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 โAll-Time High.โ
- The highest price a cryptocurrency or asset has ever reached in its history.ย
- It often signals peak market enthusiasm or demand.
Sample news/article:
- Bitcoin Absent in Top PH Google Searches in 2024 Despite All-Time High
- Hereโs Why Tron (TRX) Hits All-Time Highย
- Bitget Token $BGB Hits ATH, Now at $4 Line
ATL
- An abbreviation for โAll-Time Low.โ
- The lowest price a cryptocurrency or asset has ever fallen to.ย
- It can indicate extreme market pessimism or lack of adoption.
DYOR
- An abbreviation for โDo Your Own Research.โ
- 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.ย
- It also emphasizes the importance of personal due diligence.
Sample news/article:
Flippening
- It is an idea or event when one cryptocurrency overtakes another in market capitalization or adoption.ย
- For example, the potential โflippeningโ of Ethereum overtaking Bitcoin in market value.
Sample news/article:
FOMO
- An abbreviation for โFear of Missing Out.โ
- The anxiety experienced by investors when they see others making profits in the web3 space, leading them to make impulsive decisions.
Sample news/article:
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.ย
- 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 โSegWit Support,โ producing lower transaction costs.ย
Sample news/article:
- Ethereum Network Completes Shapella Hard Fork, Enabling Staking Withdrawal Capabilities
- Ethereum Shanghai to Allow Staked ETH Withdrawal by 2023 Q1
- Bitcoin Gold Fork and Position of PH Bitcoin Sites About It
FUD
- An abbreviation for โFear, Uncertainty, and Doubt.โ
- A strategy used to spread negative information or rumors to manipulate perception, often to cause panic or sell-offs in the market.ย
- It is commonly used in discussions about cryptocurrencies or blockchain projects to create fear and discourage people from participating.
Sample news/article:
HODL
- An abbreviation for โHold On for Dear Life.โ
- 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 โhold.โย
Sample news/article:
Layer 1
- Also shortened to L1.ย
- The foundational blockchain network that handles transactions and smart contracts.
- L1s are normally the โmajor blockchains,โ like Bitcoin, Ethereum, and Solana.ย
- It provides the core infrastructure for decentralized applications.
Sample news/article:
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.ย
- L2s also aim to improve scalability without compromising security.
Sample news/article:
- TON and Polygon to Launch New Layer-2ย
- Kraken Dives Into DeFi: Set to Launch โInkโ Layer 2 Blockchain
- This Bitcoin Layer-2 Will Reward You For Touching Grass
- Why is Coinbase Building a Layer-2 Blockchain on Ethereum
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 tokenโs price will significantly increase.
Sample news/article:
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.ย
- It often reflects the emotional and financial damage from such losses.
- Typically, when someone says, โI am REKT,โ that means that thE traderโs assets have been liquidated.ย
Sample news/article:
Shill
- Shilling or crypto shilling was used and became widespread during the 2021 bull run.ย
- 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.ย ย
Sample news/article:
WAGMI
- An abbreviation for โWeโre All Gonna Make It.โ
- A positive, community-driven slogan often used in the crypto and web3 spaces to express optimism and solidarity among users.ย
- 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.ย
- 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.ย
Sample news/article:
- What Bitcoin Whales Did During Crypto Crash
- Moonstream Report: 80% of Ethereum NFTs Owned By Crypto Whales
This article is published on BitPinas: Web3 Jargons You Need To Know
What else is happening in Crypto Philippines and beyond?