A lot of people sold their kmd to buy btcd and do the swap.
Why would anyone do that? It doesn't make any sense, or am I missing something?
To take advantage of the price difference
What price difference are you referring to? The prices of btcd and kmd have generally always matched the conversion ratio, apart from some punctual btcd
unexplained rises that probably noone with no
insider info could have expected ... So, if one sells kmd and then buys btcd to swap it later for kmd they actually could get less kmd if they don't stake the btcd (because the ratio goes down with time to adjust with the staking).
The exchange rate for the swap is about 47.something. So referring to the recent prices, one could have made a nice profit if willing to take some risk and willing to wait a few days.