Without Haki Luffy would lose.
He won due to awakening his DF and strengthening his Haki.
It's not exactly about punching. Without those two previous factors he'd lose hard, and Kaidou even said Haki rules all.
Apparently according to Oda, DF power that makes a punch stronger and haki power that makes a punch stronger, is different from a stronger punch or a stronger puncher. Hmm...stronger haki or stronger DF power being different than a punch or a tool...What does it mean from WSS fanbase standpoint?
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