Glossary
The complete glossary for Web3 and DappRadar
The glossary serves as a starting point for those new in Web3, or those interacting with dapps for the first time. The glossary covers industry terminology, crypto culture, and of course an explanation of DappRadar's very own products and metrics. Do you know what UAW means?
2-factor authentication (2FA)
Two-factor authentication (commonly referred to as 2FA) is a system where a user will require separate methods of authentication to access an account or service. This is commonly achieved by using a password first and then using a code sent via SMS or generated through a 2FA app. At DappRadar we prefer to use 2FA apps over SMS, which is prone to scams.
Examples: Google Authenticator, Authy
51% attack
A cyber attack where a single entity gains control over more than half of the nodes or mining power in a blockchain network. This then allows the perpetrator to exclude certain transactions or to double spend cryptocurrency.
Read more: MIT Digital Currency Initiative
A
Aavegotchi
An open-source community-owned NFT gaming protocol with strong connections into decentralized finance (DeFi). Players use an Aavegotchi, sometimes called Gotchi, to move around in the Gotchiverse, a virtual world made by Pixelcraft Studios.
Read: What is Aavegotchi?
View: Aavegotchi product page
Account recovery
Account recovery is the process of allowing a user to restore their DappRadar account on their mobile device.
Adjusted TVL (aTVL)
Instead of calculating the Total Value Locked in DeFi smart contracts based on crypto prices, aTVL uses a fixed price. This way aTVL can clearly show growth or decline in the DeFi space.
Airdrop
An airdrop is the practice of giving away tokens related to cryptocurrency or an NFT project. It is normally given to users who qualify certain criteria or accomplish certain tasks. This is usually done as a promotion.
View: Airdrops on DappRadar
All Time High (ATH)
The highest price an asset has ever had, often measured in US dollar.
All Time Low (ATL)
The lowest price an asset has ever had, often measured in US dollar.
Alpha
The most valuable information someone can get, and potentially so valuable they can discover a new Web3 project early.
Altcoin a.k.a. alts
Altcoins used to refer to every cryptocurrency that’s not bitcoin. But now it’s more used for coins with small market caps.
Animoca Brands
A Web3 company that develops, invests in, and publishes blockchain-powered games and NFT projects. They invested in or own projects like The Sandbox, Dapper Labs, OpenSea, Axie Infinity & more.
Annual Percentage Rate (APR)
APR is the yearly rate of interest that an individual must pay on a loan, or that they receive on a deposit account.
Tip: Use only the acronym
Annual Percentage Yield (APY)
APY is the total amount of interest you earn on a deposit account over one year, assuming you do not add or withdraw funds for the entire year.
Tip: Use only the acronym
Apes
Apes typically refers to the popular Bored Apes Yacht Club NFT project. "Apes" has also become a slang term to refer to NFT collectors in general (regardless of what they collect).
Apeing
To ape into a project, means that someone invests into crypto or NFTs without doing proper research. Apeing is done by degens.
Arbitrum
Arbitrum is a Layer-2 blockchain for Ethereum that uses optimistic rollups for scalability. The rollup technology of Arbitrum results in decreased gas fees and a significantly less congested Ethereum network.
View: Top dapps on Arbitrum
Avalanche
The Avalanche blockchain is an open-source platform for launching decentralized applications (dapps) and enterprise solutions in one interoperable, highly scalable ecosystem. The mainnet went live in late September 2020.
View: Top dapps on Avalanche
Axie Infinity
Axie Infinity is a play-to-earn blockchain game where users can breed and battle their NFT characters. Vietnamese game studio Sky Mavis made the game, and has plans to expand the ecosystem with the help of third-party developers.
B
Bag
When someone holds a bag of a token, it means they own quite an amount of that token. A bag suggests a large amount.
Example: This wallet holds a big bag of CryptoPunks
Balance
DappRadar metric. Total value of assets in dapp's Smart Contracts.
Bear market
A bear market is a prolonged period of downward price action in the markets. In crypto, a bear market is typically defined as a prolonged period of time where the prices of assets in the market are consistently falling. This can be a result of a variety of factors, such as a decrease in demand for certain assets, an increase in supply of certain assets, or overall negative sentiment in the market. Bear markets can last for extended periods of time, and can often be difficult to predict when they will occur. However, there are typically certain signs that a bear market is beginning, such as a decrease in trading volume or a sustained period of price declines. It’s the opposite of a Bull Market.
Bearish
Characteristic of a person who tends to believe that the market prices will go down.
Binance
Binance is one of the most used Centralized Exchanges in the world. The company behind it created the BNB Chain.
View: BNB Chain Dapp Rankings
Bitcoin (BTC)
Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer Bitcoin network. BTC is often described as digital gold. Sometimes BTC is also abbreviated as XBT. The smallest denomination of a bitcoin is satoshi (sat). Bitcoin bridged to other blockchains, for example Ethereum, is known as Wrapped Bitcoin or WBTC.
View: Wrapped BTC
Block
A blockchain registers a batch of transactions into block, storing all changes. Every block contains information about the previous block, forming a blockchain.
Block explorer
A block explorer is an online tool that allows users to search for historical information on the blockchain. Every transaction, wallet address and block gets registered, and becomes insightful through a block explorer.
Example: Etherscan, BSCscan, and Polygonscan.
Blockchain
A blockchain is a digital ledger that records transactions that anyone can view and verify - in a decentralized way. It is a decentralized database that is spread across a network of computers. Blockchains are secure because they use cryptography to validate each transaction. It’s often used for cryptocurrency transactions.
Blockchain trilemma
The blockchain trilemma is the idea that it is not possible to have all three of the following qualities in a single blockchain network: security, decentralization, and scalability.
Blue-chip NFTs
Blue-chip NFT collections are those projects that have demonstrated a high and stable market value over the not-so-long trajectory of the NFT market. For instance, Bored Ape Yacht Club, CryptoPunks, Art Blocks Curated, Doodles, and World of Women.
BNB Chain
BNB Chain is a community-driven, open-sourced, and decentralized ecosystem. The rebranded BNB Chain comprises the BNB Beacon Chain and BNB Smart Chain. BNB Beacon Chain, previously Binance Chain) serves the purpose of governance (i.e., staking and voting). The BNB Smart Chain remains Ethereum Virtual Machine-compatible, performs consensus mechanisms, and becomes a multi-chain hub.
