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The Web3 Dictionary

In the vast and ever-evolving realm of Web3, terms can sometimes be as puzzling as they are revolutionary. Beginners and experts alike need to arm themselves with the right terms to keep up with the crypto community.

This Web3 Dictionary is designed to demystify everything from these intricate jargons to meme-driven slang. Our regularly updated guide ensures you navigate the decentralized world with clarity and expertise.

TermsFull WordDescription
2FATwo-Factor AuthenticationEnhances security by requiring a secondary verification step in addition to a password. The most popular method of 2FA is sending a text message with a code.
AirdropA means of distributing tokens or coins for free in the crypto world, where a company directly places the tokens or coins into the wallets of its users or members.
AltsAltcoinsA type of cryptocurrency that serves as an alternative to Bitcoin, created by merging the words “alternative” and “coin” to form “altcoin”. This term refers to all cryptocurrencies except for Bitcoin.
AMAAsk Me AnythingAn AMA is a social media post where an individual answers questions from the public, typically in real-time. The concept originated on Reddit but has also gained popularity on Twitter, in the crypto world, and other communities.
Aping“Aping” into something refers to impulsive buying of a large quantity without proper research. This is a favorite practice among “degens.”
ARAugmented RealityA blending of virtual reality with physical reality facilitated by wearable devices like glasses or goggles, or a smartphone or computer screen.
ATHAll-Time HighThe highest price an asset has ever had.
ATLAll-Time Lowthe lowest price an asset has ever had.
AvatarA digital version of a human or entity present in VR, video games, the internet, or other virtual realms.
BagholderA bagholder is an individual who holds onto their investment despite its declining value and impending worthlessness.
BearishA market trend characterized by declining prices and a higher volume of selling. Bearish investors anticipate further price decreases. This term, originally from traditional stock markets, is now widely used in the crypto market as well.
Bitcoin MaximalistA Bitcoin maximalist is an individual who considers Bitcoin as the supreme cryptocurrency and believes it’s the only one worth possessing.
BlockTransactions recorded on the blockchain are grouped together as blocks, each of which has data about the prior block, forming a linked chain.
Block ExplorerA tool for browsing information on a blockchain, such as transactions, wallet addresses, market caps, and hash rates.
BlockchainA decentralized and public digital ledger used to record and transfer information without reliance on a central authority, the underlying technology behind protocols like Bitcoin and Ethereum.
BTCBitcoinThe first ever peer-to-peer, decentralized digital currency, established in 2009 by the pseudonymous Satoshi Nakamoto.
BTDBuy the DipA crypto trading strategy centered on buying an asset after a decrease in market value, taking advantage of a lower price to secure an investment with the expectation of future growth.
BullishA bull market is a market trend where prices are rising, and a bullish individual is someone who expects market prices to increase.
CEXCentralized ExchangesA type of cryptocurrency exchange that facilitates trades by connecting buyers and sellers, while also retaining control of their assets.
CryptojackingCryptojacking is an act of cybercrime that entails the unauthorized use of a computer to mine digital currencies.
CryptoKittiesA digital-based organization is run by members without central ownership, such as a CEO or directors. It features a code-based structure with embedded rules and regulations enforced through smart contracts.
CryptosisA cryptosis is an individual who is fixated on all things crypto and aims to be well-informed.
Curated NFT MarketplaceA marketplace that offers NFTs that have been carefully selected and rigorously evaluated by the platform. Some prominent examples of curated NFT marketplaces include SuperRare and Nifty Gateway.
DAODecentralized Autonomous OrganizationsA digital-based organization run by members without central ownership, such as a CEO or directors. It features a code-based structure with embedded rules and regulations enforced through smart contracts.
DAppDecentralized ApplicationA decentralized application constructed on blockchain technology, utilizing smart contracts and Web 3.0 Javascript libraries. Some popular Dapps include web3 wallets, cryptocurrency savings accounts with interest and NFT marketplaces.
DeFiDecentralized FinanceA financial system that operates without centralized authority or intermediaries like banks, enabling permissionless activities like trading, borrowing, lending, and investing.
DegenDegenerateAn overly enthusiastic crypto trader who becomes completely absorbed in the market and neglects their own health and well-being.
