# kaal:claim:3808873-039

**Claim.** One token one vote on chain governance produces plutocracy: it allocates more power to holders of a significant share of supply so that majority token holders have more power than all other holders combined, reintroducing the defects of one share one vote legacy designs.

**Type.** mechanism  **Support.** argued

**Holds when.**

- on chain voting mechanisms of the early 2020s

**Source quote.**

> A one- token-one-vote design allocates more power to token holders who have a significant share of the total supply of a given token. Majority token holders have more power than the rest of the token holders combined.

**From.** Wulf A. Kaal, *Decentralization Neutralizers* (2021), XI. Lack of Decentralized Governance Systems, page 31

**Cite as.** Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873

**Verify.** sha256 of source PDF `f11493915e6b8c266d421510b5546816e33defb5650aac9d09b20d78549da727` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20Neutralizers.pdf

**Failure mode.** One Token One Vote Plutocracy  (family: plutocratic-capture)

**Topics.** governance-design, tokenomics

**Keywords.** on-chain-voting, plutocracy, token-voting, governance-design

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3441904-021
- restates: https://wulfkaal.github.io/claims/3652481-030
- restates: https://wulfkaal.github.io/claims/3799320-027
- generalizes: https://wulfkaal.github.io/claims/5887242-009

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