I haven't updated this because, frankly, it's a bit complicated to explain and the election will not be legitimate, so...
I guess the update that needed to be posted is that the opposition will indeed not participate in these elections, as a joint statement was released by all major parties a few weeks ago.
In any case, the post above mostly explained what you need to know.
There is something that needs further explanation though. It's an open secret that most inside the opposition are, to put it mildly, unhappy with Guaidó's leadership. Little to no progress has been made this year, and there is no clear route forward. Guaidó shot a video this week appealing to the opposition leaders with the highest profiles to meet and decide a "new route" in the next few days. It's not exactly a good look, to say the least, considering this (the opposition leaders not agreeing on anything) has been happening for years now, and it's August 2020.
The biggest question remains what will happen to Guaidó in January, when the next congress (likely a Chavista supermajority) will be sworn in and the legality of his position will be on even murkier ground. Furthermore, Guaidó's biggest ally so far has been the Trump administration, and well, you know how his reelection campaign is going. So far, it remains unclear how a Biden administration would deal with Guaidó.
Will Maduro reward the "controlled opposition" (to call them some way) and give them a handful of seats or will the result just be 100% of seats for PSUV and their allies?
By controlled opposition I am referring to the people who ran against Maduro in 2018 (Falcon and Bertucci, and whoever their allies are)