View: Top BNB Chain Dapps
Boost
Boost is a DappRadar product feature that allows you to show support to any dapp listed on our Rankings.
Example: As found in Staking: Support your favorite Dapp with a little
Boost of confidence.
Boosted dapps
Boosted dapps are those where its users have chosen to show support on the DappRadar Rankings.
Bored Ape Yacht Club (BAYC)
Bored Ape Yacht Club is an collection of 10,000 NFTs that began life as a simple profile picture (PFP) collection. The project was created and exists on the Ethereum blockchain and is an example of generative art. It’s one of the most famous and expensive NFT collections of all time.
View: BAYC product page
Bridge
A bridge is a set of contracts that help move assets, tokens, from one blockchain to another.
Examples: Stargate Finance, Polygon POS Bridge
BTC Fear & Greed Index
The crypto fear and greed index generates a number between 1 and 100. The number 1 indicates that the Crypto market is experiencing extreme fear and people are selling their cryptos. On the other end of the spectrum, 100 suggests that the crypto market is getting greedy and that investors are buying.
BTFD
BTFD stands for Buy the f*ing dip. It’s a popular slang in the crypto community that serves to influence others to buy when they believe a project reached its bottom.
BUIDL
Buidl stand for “build“. It is a way to call the community of a certain project to help build it, instead of passively holding it (HODL).
Bull market
A bull market is the opposite of a bear market, and is defined as a prolonged period of time where the prices of assets in the market are consistently rising. This is typically indicative of an increase in demand for certain assets, or a decrease in supply of certain assets. Bull markets can last for extended periods of time, and often coincide with positive sentiment in the market. Just as with bear markets, there are typically certain signs that a bull market is beginning, such as an increase in trading volume or a sustained period of price gains.
Bullish
Characteristic of a person who tends to believe that the market prices will go up.
Burn
To burn a token, asset, or NFT, is to remove it from circulation and reduce its supply.
C
Cardano
Cardano is a proof-of-stake blockchain platform and home to the ADA cryptocurrency. Cardano boldly claims it is the first blockchain platform to evolve out of a scientific philosophy and a research-first-driven approach.
View: Top Dapps on Cardano
Centralized
A centralized project means that its control is concentrated in the hands of a small group of people or organizations.
Centralized exchange (CEX)
Centralized exchanges are exchange markets where the organization is centralized, controlled by an authority. Some centralized exchanges include Coinbase, Binance, and Crypto.com.
Centralized finance (CeFi)
Traditional finance, centralized finance, or CeFi, refers to banks and any financial institution that is not decentralized.
Chain
A chain, or blockchain, is a digital ledger that records transactions that anyone can view and verify - in a decentralized way. It is a decentralized database that is spread across a network of computers. Blockchains are secure because they use cryptography to validate each transaction. It’s often used for cryptocurrency transactions.
Circulating supply
The amount of coins that are circulating in the market and are tradeable by the public. It is comparable to looking at shares readily available in the market (not held & locked by insiders, governments).
Example: $RADAR Circulating Supply 700,658,938
Coin
A specific cryptocurrency or token native to a blockchain.
Example: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE)
Collateralization
When you secure a loan with a valuable asset.
Cold wallet
A wallet that's only used for storing assets, and one that doesn't actively connect with any dapps or exchanges. Therefore this is not a software wallet, but a hardware wallet. A cold wallet is the polar opposite of its software counterpart, although both are used for receiving, sending, collecting, and tracking ownership of crypto assets. Whereas software wallets come in the form of a browser extension or mobile app, hardware wallets are offline USB / thumb drive-like devices.
Consensus
Agreement between nodes in a blockchain network. This is required for transactions to be approved and verified, after which new blocks get added to the blockchain.
Consensus mechanism
A process through which blockchain nodes reach agreement on changes in the state of the network. For example, Proof-of-Work, Proof-of-Stake, Delegated Proof-of-Stake, Proof-of-Authority etc.
Contribute-to-Earn (Contribute2Earn, C2E)
A business model that rewards every contributor in an ecosystem financially, either directly or indirectly.
Cross-chain staking
Cross-chain staking allows users to stake their tokens on one blockchain, and claim the rewards on another. DappRadar pioneered this with the help of LayerZero, with the introduction of RADAR staking.
Crypto asset
A crypto asset is a digital asset that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies, such as Bitcoin, are the best-known type of crypto asset. Other types of crypto assets include non-fungible tokens (NFTs).
Cryptocurrency
A cryptocurrency is a type of digital asset that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies, such as Bitcoin, are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
Cryptography
The study of cryptology techniques to secure communication.
CryptoPunks
An NFT collection on the Ethereum blockchain, originally using the ERC-20 token standard. Wrapped CryptoPunks allow the NFTs to comply with the ERC-721 token standard. The project launched in June 2017, and is considered a holy grail among NFT collectors. Originally launched by Larva Labs, now owned by Yuga Labs.
View: CryptoPunks product page
Crypto winter
A crypto winter is a term used to describe a period of time where the prices of cryptocurrency assets are in decline. Crypto winters typically follow periods of hype and speculation in the market.
CZ a.k.a. Changpeng Zhao
Changpeng Zhao, commonly known as CZ, is a Chinese-Canadian founder of Binance, the world’s largest cryptocurrency exchange by trading volume. According to Forbes he has a net worth of $17.4 billion (2022).
D
Daily Active Users (DAU)
Users that are actively interacting with a dapp daily. (on-chain or off-chain)
Dapp
A decentralized app is a computer application that runs on a decentralized computing system.
Example: dapp ✅, but not dApp ❌ or Dapp ❌
DappRadar
The World's Dapp Store
Example: DappRadar ✅, but not Dapp Radar, Dappradar, DapperRaddar ❌
Read: What is DappRadar?
DappRadar Community Proposal (DCP)
A proposal coming from the DappRadar community to develop, initiate or change something within the DappRadar ecosystem. A DCP is first discussed on Discord, after which a proposal gets formulated on the Forum. Eventually the community will vote for a DCP using their RADAR tokens as voting power.
