This is the 5222nd most frequent Russian word.
обесценить
To devalue or depreciate.
Here, 'обесценить' is used to mean devalue figuratively, representing a diminished perceived importance or worth of progress.
Автор пытается обесценить достигнутый прогресс.
The author tries to devalue the achieved progress.
Here, 'обесценить' is applied literally to indicate a decrease in monetary value.
Экономический кризис смог обесценить валюту.
The economic crisis managed to devalue the currency.
In this sentence, 'обесценить' describes the act of undermining or trivializing someone's idea.