Of course they do.

That's why i agree that √x sub-linear won't cut it and I think that only 1-e⁻ˣ sub-linear could potentially fix stuff because is has a maximum power level. Once you approach that maximum it becomes effectively one account one vote.

The trick would be to set that maximum low enough so that there are enough user with a maximum / full vote – Current Dolphin perhaps. Or even lower.

But this is all mute. The top 20 will never agree to curtail there own power that much.