Vitalik Buterin, one of the co-founders of Ethereum, has stated that the crypto community has already “claimed the right to butcher” the word inflation. Buterin’s remarks were made in response to a post by digital media company Axios, which jokingly suggested that the word inflation now means high prices instead of rising costs. While Axios’ post was meant to be lighthearted, Buterin argued that the crypto community has already redefined the word.
Buterin’s response to Axios was supported by other users on the Farcaster platform, including former Coinbase employee Binji.eth. Traditionally, inflation refers to the increase in the overall price level of goods and services, which reduces the purchasing power of money. However, Buterin suggests that the semantic shift in redefining inflation indicates that ongoing global inflation is a result of the unlimited supply of money.
Tech investor Lee Edwards criticized Axios’ post, stating that Buterin has been actively involved in promoting community-centric solutions and initiatives that prioritize privacy and address issues within the crypto space. While Buterin has not commented on the concerns surrounding Ethereum Foundation researchers Dankrad Feist and Justin Drake joining EigenLayer, a decision that sparked debate within the community, his involvement in the decentralized community is well-known.
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.