Decentraland (DCL)
Decentraland is a virtual world in the metaverse where everybody can freely enter, invest and participate in content creation. Players, investors and community members own everything in Decentraland.
Decentralization
Decentralization refers to the distribution of power or authority away from a central entity. Decentralization is often used as a measure of how distributed a blockchain network is.
Decentralized autonomous organization (DAO)
A DAO is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government.
Decentralized exchange (DEX)
A decentralized exchange is a type of cryptocurrency exchange that does not rely on a central authority to match orders or hold assets. Decentralized exchanges are often created on blockchain platforms and use smart contracts to facilitate transactions. Because they are not subject to the same regulations as centralized exchanges, decentralized exchanges often offer a greater degree of anonymity to users.
Decentralized finance (DeFi)
Decentralized finance, often referred to as DeFi, is a growing sector in the cryptocurrency industry that refers to the development of financial applications that are built on decentralized infrastructure. DeFi apps are typically powered by smart contracts and often offer a greater degree of transparency, security, and openness than traditional financial applications. The sector has seen rapid growth in recent years.
Degen
A person who invests a lot into the Web3 space without doing proper research. A degen takes high-risks, winning some and losing some. Short for degenerate. A degen often apes.
Diamond hands
Someone with diamond hands shows conviction on a certain asset. They have no plans to sell their asset, despite market volatility and extreme drops in price. Opposite of paper hands.
Digital identities (DID) a.k.a. decentralized identifiers
DIDs, digital identities or decentralized identifiers, are a type of identifier that allows individuals to control their own data. They are often used in conjunction with dapps. Crypto wallets and their unique address could be seen as a DID.
Example: Unstoppable Domains, ENS Domains, Lens Protocol
Digital asset
A digital asset is a type of asset that exists in digital form. Digital assets can be created, traded, and stored electronically. Bitcoin, the first and most well-known cryptocurrency, is an example of a digital asset. Other types of digital assets include non-fungible tokens (NFTs). You can find all your digital assets on Ethereum, BNB Chain and Polygon in your DappRadar Portfolio.
View: DappRadar Portfolio
Dip
A dip is a short-term decline in the price of an asset. Buy the dip is an investment strategy that suggests buying assets when they are experiencing a dip in price.
Due diligence (DD)
The process of conducting your own research on cryptocurrency, stocks or others assets, before investing. Doing your own DD is important, something not done by a degen.
Do your own research (DYOR)
Similar to DD, used to remind people to do their own investigation into an asset before investing in it.
Dynamic NFT
They are a type of NFTs that change according to certain circumstances that trigger their smart contracts. Also often referred to as “Living NFTs”, they can have their characteristics change because of a special event or a real-world occurrence and also see their value and demand shift.
E
Ethereum Request for Comments (ERC)
A standard smart contract system on which the contracts on Ethereum are built. See:
ERC-20
ERC-721
ERC-1155
ERC-20
ERC-20 is a technical standard for smart contracts on the Ethereum blockchain that specifies how these contracts should function. ERC-20 tokens are a type of cryptocurrency that is built on the Ethereum blockchain and compliant with the ERC-20 standard. Examples of ERC-20 tokens include USD Coin (USDC), Shiba Inu (SHIB), and Wrapped Bitcoin (WBTC). These are fungible tokens.
ERC-721
ERC-721 is a technical standard for non-fungible tokens (NFTs) on the Ethereum blockchain.
ERC-1155
ERC-1155 is a token standard that supports fungible and non-fungible tokens. It can combine multiple tokens into one transaction, saving gas fees.
Esports
Esports is a term used to describe the competitive gaming industry. Esports often refers to professional gamers who compete in tournaments for prize money.
Example: In esports, esporters compete in all kinds of games.
Ether (ETH)
Ether (ETH) is the native cryptocurrency of the Ethereum blockchain. Ether is used to pay transaction fees and gas costs on the Ethereum network. Ether can also be traded on cryptocurrency exchanges.
Ethereum
Ethereum is a decentralized, open-source blockchain that runs smart contracts. Smart contracts are applications that run exactly as programmed without any possibility of fraud or third-party interference. It was created in 2013 by Vitalik Buterin. The protocol's native coin is called Ether (ETH), and it's one of the most famous and used cryptocurrencies in the world.
View: Top dapps on Ethereum
Ethereum Improvement Proposal (EIP)
A standard proposal format for the Ethereum development community. Used to implement new features or processes onto the Ethereum blockchain.
Ethereum Name Service (ENS)
Ethereum Name Service (ENS) is a decentralized Domain Name System (DNS) on the Ethereum blockchain. ENS allows users to register and resolve domain names on the Ethereum blockchain.
View: ENS product page
Exchange
A cryptocurrency exchange is a platform that allows users to buy and sell cryptocurrencies. Some exchanges only offer crypto-to-crypto trading, while others also offer fiat-to-crypto trading. exchanges typically charge a fee for each transaction. They can be decentralized, such as Uniswap, or centralized, like Binance.
F
Fam
Short for family, often referring to an online community.
Few
Short for ‘few understand’. This emphasizes we’re still early in the crypto space.
Fiat
Government-issued legal tender—what most of us know as "money".
Financial advice (FA, NFA)
Financial advice is professional guidance about investing and financial planning. Financial advisors can give advice on a wide range of topics, including retirement planning, saving for college, and investing in stocks, bonds, and other assets. DappRadar does not offer financial advice on any of its publishings (No financial advice, NFA).
Flippening
A reference to the possibility of ETH getting a higher market cap than bitcoin. Flippening often gets used in similar situations between other cryptocurrencies or NFT projects as well.
Flow
A blockchain ecosystem developed by Dapper Labs. Hosts projects like NBA Top Shot, Chainmonsters and BloctoSwap. This is an energy efficient Proof-of-Stake network that uses different types of nodes, each with their own function. This allows more flexibility to scale up the network.
View: Top dapps on Flow
Floor price
Lowest sale price for an NFT in a collection. DappRadar calculates this based on actual sales, while marketplaces often refer to the cheapest NFT asset available in a collection.
Floor sweeping
Floor sweeping is the process of buying all the remaining assets, like NFTs, at the current floor price. This is often done in order to prevent the price of an asset from falling any further.
