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It will activate unconditionally on ~Sep 1, 2026 if miners do not signal readiness before then.
If the 55% threshold is reached sooner, then the new rules will activate sooner.
So the plan is to either convince x% of the miners in an epoch, which is why your threshold is so low, because you know you cannot make this less controversial than it is, and if you don't get that, then an economic nodes majority will kick in and your camp will just fork off on a chaintip with whatever miners you can convince that will then stop cooperating with the majority.
I must admit, we're going to learn a lot from this.
The threshold is lower than usual mostly to prevent malicious miners from vetoing the change, which we have seen with past miner-activated softfork attempts. If 55% of the hashpower is ready to change the rules, then there is no reason to wait any longer than that.
If I run the BIP 110 rc2 will it enforce the new rules if anything less than 55% of miners are also running it?