Web3 Glossary
If you don’t know, now you know.
Web3 Glossary
Altcoin — anything other than Bitcoin
Ape — to invest heavily into a digital asset, often recklessly
AMM — Automated Market Maker; mechanism that replaces an order book in a DEX
Buidl — intentional misspelling of “build,” in reference to “HODL”
CeFi — Centralized Finance; centralized companies that participate in
crypto; “crypto banks” (e.g., BlockFi)
CEX — Centralized Exchange; Crypto exchanges that use traditional order book (e.g., Coinbase)
DAO — Decentralized Autonomous Organization; web3-native ‘companies’ that are governed by community members
Dapp — Decentralized Application; apps built on the blockchain
Degen — short for “degenerate.” Colloquial term amongst crypto traders, esp. for industry veterans that make crazy bets
DeFi — Decentralized Finance; segment of crypto that replaces the functions of banks and financial institutions with blockchain tech
DEX — Decentralized Exchange — crypto exchange that uses an AMM rather than an order book (e.g., Uniswap)
DYOR — “Do Your Own Research;” used when discussing investment in specific crypto projects
Fren — intentional misspelling of “friend;” term of endearment amongst crypto communities
FUD — “Fear, Uncertainty, Doubt;” typically in reference to negative false claims surrounding specific digital assets
Gas — fees paid to utilize the Ethereum blockchain
gm — “good morning;” how all web3 communities greet each other (often regardless of the time of day )
Gwei — the smallest denomination of Ether; units used to price gas
HODL — began as a typo on an old Bitcoin forum where user misspelt “HOLD;” Often taken to be an acronym for “hold on for dear life.”
NFT — Non-fungible token; a digital certificate of authenticity that is not mutually interchangeable
NGMI — “Not gonna make it;” usually in reference to a project or person that makes a dumb move
PFP — profile picture; usually one of an NFT
PoS — Proof of Stake; a consensus mechanism in which validators “stake” a portion of their crypto in order to validate transactions on the blockchain
PoW — Proof of Work; a consensus mechanism in which miners use special computers to solve complex mathematical problems to validate transactions and mint new blocks
Rekt — “wrecked;” losing lots of money in crypto
Rug pull — scam where crypto project takes invested funds and runs
Sats — Satoshis; the smallest denomination of Bitcoin
Ser — intentional misspelling of “sir; common in crypto circles
Shill — heavily promoting a crypto project often in a spammy way
Shitcoin — often synonymous with altcoin; or refers to a crypto with weak fundamentals
TPS — transactions per second; used to a measure blockchain’s efficiency
TVL — total value locked; measure of assets locked in a specific DApp’s smart contract
WAGMI — “we’re all gonna make it;” phrase used to signal optimism and camaraderie
Web3 — the next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web3 aims to remove control of the web from monopolistic tech companies, and return ownership of data and content to its users. Also referred to as the “read-write-trust web.”
