Web3 Jargons You Need To Know

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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