swapped, there’s no going back. The market still needs another vote for the actual migration. So I’m not surprised the price hasn’t rallied. It looks more like the vote expectation was priced in early, and once it came through, there were no buyers. That dip to 0.583 on a thin order book doesn’t look like the start of a trend either—more like a wick caused by insufficient liquidity. I’m not chasing the “coming to Solana” narrative or trying to call the bottom here.

What would prove my view wrong: If Gate breaks above 0.624 (the November 2 daily high) on rising volume and holds there, while open interest climbs back above 630,000 contracts, that would suggest someone is repricing the migration narrative. My view that this round “approved the plan, not the launch” would no longer hold.

Watch for three signals next. First, whether the audit is completed on schedule and when SPL AKT can actually be transferred. Second, when the migration proposal goes on-chain—that’s the real migration timetable. Third, whether Gate’s volume can consistently move beyond the tens-of-thousands-of-U-per-day range. Without more volume, the narrative is still just talk.

Let’s check the record. Yesterday morning, I said that $IDOL the 9 a.m. candle touching the daily high of 0.0273 was a fake pump, so don’t chase it. That view would be invalidated if the hourly candle closed firmly above 0.0273 and open interest climbed back above 800,000 contracts. The price never got back to 0.0273 afterward and is now around 0.020, with open interest at about 910,000 contracts. The “don’t chase it” call still stands.

One last question: With 97% voting in favor but no price rise, do you think the market is waiting for the actual migration vote, or does it simply not buy the Solana migration narrative?

This is only an observation of market activity and does not constitute advice.