FOMO
FOMO is an acronym for "fear of missing out." It refers to the feeling of anxiety that comes from thinking that you are missing out on a good investment opportunity. FOMO can lead to impulsive and irrational investment decisions. Many people experience FOMO when investing in cryptocurrencies, as they can be volatile and offer the potential for high returns. However, crypto speculation can also lead to large losses.
Fork
A fork in crypto is a change to the protocol of a blockchain network. A fork can be either a hard fork or a soft fork. They are used to upgrade or change a blockchain.
Fractionalize
Fractionalize means to divide something into smaller parts. Fractionalization is often used in the context of fractionalizing assets or tokens.
View: Fractionalized NFTs
Fren
Fren is a term used in the cryptocurrency community to refer to a friend or close associate. Frens often help each other out with trading or investing in cryptocurrency.
FUD
FUD is an acronym that stands for Fear, Uncertainty, and Doubt. FUD is often used to describe negative or misleading information that is spread in an attempt to cause panic or sell-offs.
Full node
A full node is a type of node on a blockchain network that stores a copy of the entire blockchain. Full nodes are often used to validate and relay transactions on the network.
Fully Diluted Valuation (FDV)
FDV = Current Price x Max Supply. The market capitalization (valuation) when the max supply of a coin would be in circulation.
Example: RADAR Fully Diluted Valuation $12,345,678.90
Fundamental analysis (FA)
Fundamental analysis is a method of evaluating an asset by studying its economic, political, and social factors. Fundamental analysts believe that these factors can affect the price of an asset and that by analyzing these factors, they can predict future price movements.
Fungible
Fungible refers to the fungibility of a good or commodity whose individual units are essentially interchangeable. One bitcoin is the same as another bitcoin, there’s no difference.
Futures
A future is a type of contract in which two parties agree to buy or sell an asset at a later date, at a price that is agreed upon today. Futures contracts are often used by investors to speculate on the future price of an asset.
G
GameFi
GameFi is a term used to describe games that use cryptocurrency or blockchain technology. GameFi games often allow players to earn cryptocurrency while they play. It unites the words Game and Finance, in this case, decentralized finance (DeFi).
Gas
Gas is a unit of measurement used to determine the amount of work that is required to execute a transaction on a blockchain. It is often used to pay fees to miners.
gm
GM stands for Good Morning. It is a term used in the cryptocurrency community to greet each other in the morning, afternoon or evening.
Governance
Governance refers to the process by which decisions are made in an organization or system. It is often used to refer to the decision-making process in a blockchain network.
Gwei
Gwei is a unit of measurement for gas prices on the Ethereum blockchain. Gwei is often used to denote the amount of ETH that is required to pay for a transaction.
H
Hacking
Hacking is the unauthorized access or use of computer systems, networks, or data. Hacking can be used to gain access to private information or to disrupt services. Hacks have become common in the blockchain industry as projects, investments, and interests evolve.
Hard fork
A hard fork is a type of fork that results in a permanent split in the blockchain. It often occurs when there is a disagreement among the developers or users of a blockchain project.
Hardware wallet
A hardware wallet is a physical device that stores your cryptocurrencies offline. Hardware wallets are considered to be the most secure type of cryptocurrency wallets, as they are not susceptible to hacking like software wallets.
Harvesting
Harvesting is a synonym for claiming, meaning that participants can claim rewards for certain activity in a Web3 project, i.e. staking.
Hashing
Hashing is the process of converting data into a fixed-sized alphanumeric string. It is often used to create unique IDs or to encrypt data.
Hash rate
A hash rate is the number of hashes that can be performed in a given period of time, used to measure the performance of a mining rig.
HFSP
Have fun staying poor
HODL
Hodl is a term used in the Web3 community to describe holding onto an asset for a long-term investment - a misspelling of the word "hold."
Hot wallet
A hot wallet is a type of cryptocurrency wallet that is connected to the internet or software. Unlike cold wallets or hardware wallets, they are considered to be less secure.
Hyperinflation
Hyperinflation is a type of inflation that occurs when prices increase at an accelerating rate, such as at the loss of value of a currency.
I
Initial Coin Offering (ICO)
ICO stands for Initial Coin Offering. It is a type of fundraising event in which a new blockchain project sells tokens to investors in exchange for funds. The concept spawned a wide range of variations, including:
Initial Token Offering (ITO)
Initial Game Offering (IGO)
Immutable X
Immutable X is a Layer-2 scaling solution built on top of the Ethereum blockchain. It was designed and created to offer near-instant confirmation and near-zero gas fees for NFT trading and minting.
Read: What is Immutable X?
View: Top dapps on Immutable X
Impermanent loss
Impermanent loss, often referred to as IL, is a type of loss that can occur when providing liquidity to a pool. It happens when the price of an asset you are holding is too volatile, wether it increases or decreases.
Inflation
Inflation is a type of economic event in which the price of goods and services increase over time. Not to be mixed up with hyperinflation. Inflation can be caused by a variety of factors, such as an increase in the money supply.
Intellectual property (IP)
Intellectual property (IP) is a type of legal protection that covers intangible assets, such as ideas, designs, and trademarks. Some NFT projects offer collectors intellectual property rights along with the purchase of an NFT.
Interest rates
Interest rates are the percentage of an asset that a lender charges a borrower for the use of that asset. In the cryptocurrency world, interest rates are often used to denominate the amount of a loan in a lending platform.
Interoperability
Interoperability is the ability of different systems to work together. In the cryptocurrency world, it often refers to the ability of different blockchain networks to communicate with each other.
IPFS
The InterPlanetary File System (IPFS) is a protocol, hypermedia and file sharing peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting IPFS hosts.
IRL
IRL stands for In Real Life. It is often used online to refer to events or meetups that are happening offline.
J
JOMO
JOMO is an acronym for "joy of missing out." It refers to the feeling of contentment that comes from knowing that you are not missing out on a bad investment opportunity. JOMO can lead to more rational and thought-out investment decisions.
Jumppad
Jumppad is a type of smart contract that allows users to exchange one cryptocurrency for another, used for trading between different blockchain protocols.
K
Key
A key is a piece of data that is used to encrypt or decrypt information. In the cryptocurrency world, keys are often used to secure wallets and transactions. We also call this your private key, and it should never be shared with anybody.