DEXDecentralized ExchangeA type of cryptocurrency exchange that allows for direct, peer-to-peer transactions without intermediaries.
Diamond HandsA slang term for individuals who hold onto their crypto assets, no matter what market conditions may be. The idiom implies their conviction to retain their investments is as durable as diamonds.
DropThe phrase “drop” is a popular crypto slang term that refers to the release of a product, such as an NFT drop.
DYORDo Your Own ResearchAdvocates for the importance of self-education and research before making any investment in crypto assets.
ENSEthereum Name ServiceNFT domain names are designed to simplify and personalize Ethereum wallet addresses by ending with “.eth” instead of lengthy sequences of random letters and numbers.
ERC-1155ERC-1155 is referred to as the multi-token standard and is an improved version of the code for ERC-721. This standard supports batch transfers and encompasses a mix of fungible, non-fungible, and semi-fungible tokens.
ERC-20ERC-20 is the established token standard for fungible tokens on the Ethereum blockchain.
ERC-721ERC-721 is the token standard on the Ethereum blockchain designed for NFTs and provides fundamental tracking and transfer capabilities.
EVMEthereum Virtual MachineA virtual environment that facilitates the execution of smart contracts and the effective management of their internal state.
FlippeningThe flippening is a term that refers to the possibility of Ethereum taking the top position as the leading cryptocurrency in terms of market capitalization, surpassing Bitcoin.
Floor Is LavaThe phrase refers to a scenario in which the minimum price of an NFT project rapidly increases due to high demand.
FMLF*ck My LifeThe term is frequently used to describe negative situations or incidents that have happened.
FOMOFear of Missing OutA situation that generates excitement about new cryptocurrency assets, leading investors to impulsively seek high returns. FOMO is driven by emotions and often results in purchasing tokens at inflated prices. It is advisable for investors to avoid reacting to FOMO and wait for the market to stabilize.
Fractional NFTsFractional NFTs are created by dividing a single NFT into smaller, more manageable pieces, enabling multiple individuals to invest in a digital asset. This is achieved through the creation of fungible tokens (ERC-20) that are tied to the underlying non-fungible tokens (ERC-721).
FUDFear, Uncertainty, and DoubtThe spread of fear, uncertainty and doubt through misinformation and creating instability in the cryptocurrency market. FUD is a strategy employed by certain groups to lower the price of a crypto asset and can result in the bursting of economic bubbles in the crypto space.
Fungible / Non-FungibleTokens that can be swapped with another token are considered fungible, whereas tokens are unique and cannot be replicated are non-fungible.
GasTokens that can be swapped with another token are considered fungible, whereas tokens that are unique and cannot be replicated are non-fungible.
Generative ArtGenerative art involves the use of autonomous systems or algorithms to randomly generate content. This style has gained recognition among NFT collectors and creators through platforms such as Art Blocks.
GMGood MorningThe phrase “GM” represents “good morning,” but it goes beyond just a simple greeting. It also reflects optimism about the cryptocurrency market or a specific crypto project.
GNGood NightLike GM, but utilized in the evening hours. It serves as an indication that the user is concluding their online session.
GOATGreatest of All TimeThe expression “GOAT” represents the highest praise one can give, meaning “greatest of all time.” It is widely recognized as a compliment in the crypto community and other social groups.
Grind / GrindingEnduring tedious work for the sake of a desired result.
HODLHold On for Dear LifeA concept in the cryptocurrency market during high short-term price fluctuations, where owners are advised to hold onto their assets instead of selling them immediately in fear of losses. HODL originated as a misspelling of “HOLD,” but has become a widely recognized term.
ICOInitial Coin OfferingA mechanism for raising capital to finance crypto projects through the issuance and sale of native digital tokens.
KYCKnow Your CustomerA process that involves references to the procedures which businesses should follow during the verification of customer identity.
LFGLet’s F*cking GoMembers of the cryptocurrency community use this expression to create excitement and generate interest in a particular item or event.
MetaverseA virtual space that provides an immersive experience, often using NFTs.
MintMinting refers to the process of generating new coins or tokens by adding new blocks.
Moonboy / MoongirlRefers to someone who has a belief in a short-term spike in the value of their assets.
Mooning“Mooning” refers to a sudden, sharp increase in the price of a cryptocurrency.
