Vitalik Buterin, one of the co-founders of Ethereum, has declared that the cryptocurrency community has already “claimed the right to butcher” the term inflation. Buterin’s statement comes in response to an article by digital media company Axios, which jokingly suggested that inflation now means high prices instead of rising costs. Although Axios’ article was meant to be lighthearted, Buterin argued that the crypto community has already redefined the word.
Buterin’s disagreement with Axios’ definition of inflation received support from other users on the Farcaster platform, including Binji.eth, a former employee of Coinbase. Traditionally, inflation refers to the increase in the general price level of goods and services, which reduces the purchasing power of money. However, Buterin argues that the ongoing global inflation is a result of the unlimited total supply of cryptocurrencies.
Tech investor Lee Edwards criticized Axios’ initial article, stating that Buterin has been actively involved in promoting community-centric solutions and initiatives focused on privacy and fixing issues within the crypto space. Buterin has proposed remedies for Ethereum’s miner extracted value (MEV) problem and has advocated for the use of zero-knowledge (ZK) proof social media augmentation. However, he has not yet addressed the concerns raised by the community regarding the involvement of Ethereum Foundation researchers Dankrad Feist and Justin Drake with EigenLayer, a decision that sparked significant debate due to the substantial compensation they received in EIGEN tokens.
In other news, the Ronin blockchain has gained popularity due to the use of bots and airdrops, making it the second most widely used blockchain for daily users after Not Pixels fans.