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As more people enter the crypto space, the industry’s jargon can be overwhelming for newcomers. To help navigate this, BitPinas has compiled a list of essential web3 terms that everyone should be familiar with.
Web3 Jargons
ATH
- An abbreviation for “All-Time High.”
- The highest price a cryptocurrency or asset has ever reached in its history.
- It often signals peak market enthusiasm or demand.
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ATL
- An abbreviation for “All-Time Low.”
- The lowest price a cryptocurrency or asset has ever fallen to.
- It can indicate extreme market pessimism or lack of adoption.
DYOR
- An abbreviation for “Do Your Own Research.”
- It is considered a rule and a common phrase in the cryptocurrency community, encouraging individuals to conduct their own research before investing in any asset or project.
- It also emphasizes the importance of personal due diligence.
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Flippening
- It is an idea or event when one cryptocurrency overtakes another in market capitalization or adoption.
- For example, the potential “flippening” of Ethereum overtaking Bitcoin in market value.
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FOMO
- An abbreviation for “Fear of Missing Out.”
- The anxiety experienced by investors when they see others making profits in the web3 space, leading them to make impulsive decisions.
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Fork
- A change in the protocol of a blockchain
- There are two types of a network fork:
- A hard fork is a big change to a blockchain that creates a new, separate chain if not everyone agrees. An example of this is a hard fork on Bitcoin, producing Bitcoin Cash.
- A soft fork is a smaller change that works with the old system, so no new chain is needed. An example of this is a soft fork on Bitcoin, adding a feature called “SegWit Support,” producing lower transaction costs.
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FUD
- An abbreviation for “Fear, Uncertainty, and Doubt.”
- A strategy used to spread negative information or rumors to manipulate perception, often to cause panic or sell-offs in the market.
- It is commonly used in discussions about cryptocurrencies or blockchain projects to create fear and discourage people from participating.
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HODL
- An abbreviation for “Hold On for Dear Life.”
- It refers to the practice of holding onto cryptocurrency investments instead of selling, often based on the belief in long-term value appreciation.
- The term is also derived from a misspelled word “hold.”
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Layer 1
- Also shortened to L1.
- The foundational blockchain network that handles transactions and smart contracts.
- L1s are normally the “major blockchains,” like Bitcoin, Ethereum, and Solana.
- It provides the core infrastructure for decentralized applications.
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Layer 2
- Also shortened to L2.
- These are solutions built on top of L1 blockchains to increase speed and reduce costs, like Polygon and Optimism for Ethereum.
- L2s also aim to improve scalability without compromising security.
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MOON
- Refers to the idea that the price of a cryptocurrency or token is going to skyrocket.
- When people say something “is going to the moon,” they believe that the token’s price will significantly increase.
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REKT
- A term derived from “wrecked” that means losing a significant amount of money, typically due to poor investment decisions, bad trades, or market crashes.
- It often reflects the emotional and financial damage from such losses.
- Typically, when someone says, “I am REKT,” that means that thE trader’s assets have been liquidated.
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Shill
- Shilling or crypto shilling was used and became widespread during the 2021 bull run.
- It is the act of promoting a cryptocurrency to drive up demand and price.
- This promotion can be either direct or indirect and may be used for legitimate marketing purposes or to artificially inflate prices for personal gain.
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WAGMI
- An abbreviation for “We’re All Gonna Make It.”
- A positive, community-driven slogan often used in the crypto and web3 spaces to express optimism and solidarity among users.
- It signifies a belief that everyone in the ecosystem will ultimately succeed.
Whale
- A term used for individuals or entities who hold a large amount of a particular cryptocurrency or token.
- Their large holdings can significantly impact the market, especially if they make large trades.
- A whale is not just those who hold a lot of cryptocurrencies. A whale can also be someone who holds a lot of Bitcoin only, thus they can be called a Bitcoin Whale.
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This article is published on BitPinas: Web3 Jargons You Need To Know
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