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Web3 Jargons You Need To Know

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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 โ€œAll-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:

ATL

  • An abbreviation for โ€œAll-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 โ€œDo 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 โ€œflippeningโ€ of Ethereum overtaking Bitcoin in market value.

Sample news/article:

FOMO 

  • An abbreviation for โ€œFear 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 โ€œSegWit Support,โ€ producing lower transaction costs.ย 
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Sample news/article:

FUD 

  • An abbreviation for โ€œFear, 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 โ€œHold 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 โ€œhold.โ€ย 

Sample news/article:

Layer 1

  • Also shortened to L1.ย 
  • The foundational blockchain network that handles transactions and smart contracts.
  • L1s are normally the โ€œmajor 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:

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 tokenโ€™s 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, โ€œI am REKT,โ€ that means that thE traderโ€™s 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 โ€œWeโ€™re 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:

This article is published on BitPinas: Web3 Jargons You Need To Know


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