Know Your Customer (KYC)
Procedures to verify the identity of a customer or client in a business relationship. Within the cryptocurrency space, this typically means verifying the real-life identity of a person behind a cryptocurrency wallet, or the identities of people running a project.
L
Lambo
Lambo is a term used in the cryptocurrency community to describe the purchase of a Lamborghini with cryptocurrency. It is often used as a goal or aspiration for cryptocurrency investors.
Example: wen lambo?
Laser eyes
Laser eyes is a term used by the crypto community to describe when someone is holding a cryptocurrency that they believe will increase in value. The term is often used when someone is speculating on a particular coin or token.
Layer-1 (L1)
Layer-1 (L1) refers to the main or base layer of a blockchain protocol. Bitcoin and Ethereum, for example, are Layer-1 protocols.
Example: Layer-2 ✅, but layer2 or Layer 2 ❌
Layer-2 (L2)
Layer-2 (L2) refers to an additional layer built on top of a Layer-1 blockchain protocol. The best known Layer-2 solution is the Lightning Network, which is built on top of Bitcoin. On Ethereum there's Immutable X, Arbitrum and Optimism.
Leverage
Leverage is the use of debt to finance the purchase of an asset. In the context of cryptocurrency, leverage is often used by traders to increase their exposure to a particular asset without having to put up the full amount of capital. Leverage can increase profits if the price of the asset goes up, but it can also magnify losses if the price falls.
Limit order
A limit order is an order to buy or sell an asset at a specific price. Limit orders are often used by traders to get the best price for an asset.
Liquidation
Liquidation is the process of selling an asset in order to pay off a debt. In the context of cryptocurrency, liquidation often occurs when a trader is unable to meet the margin requirements of their trade and is forced to sell their assets at a loss.
Liquidity
Liquidity is a measure of how easy it is to buy or sell an asset. Assets with high liquidity are often easier to trade than assets with low liquidity.
Liquidity pool
Funds locked in a smart contract, which facilitate trading and lending in a given exchange.
Liquidity pool tokens (LP tokens)
When users lock funds in a liquidity pool (i.e. ETH and RADAR on SushiSwap) they will receive liquidity pool tokens. These tokens represent ownership over a percentage of the total liquidity pool.
Liquidity provider (LP)
A liquidity provider is a person or entity that provides liquidity to an exchange or liquidity pool. Liquidity providers often get paid for their services in the form of a transaction fee, and are referred to as LPs.
Longing
Traders who go long on their position, expect the price to go up. Opposite of 'shorting'.
M
Magic Eden
One of the most used secondary NFT marketplaces, originally build only for Solana NFTs. From September 2022 on, you can also buy and sell Arbitrum and Ethereum NFTs on Magic Eden.
View: Magic Eden product page
Mainchain
The mainchain is the original blockchain (of whatever ecosystem one is referring to.) The mainchain is often considered to be the most secure and reliable blockchain.
Mainnet
A mainnet is a decentralized network where transactions are live and can be seen by the public. The Ethereum blockchain, for example, has a mainnet and a test net.
Market cap
Market cap (or market capitalization) is the total value of all the assets in a market. Market cap for NFTs is determined by multiplying floor price times total supply
Example: RADAR market cap is $4,567,890
Market order
A market order is an order to buy or sell an asset at the best available price.
Masternode
A masternode is a type of node that is responsible for processing, verifying, and propagating transactions on a blockchain network.
Maxi
Maxi is a term used to describe an investor who buys a large amount of an asset all at once. Maxing out refers to buying the maximum amount possible.
Maximum supply
Refers to the maximum number of coins or tokens that will be ever created for a given cryptocurrency.
Example: RADAR Max Supply 10,000,000,000
Memecoin
A memecoin is a cryptocurrency that is created for the purpose of memes and social media. Memecoins often have low value and are not meant to be serious investments. However, some have got extremely popular and saw their volume and value increase to the top cryptocurrencies, for example, Dogecoin.
MetaMask
The world’s most famous cryptocurrency wallet software. Developed by ConsenSys.
Meta transaction
A blockchain transaction signed by a user and sent to a third party called a relayer to execute it and, thus, pay the gas fee.
Example: The Decentraland Foundation sponsors a relayer to allow users to interact with the platform’s web3 features without the burden of gas fees.
Moreover, since Decentraland runs on multiple networks (Ethereum and Polygon), meta-transactions improve the user experience by allowing users to sign transactions in Ethereum that end up as transactions relayed on Polygon. Since a single relayer executes meta-transactions, these do not count as Unique Active Wallets.
Metaverse
A network of 3D virtual worlds focused on social connection, entertainment, services and more. Some metaverse worlds envision using cryptocurrencies, NFTs, and other blockchain-based technologies both to make exchanges within a given metaverse, and potentially transfer assets between different metaverse-enabled worlds, tools and services.
Example: metaverse ✅, but not Metaverse or metaverses ❌
Mining
Cryptocurrency mining is the process of verifying transactions and adding them to the blockchain - validating them. Miners are rewarded with cryptocurrency for their work.
Minting
Minting is the process of creating new tokens on a blockchain. This often refers to users creating NFTs, but also refers to the addition of other tokens, such as increasing the quantity of a cryptocurrency in circulation.
Moon
Moon is a term used in the Web3 community to describe a situation where the price of an asset goes up very sharply. To the moon means that the project value will go up so high that it is out of reach.
Move-to-Earn (Move2earn, M2E)
Move-to-earn refers to games that allow players to earn cryptocurrency tokens by playing a fitness game, such as StepN, Step App and Sweat Wallet.
N
NFT domains
NFT domains are blockchain-based domain names that can be bought and sold like any other NFT.
Also see: DID
Examples: Ethereum Name Service, Unstoppable Domains
NFT Dominance
NFT transaction volumes vs whole blockchain transaction volumes.
NFT Explorer / NFT Collection Explorer
A DappRadar tool that allows you to search through all NFTs and collections on the Ethereum network. Access real-time value, stats, sales activity, new collections, and more.
View: NFT Explorer
NFT Value Estimator
A DappRadar tool that uses machine-learning to provide estimates of value of NFTs in the most popular collections. This tool is intergrated in Portfolio, Single NFT Page or other DappRadar products.
