How Does the Voting Power of a Governance Token Holder Relate to Their Token Balance?

Typically, governance protocols employ a "one token, one vote" mechanism, meaning a holder's voting power is directly proportional to the number of governance tokens they possess. This system incentivizes large holders to act in the protocol's best interest, as they have the most to lose.

However, it also creates the risk of centralization and plutocracy, where a few large holders dominate decision-making.