The conclusion is false, as staking yields dilute the underlying value of the token. If it was that easy, and protocol would simply issue more and more tokens, this resulting in higher "staking yields". So, as the market comes to understand the dilutive tokenomics off issuing tokens as a "yield", the token price will fall accordingly. It's a gimmick, which only stupid people fall for (but as we can see, there are many stupid people, and snakeoil token scammers will try to exploit that as best they can). Imagine if you had gold somehow multiplying, such that a gold bar each year produced 5% more gold... (sounds great, but its a nonsense, analogous to fiat money printing - which of course was what BTC was created to get away from).
This argument completely misses the mark.
First, staking yield ≠ free money. In proof-of-stake, rewards are the network’s security budget — paid to validators who keep the chain running. It’s not “printing tokens for fun,” it’s compensating work that prevents attacks.
Second, dilution only matters if supply growth outpaces demand. If usage, fees, and adoption grow faster than issuance, you get price support or even deflation — which is exactly what happens on Ethereum post-merge (EIP-1559 burns more ETH than is issued at times).
And here’s the real irony: Bitcoin does the exact same thing. Mining creates new BTC every block — that’s also dilution. Bitcoin’s current inflation rate is ~0.83%, while Ethereum’s is ~0.76% — lower than Bitcoin’s. If you think staking rewards are a “gimmick,” you have to call Bitcoin mining rewards a gimmick too.
Your gold analogy also falls flat. Gold’s price isn’t based solely on a fixed supply — it’s based on production vs demand. If demand grows, higher production doesn’t necessarily tank the price. The same applies to ETH or BTC — issuance isn’t inherently bad if the network is becoming more valuable.
Calling everyone who participates in staking “stupid” isn’t an argument — it’s just lazy cynicism. The real question isn’t whether there is issuance, but whether the issuance is sustainable and tied to real economic activity. In Ethereum’s case, it is — and the data proves it.