Read: NFT Value Estimator
NGMI
Not gonna make it
Nocoiner
Nocoiner is a term used to describe someone who does not own any cryptocurrency. It can be used as an insult by members of the crypto community.
Node
A node is a computer that is connected to a blockchain network and helps to maintain the network. Nodes can earn rewards for processing transactions and verifying blocks.
Non-fungible token, or NFT
NFT stands for non-fungible token. It is a type of digital asset backed by blockchain that, unlike cryptocurrencies, are unique. They can represent ownership of digital or physical items, such as art, virtual land, or collectibles.
Nonce
Nonce is a number that is used only once, typically in cryptographic applications. In the context of cryptocurrency, it is used in mining to refer to the number used to generate a block.
O
Off-chain
Off-chain refers to any activity that happens outside of a blockchain. This can include things like data storage, processing, and communication.
On-chain
On-chain refers to any activity that happens on a blockchain, and is registered through a transaction or signature.
OpenSea
OpenSea is one of the most popular secondary NFT marketplaces in the world. Initially it only presented Ethereum NFTs, but now also supports BNB Chain, Polygon, Arbitrum and Solana NFTs.
View: OpenSea product page
Oracle
An oracle is a type of service that brings real-world data onto a blockchain network. This data can be used to trigger smart contracts or to provide information to decentralized applications (dapps).
Orderbook
An orderbook is a list of all the buy and sell orders for an asset on an exchange.
Ordinals
Ordinals is a protocol that allows fully on-chain NFTs to exist on top of the Bitcoin blockchain. The Ordinals protocol operates by assigning unique identification to each individual satoshi (the smallest unit of Bitcoin) and appending additional data via an inscription.
View: Top NFT Collections on Bitcoin Ordinals (soon)
P
Paper hands
Someone who sells their assets very fast, sometimes even at a loss, has paper hands. Having paper hands shows no conviction in the project. Opposite of diamond hands.
Passive income
Passive income is income that is generated without the need for active work. Many people in the cryptocurrency space generate passive income by staking their coins or tokens.
Peer-to-peer (P2P)
Peer-to-peer network refers to a decentralized network where each participant (or node) can connect directly with every other participant. Peer-to-peer financial transactions mean that there is no need for a middleman, such as a bank.
Pegged currency
A pegged currency is a type of cryptocurrency that is pegged to another asset, such as the US dollar. This means that the price of the currency is stable and not subject to the volatility of the cryptocurrency market.
Permissionless
Permissionless refers to a system that does not require any kind of permission from a central authority in order to participate. In the context of cryptocurrency, it means that anyone can join the network without needing approval.
PFP
Abbreviation for ‘picture for proof’ or ‘profile picture’.
Play-to-earn (Play2earn, P2E, PTE)
A game mechanic in which players are rewarded with cryptocurrency tokens or other blockchain-based items from playing. Often play-to-earn games are criticized for acting as a Ponzi.
View: Top blockchain games
POAP, or Proof of Attendance Protocol
POAP stands for Proof of Attendance Protocol. It is a system that uses blockchain technology to verify that someone has attended an event, such as a conference or meetup. Then, participants can receive a POAP NFT, like a badge, to show they were there.
Example: It’s pronounced like soap.
Polkadot
Polkadot is a next-generation platform that enables blockchains and other parachains to work together under one umbrella. It’s known as a Layer-0 blockchain, where, besides its main Polkadot relay chain, there can be multiple Polkadot parachains that link to it. Shiden, Moonbeam and Moonriver are examples of networks using the Polkadot parachain technology.
Polygon
Polygon is a popular Layer-2 protocol solving problems already inherent with the current Ethereum ecosystem. It provides higher throughput and deals with lower gas fees.
Read: What is Polygon?
View: Top dapps on Polygon
Ponzi scheme
A Ponzi scheme is a type of fraud that involves promising investors high returns in exchange for their investment. However, instead of using the invested funds to generate returns, the operator of the scheme simply uses new investment to pay off old investors. Ponzi schemes eventually collapse when there is not enough new investment to pay off the old investors.
Portfolio
A portfolio is a collection of investments, including cryptocurrencies and NFTs. Investors often track their portfolios with the DappRadar Portfolio Tracker to see how well their investments are performing.
Portfolio Tracker
DappRadar product that allows you to oversee and manage your Web3 investment portfolio.
Read: Portfolio Tracker
Probably nothing
Sarcastic. Often means the opposite. It is probably something relevant or important.
Private key
A private key is a cryptographic key that is used to access a wallet. Private keys should never be shared with anyone as they can be used to steal the funds in a Web3 wallet.
Proof-of-Stake (PoS)
Proof-of-stake (PoS) is a type of consensus mechanism that some blockchains use in order to validate transactions with distributed consensus. Unlike proof-of-work (PoW), PoS users become miners and do not need mining facilities. This results in lower environmental impact, and faster and cheaper verified transactions.
Proof-of-Work (PoW)
Proof-of-work (PoW) is a type of consensus mechanism that some blockchains use in order to validate transactions with distributed consensus. PoW miners use their computational power to verify transactions and add them to the blockchain. As a reward, they receive the blockchain’s native cryptocurrency.
Protocol
Protocols are basic sets of rules that allow data to be shared between computers.
Protocol-owned liquidity (POL)
For protocol-owned liquidity, or POL, a project utilizes a bonding mechanism, selling tokens at a discount in exchange for users providing another token. As a result the protocol or project will gain ownership over a percentage of the liquidity on the market.
P/S ratio
Fully diluted market capitalization / annualized revenues.
Public key
A public key is a cryptographic key that is used to receive funds in a crypto wallet. Public keys can be shared with anyone as they cannot be used to steal funds.
Pump and dump
A pump and dump is a type of fraud that involves artificially inflating the price of an asset through false or misleading information in order to sell the asset at a higher price. Pump and dump schemes often involve small, lesser-known cryptocurrencies.
Pyramid scheme
A pyramid scheme is a type of fraud that is similar to a Ponzi scheme. Like a Ponzi scheme, pyramid schemes promise investors high returns in exchange for their investment. However, instead of using the invested funds to generate returns, the operator of the scheme simply uses new investment to pay off old investors. Pyramid schemes eventually collapse when there is not enough new investment to pay off the old investors.
