Web3, DeFi, NFT—can we have it all? Let’s dive into the world of crypto slang!
Web3 has become the buzzword of the year. Whether you entered the Web3 space through NFTs, cryptocurrency, dApps, or crypto games, you’ve likely encountered perplexing acronyms on platforms like Twitter and Discord. To help you navigate this dynamic landscape, I’ve compiled this beginner-friendly glossary of essential crypto terms.
General Web3 Glossary
(In alphabetical order)
Airdrop: When a project distributes free cryptocurrencies or NFTs directly to users’ wallets. Airdrops serve as promotional gifts, rewards for meeting criteria, or NFT deliveries for users who initially paid with fiat currency.
DAO (Decentralized Autonomous Organization): A leaderless community with shared goals, governed by token-based voting. DAOs can fund projects, hire talent, or even purchase historic artifacts.
dApp (Decentralized Application): An app running on a blockchain, ensuring data control remains with users. Security hinges on safeguarding private keys.
DeFi (Decentralized Finance): Financial applications powered by blockchain and smart contracts, eliminating intermediaries. Examples include play-to-earn crypto games.
Doxing: Revealing private personal information online—a controversial practice.
Fairdrop: Airdrops distributed proportionally based on users’ crypto holdings from a snapshot.
GameFi (Game Finance): Monetized gaming dApps, like P2E crypto games.
IRL (In Real Life): The physical world, contrasted with virtual Web3 spaces. Synonymous with “Meatspace.”
IYKYK (If You Know, You Know): Slang indicating insider knowledge.
OG (Original Gangster): Early adopters of a project, respected in communities. Opposite of “Noob.”
P2E (Play-to-Earn): Games where players earn crypto or NFT assets convertible to real money.
Smart Contract: Self-executing blockchain agreements with no intermediaries. Widely used in Web3 insurance and lending.
Snapshot: A record of crypto holdings at a specific time, often used for airdrop eligibility.
Back To Top ⬆Crypto Slang
(In alphabetical order)
Ape In: Investing heavily in crypto/NFTs, inspired by the “apes together strong” meme.
ATH (All-Time High): An asset’s highest historical price.
BTD (Buy the Dips): Buying assets during price drops, championed by long-term HODLers.
Degen (Degenerate): Risky investors skipping due diligence (DD).
Diamond Hands: Holders who resist selling during downturns. Opposite of “Paper Hands.”
DYOR (Do Your Own Research): Encouragement to self-verify before investing.
FUD (Fear, Uncertainty, Doubt): Spreading misinformation to manipulate prices.
NGMI (Not Gonna Make It): Self-mockery after poor investment choices.
👉 Master crypto trading strategies
Back To Top ⬆FAQ
1. What’s the difference between APR and APY?
- APR calculates simple interest, while APY factors in compounding.
2. How do I avoid rug pulls?
- Research teams, audit smart contracts, and avoid projects with anonymous founders.
3. Why is gas fees high during NFT mints?
- High demand triggers “gas wars,” where users bid higher fees for faster transactions.
4. What’s a whale in crypto?
- Investors holding large crypto/NFT quantities, influencing market trends.
5. Are DAOs legally recognized?
- DAOs operate in a gray area; some jurisdictions are drafting frameworks for them.
Back To Top ⬆This guide simplifies Web3 jargon—bookmark it for your crypto journey! 🚀
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