NFANot Financial AdviceThe acronym “NFA” stands for “not financial advice” and is used by those who provide advice on cryptocurrencies or NFTs as a disclaimer to indicate they are not liable for any resulting outcomes.
NFTNon-Fungible TokenA digital asset representing ownership of digital assets such as music, art, photography and more.
NGMINot Gonna Make ItRefers to the tendency for individuals to make hasty, ill-informed decisions regarding cryptocurrency investing. NGMI describes a mindset that hinders one’s participation in the crypto world and often stems from unrealistic expectations, such as seeking to make millions in profits within a short period of time.
No-CoinerA no-coiner is a term used for those who are dismissive of the potential of crypto and own none of it.
P2EPlay-to-Earn“P2E” stands for “play-to-earn” games, which are a type of blockchain-based games where players have the opportunity to earn rewards through gameplay.
P2PPeer-to-PeerDirect interactions between parties without intermediaries.
Paper HandsThe term “paper hands” is applied to describe individuals who engage in short-term trading of assets, ranging from a few minutes to several months.
PFPProFile Picture“Profile picture” is referred to as PFP on messaging platforms and social media, where NFTs are a popular choice for PFPs.
PnDPump and Dump SchemeA scheme in which the price of a cryptocurrency is manipulated by purchasing a large number of assets, generating demand, and then cashing out for profit, leaving holders with worthless assets.
PoAProof of AuthorityIn this consensus mechanism, a centralized authority holds control over the selection of validators. They choose validators based on their proven credibility on the network.
PoSProof of StakeA decentralized consensus mechanism in which selected validators stake the native cryptocurrency of the blockchain in exchange for rewards earned from validating transactions.
PoWProof of WorkA consensus mechanism that operates in a decentralized manner, requiring network participants to expend computational power and energy to create new valid blocks.
RektThe expression “rekt” is used to describe the outcome of a trade or investment that resulted in a significant loss.
Rug / Rug Pull“Rugpull” refers to a fraudulent project in which the founders vanish with the funds, leaving the investors empty-handed. This has been seen frequently in crypto, DeFi, and NFTs, leaving no one protected from “getting rugged.”
SAFUSecure Asset Fund for UsersThe term “SAFU” is an abbreviation of Binance’s Secure Asset Fund for Users, and it means the funds are secure within the cryptocurrency sphere. The term became popular after Binance’s CEO tweeted “funds are safe” and a YouTuber created a video with the phrase “funds are safu.”
SatsSatoshisA Satoshi represents 0.00000001 BTC in the world of Bitcoin.
ScamcoinThe term “scamcoin” describes a type of coin that is intended to mislead people into investing their money, with the ultimate goal of theft.
SDK / DevkitSoftware Development KitA suite of software tools and programs aimed at enabling developers to quickly deploy applications within their development environment.
ShillerA person who spreads awareness about crypto and NFT projects among various communities
Sweep the Floor“Sweeping the floor” is a commonly used expression in the NFT space, referring to the act of bulk-buying NFTs at their lowest price. The comparison can be drawn to scalpers who buy concert tickets at their release and then sell them for a premium.
TVLTotal Value LockedThe TVL refers to the total value of assets that have been locked within a specific protocol, like DeFi lending platforms and decentralized exchanges, which use liquidity pools that hold assets in a vault.
WAGBOWe Are Gonna Be OkayThis abbreviation stands for “we are going to be okay” and is used to provide encouragement and comfort to others.
WAGMIWe’re All Gonna Make ItA hopeful phrase utilized in NFT communities to foster positivity and the notion that financial success in the NFT arena is achievable for all, regardless of truth.
Web3Web 3.0A hopeful phrase utilized in NFT communities to foster positivity and the notion that financial success in the NFT arena is achievable for all, regardless of the truth.
Wen Lambo?“Wen Lambo?” is a question that asks “when will you buy a Lamborghini?” in the crypto community. It’s a symbol of wealth and success in the crypto world.
WhaleAn individual with a significant amount of coins or tokens who can greatly influence market prices by buying or selling large amounts of assets
Whitelist / AllowlistA whitelist is a list of individuals who have permission to mint first from a new collection before others are allowed to.
The Web3 Dictionary – for the decentralized web