Q
Quorum
A quorum is the minimum number of people required to make a decision. In DAOs (decentralized autonomous organizations,) quorums are used to prevent decisions from being made without enough people agreeing.
R
RADAR
Native token to the DappRadar ecosystem.
Read: RADAR token FAQ
Rankings
DappRadar product where you can browse through top blockchain dapps, ranked by specific metrics like Unique Active Wallets (UAW), volume and more.
Note: spelled with a capital when referring to our product, i.e. The DappRadar Rankings offer the best rankings in the dapp industry.
Recovery phrase
A recovery phrase is a list of words that can be used to recover a cryptocurrency wallet. Recovery phrases typically consist of 12-24 words and can often be written down on a piece of paper. Similar to a private key, never share this information with others.
Rekt
Rekt (wrecked) is a slang term that is used to describe a situation where someone has lost a lot of money. The term is often used in the context of cryptocurrency trading when a trader loses all the funds invested.
Roadmap
A roadmap is a document that outlines the goals and plans for a project. Roadmaps are often used by businesses and organizations in the Web3 space to give stakeholders, the community, and the general public an idea of what to expect in the future.
Ronin
Ronin is an Ethereum sidechain and was introduced so that Sky Mavis had more control over its entire ecosystem. Sky Mavis created the Ronin network in February 2021.
View: Top Ronin dapps
Rug pull
A rug pull is a type of fraud that involves a project owner or team suddenly disappearing with all the funds that have been raised. Rug pulls often occur in the form of an Initial Coin Offering (ICO) where investors are promised a return on their investment, but the project owner abandons with the funds instead.
Rollup
Rollup is a type of blockchain technology that uses "side chains" to process transactions off-chain, a scaling system. This results in cheaper and faster transactions while still maintaining the security of the main blockchain.
S
Sales count
Total number of sales for an NFT collection/marketplace for a certain time
Sales volume
The volume measured in USD or ETH generated from NFT trading activity
The Sandbox
The Sandbox is a metaverse-enabled gaming virtual world in which users can own land to build their own games, play games using their avatar or earn in-game rewards from their activities. Assets for The Sandbox exist mainly on the Polygon blockchain.
Satoshi Nakamoto
Satoshi Nakamoto is the pseudonym used by the unknown person or persons who created Bitcoin. Satoshi Nakamoto is thought to be a man living in Japan, but there is very little evidence to support this claim.
Satoshis (sats)
Satoshis are the smaller denomination of bitcoin. There are 100 million sat in 1 BTC.
Scalability
Scalability refers to an ecosystem’s ability to support an increasing load of users and transactions.
Secondary market
On the secondary market trades happen between consumers, often peer-to-peer using a marketplace. The secondary market does not apply to cryptocurrencies, but only to collectible digital assets or NFTs.
Seed phrase
A seed phrase, also known as a recovery phrase or mnemonic phrase, is a list of words that are used to recover a cryptocurrency wallet. Seed phrases typically consist of 12-24 words and can be used to generate a private key.
Self-custody
Self-custody is the means of holding your digital assets yourself, without interference from a third-party. This means that the user manages their own private keys. A hardware wallet can make self-custody a bit easier to manage, even though one depends on technology. Self-custody is also possible with pen and paper.
Ser
Sir
SHA-256
Abbreviation for Secure Hashing Algorithm, a set of cryptographic hashing functions made by the NSA. SHA-256 generates a long sequence of letters and numbers representing a certain data set. This is called a hash.
Sharding
Sharding is a method to distribute data across multiple machines without losing on performance. This is done to spread the workload across different devices.
Shiba Inu
A cryptocurrency that launched in August 2020, named after the Shiba Inu dog breed.
View: SHIB on Token Explorer
Shilling (noun)
To shill means that someone promotes or advertises a crypto asset. Shilling is illegal in traditional financial markets, but happens a lot in the crypto world on for example Twitter, TikTok and Instagram.
Shitcoin
A shitcoin is a cryptocurrency that has no real use case or value. Shitcoins are often created as part of a pump and dump scheme.
Short
Shorting is a trading strategy that involves borrowing an asset, selling it, and then buying it back at a lower price in order to profit from the price difference. In the context of cryptocurrency, shorting can be done by borrowing coins through a margin lending platform and then selling the coins in the open market.
Sidechain
A sidechain is a separate blockchain that is attached to the main blockchain. Sidechains are often used to experiment with new features or to scale a blockchain by offloading some of the transactions onto the sidechain.
Slashing
Slashing is a penalty set by a blockchain protocol to make sure that nodes or validators behave well. Slashing can happen when one of two behaviors takes place: downtime or double signing. When a node or validator gets slashed, they can for example pay and automated fine. Or they could be excluded from rewards for a certain time.
Slippage
Slippage is the difference between a trade’s expected and actual price. When there’s low liquidity, the price impact of a crypto trade can be high. Therefore slippage will be high, and the trader will see their trade impacted negatively.
Smart contract
Unlike a traditional contract, a smart contract’s terms are executed as code running on a blockchain like Ethereum. Once deployed, the execution of a smart contract happens automatically. Smart contracts allow developers to build apps that take advantage of blockchain security, reliability, and accessibility while offering sophisticated peer-to-peer functionality — everything from loans and insurance to logistics and gaming.
Solana
Solana is a Layer-1 blockchain ecosystem created to be fast and efficient. Solana supports smart contracts, allowing dapps to deploy on the network. SOL is the native currency on the Solana blockchain.
View: Top Solana dapps
Solidity
The programming language to develop smart contracts on Ethereum. Programs in Solidity run on Ethereum Virtual Machine (EVM). This means that EVM-compatible blockchains like Polygon and BNB Chain can easily adopt dapps.
Speculation
Speculation is the act of buying an asset in the hope that it will increase in value. Speculation is a risky investment strategy, as there is no guarantee that the asset will increase in value. Many people speculate on cryptocurrencies, as they can be volatile and offer the potential for high returns. However, crypto speculation can also lead to large losses.
