Common web3 slangs and their meaning!

Here are some common Web3 slangs and their meanings:

General Web3 & Crypto Terms

1. HODL – A misspelling of "hold" that means to keep holding onto your cryptocurrency rather than selling, even in volatile markets.
2. DYOR – "Do Your Own Research"; encourages individuals to research projects before investing.
3. FOMO – "Fear of Missing Out"; the anxiety of missing a good investment opportunity.
4. WAGMI – "We’re All Gonna Make It"; a phrase of encouragement within the Web3 and crypto community.
5. NGMI – "Not Gonna Make It"; used when someone makes poor investment decisions.
6. FUD – "Fear, Uncertainty, and Doubt"; negative news or rumors that spread fear in the market.
7. LFG – "Let’s F**king Go"; used to express excitement, often when prices are rising.
8. REKT – "Wrecked"; losing a significant amount of money in a bad trade or investment.
9. Mooning – When a coin or asset is experiencing a huge price surge.
10. Bagholder – Someone holding onto a cryptocurrency that has drastically lost value.

NFT & Metaverse Terms

11. PFP – "Profile Picture"; refers to NFT collections used as social media avatars (e.g., Bored Ape, CryptoPunks).
12. 1/1 NFT – A unique, one-of-a-kind NFT (as opposed to mass-produced collections).
13. WHALE – An individual or entity that holds a massive amount of crypto or NFTs.
14. Floor Price – The lowest price at which an NFT from a collection is listed for sale.
15. Gas Fee – The transaction fee required to process actions on a blockchain.
16. Rug Pull – A scam where developers abandon a project and run away with investors’ funds.
17. Mint – The process of creating (or "minting") a new NFT on the blockchain.
18. Airdrop – Free tokens or NFTs given to users as rewards, promotions, or incentives.
19. Blue Chip – Established, high-value NFT projects with strong reputations (e.g., Bored Ape Yacht Club).
20. Burning – Permanently removing a token or NFT from circulation, usually to create scarcity.

DeFi & Blockchain Terms

21. APY – "Annual Percentage Yield"; refers to the return on investment in staking or lending.
22. Yield Farming – Earning rewards by lending or staking crypto assets in decentralized finance (DeFi) protocols.
23. Smart Contract – A self-executing code that automates blockchain transactions.
24. Layer 1 (L1) – Base blockchains like Ethereum, Bitcoin, and Solana.
25. Layer 2 (L2) – Solutions built on top of L1 blockchains to improve scalability and reduce fees (e.g., Polygon, Optimism).
26. Degen – Short for "Degenerate"; refers to risky, often reckless, crypto investments.
27. Liquidity Pool – A pool of funds locked in a smart contract for decentralized trading.
28. Bridge – A mechanism to transfer assets between different blockchains.
29. DAO – "Decentralized Autonomous Organization"; a community-governed entity without centralized leadership.
30. Private Key – A secret code used to access and control a blockchain wallet.