Web3 Lingos to Help You Fit In
Part 1
There are some common slangs & terminologies thrown around in the Web3 space that’ll make you go “What are these people even talking about?”.
They might sound strange & complicated, but many of them really aren’t. Some of the words are even formed by mistake.
Today’s #web3wednesday “episode” will help clear some of the confusion & so you’ll have no problem fitting right in if/when you find yourself among web3/crypto/blockchain folks.
Diving in:
1. 👋 Gm
…is exactly what you think it means — good morning. While the meaning is obvious, it’s used a lot by people in the crypto community to exchange pleasantries.
Someone would tweet “gm gm” & people would reply “gm” back. It’s just a casual thing they do & everyone is accepting of it.
Although I found it funny when I observed that gm is used no matter the time of the day.
Whether afternoon, evening, or night, they (web3 folks) don’t think it strange to use gm as a conversation starter.
It’s basically the crypto-equivalent for “hello”
2. 🚀 WAGMI
…means We-All-Gonna-Make-It.
It’s used to spread good vibes or sometimes wrap up a conversation.
Something like:
“gm Tobi, I feel better today, thanks for asking, WAGMI 🚀”
There’s also NGMI. The ‘N’ in the abbreviation stands for ‘Not’. You probably can already complete the rest. This one’s the opposite of WAGMI. Bad vibes.
Not-gonna-make-it
3. 🐻 Bear Market
This ‘bear market’ term is used to denote a long period of decline in crypto prices, negative market outcomes, etc. It’s basically a red color/trail on the market graph that denotes: “Things aren’t looking good my fren”
A conversation with the term would go:
“Remember during the bear market last year? when I couldn’t buy myself a single pack of caprisonne? ”
4. 🐂 Bull Market
The bull market is the opposite of the bear market. Here, there’s a rise in prices of assets like crypto, stock market, etc. There’s growth, investments are yielding good returns & people are feeling good about their portfolios.
Basically, the color on the graph is blinking green, everyone’s smiling & there’s enough Caprisonne to go round.
“I hope the bull market era lasts foreverrrr”
PS: if like me, you have a tendency to mix up the terms “bull & bear”, use this hack — A bull attacks its prey by lifting & throwing them up with its horns while a bear, pounds & smashes down its prey.
5. 🦘 Rug pull
A rug pull is the crypto/DeFi terminology for a scam or fraudulent project. It’s when the project owner(s) or developer(s) suddenly intentionally abandons a project after making people invest in it.
A rug pull causes people to lose money.
Well except the frauds.
E.g.
“Don’t invest in that project, I heard some rumors about a potential rug pull. Let me help you keep the money :)”
Gm!
Thanks for reading
I made #Web3Wednesdays into a Medium “playlist” & so if you’d like to go through previous articles, they’re neatly packed for you in a List
PPS: you can clap more than once on this article, or drop a comment if you have a web3 slang you know of.
Until next time, WAGMI :)
