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Web3 Lingo

Here is a list of terms that are used daily in Web3 communities:

(If any of these definitions are wrong please let us know)

A

Alpha

Information that puts you ahead of the game

Ape in

Buying a NFT or coin without doing too much due diligence

Address

A string of characters that represents a wallet that can send and receive tokens

ATH

(All-Time High) The highest price a token has ever been traded 

Airdrop

To distribute tokens to an audience via wallets

B

Bullish

Feeling confident about the future of a project 

Block Explorer

Explore all transactions on the blockchain (www.bscan.com or www.etherscan.io)

Blockchain

Digital information stored in "blocks" in a public database

Burn

To permanently remove tokens from circulation

C

Cold Wallet

Stores digital assets/tokens offline on a physical device 

Crypto

(Cryptocurrency) Digital currency that is secured by cryptography making it hard to counterfeit 

D

Degen

People who invest in digital assets without doing their due diligence

DYOR

Do Your Own Research 

DAO

(Decentralized Autonomous Organization) A  blockchain-based organization that allows everyone to have ownership and engage in decision-making

Dapp

(Decentralized Application) any application that uses blockchain to store information

Decentralization

When ownership and decision making is controlled by a distributed network

DEFI

(Decentralized Finance) When distributed networks have control over a currency 

E

Ethereum

A decentralized, open-source blockchain with smart contract functionality 

$ETH

The token ticker for Ethereum which is the native currency of the Ethereum blockchain 

F

FOMO

(Fear Of Missing Out)

FUD

(Fear, Uncertainty, Doubt)

Floor

The lowest price listed for an NFT project

Fiat

A term for government issued currencies 

G

GM

(Good Morning)

GWEI

The term used for the cost of gas for transactions on Ethereum

Gas

The fee required to successfully conduct a transaction on the Ethereum blockchain 

H

Hot Wallet

Stores digital assets/tokens online/in the cloud

HODL

(Hold for dear life) Holding on an asset for a long time 

I

Immutable

Data that cannot be changed by anyone after its creation

IYKYK

(If You Know You Know)

IRL

(In Real Life)

K

KYC

(Know Your Customer) 

L

LFG

(Let's F* Go) Used when someone is excited 

Layer 2

A scaling solution that supports mass adoption of Ethereum 

M

Mint

To produce something on the blockchain for the first time

Mining

Verifying transactions on the blockchain 

Maxi

(Maximalist) Someone that believes one particular project is more dominant than others

N

NFT

(Non-Fungible Token) A unique digital object that represents ownership of a digital good 

NGMI

(Not Gonna' Make It)

Node

The most basic unit of blockchain that stores data 

P

Permissionless

A system where no entity can regulate who can use the blockchain and how

Proof of Stake

A mining system that rewards mining power to miners based on how many tokens they have 

Proof of Work

A mining system that involves solving computational puzzles to validate transactions

PFP

(Profile Picture)

R

Rugged

When someone launches or promotes a project to generate sales and then abandons the project while taking all of the profits

S

Seed Phrase

A series of words that unlock your crypto wallet

Self Custody

An individual has possession of their digital assets 

Smart Contracts

A piece of code that self-executes once certain conditions are met 

Social Token

A type of currency that a brand, community, or influencer can use to monetize themselves 

Stablecoin

A cryptocurrency that has its market value pegged to some external reference such as the USD

Staking

Using your tokens as a validator to the blockchain to receive an award 

Shill

To promote a particular project 

T

Token

A representation of an asset that can be held, traded, or staked to earn interest 

Trustless

An environment where there is no centralized authority 

TX

Short for a transaction on the blockchain 

W

WAGMI

(We All Gonna' Make It)

Whale

Individuals or institutions that hold significant amounts of tokens of a particular token 

White/Allow List

List of addresses that get early access to a project 

Y

Yield

What an asset produces in financial value 

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