Spot
A spot in crypto is the price of a cryptocurrency at the current moment in time. The spot price is often different than the prices quoted on exchanges, as the spot price includes the fees associated with buying or selling on an exchange.
Stablecoin
A stablecoin is a cryptocurrency that is pegged to a stable asset, such as gold or the US dollar. The purpose of a stablecoin is to provide a cryptocurrency that is less volatile than other cryptocurrencies.
Staking
A strategy to earn rewards on cryptocurrency or other assets by locking up assets.
Stickiness Rate
How many monthly users are daily users? Daily UAW / Monthly UAW
Swapping
Swapping is the process of exchanging one cryptocurrency for another. Swaps can be done through a centralized exchange or through a decentralized exchange.
T
Technical analysis (TA)
Technical analysis is a method of evaluating an asset by studying its past price movements. Technical analysts believe that by analyzing an asset's price history, they can predict its future price movements. Technical analysis is often used in conjunction with other methods, such as fundamental analysis.
Testnet
A testnet is an alternative version of a blockchain, used to test decentralized application before deploying them on the actual blockchain. A testnet functions with the same rules, but without generating actual value.
Tether
Tether is a type of stablecoin. It is pegged to the US dollar, making it less volatile than other cryptocurrencies.
View: Tether on Token Explorer
Tezos
Tezos is a blockchain ecosystem that offers smart contracts, and can therefore run decentralized applications. It’s a proof-of-stake network. The native currency is XTZ, or often named tez.
View: Top dapps on Tezos
Token
A token is a unit of value that is issued by a project or company and can be used to purchase goods or services. Tokens are often issued on blockchain platforms and use smart contracts to facilitate transactions. Crypto tokens are different from crypto coins - coins are the native asset of a blockchain, while tokens are from dapps on these blockchains. Examples of tokens include Axie Infinity's AXS token and PancakeSwap's CAKE token.
Token Explorer
Token Explorer is a DappRadar product allowing users to discover which tokens on Ethereum, Polygon or BNB Chain have gained or lost the most value. This is measured over 1 hour, 24 hours or 7 days.
View: Token Explorer
Token Swap
Token Swap is a DappRadar product allowing users with a connected wallet to swap tokens on Ethereum, Polygon and BNB Chain.
Read: Learn about Token Swap
View: Token Swap
Tokenomics
Tokenomics is the study of a token's economic model, often inside a blockchain project. Tokenomics includes factors such as the total supply of a token, how the token is distributed, and how the token is used inside the project. A project's tokenomics can affect its price and can be used to predict future price movements.
Total supply
The total amount of coins in existence right now, minus any coins that have been verifiably burned.
Total Exchange Volume
The total amount of cryptocurrency that has been exchanged on a given crypto exchange. Total Exchange Volume is often measured per day, week or month.
Total Value Locked (TVL)
The total value in dollars of crypto tokens locked into smart contracts used in DeFi services. TVL is heavily influenced by fluctuating crypto prices. Therefore Adjusted TVL is better suited to measure growth of a DeFi service.
TradFi
TradFi is an abbreviated name for Traditional Finance, consisting of retail, commercial, investment banks and fintech companies.
Trading
Trading is the act of buying and selling assets in an attempt to make a profit. Trading can be done with cryptocurrencies, stocks, fiat currencies, and other assets.
Transaction fee
A transaction fee is a fee that is charged by a blockchain network when a user makes a transaction. Transaction fees are often used to incentivize users to participate in the network and to help cover the costs associated with running the network. On Ethereum also refered to as gas fee.
Transactions per second, TPS
Count of transactions done by a blockchain network per second. For example, Bitcoin can process 7 TPS.
Transaction volume
Total number of transactions made between users and the dapp’s smart contracts. This number can be found on each Single Dapp Page on DappRadar.
Txn hash
A transaction hash, txn hash or transaction ID is the unique identified through which a single transaction can be initiated and confirmed.
Example: 0xf2eb7cc27e834cecbef6112e295473237391e899885b215ebda7fa88f576d531 is a transaction hash on the Ethereum blockchain. You can see this transaction on Etherscan.
Tron
A decentralized, open-source blockchain operating system with smart contract functionality. It uses Proof-of-Stake as its consensus mechanism, and has Tronix (TRX) as its native cryptocurrency.
Trustless
Trustless in the blockchain space means that the user doesn’t need to put trust in the hands of a third-party. Trustless systems work and achieve consensus through the code.
U
Unique Active Wallets, or UAW
DappRadar metric. Number of Unique Active Wallets interacting with a dapp's smart contracts and thus performing a blockchain transaction.
View: UAW metric in Rankings
Unbanked
The unbanked are individuals who do not have a bank account. The unbanked often live in developing countries where access to banking services is limited. Estimated 2 billion people are unbanked (source). Cryptocurrency can be used to provide banking services to the unbanked.
Unrealized profit
Unrealized profit is the profit that would be made if all positions were closed at the current market price. Unrealized profit is also sometimes referred to as paper profit.
Unrealized loss
Unrealized loss is the loss that would be incurred if all positions were closed at the current market price. Unrealized loss is also sometimes referred to as paper loss.
Up only
A phrase used to symbolize the excitement in the crypto market.
User
A person who uses a dapp with his wallet or multiple wallets. User-owned wallet means has access to the private keys.
Utility token
A utility token is a type of cryptocurrency that is used to provide access to a service or a network.
V
Validator
Validators are nodes in a blockchain network that have the goal to maintain the ecosystem’s integrity. Validator nodes can store all data from a blockchain, or a summarized version that’s easier to analyze. You can see validator as the traffic police of the blockchain world. Owning a validator node means that one needs to keep it updated both in terms of hardware and software.
Venture capital (VC)
VC stands for venture capital or venture capitalist. Venture capital (VC) is money that is invested in a company with the expectation of getting a return through an equity stake or other means. In the Web3 world, VCs invest protocols and dapps.
Virtual world
A virtual world is a computer-generated online environment that can be accessed by users from anywhere in the world. Virtual worlds are often used for gaming, socializing, and investing. In the Web3 space, they are often mistaken or referred to as Metaverse. The most popular blockchain-based virtual worlds are The Sandbox, Decentraland, Voxels, and Upland.
Vitalik Buterin
Vitalik Buterin is the founder of Ethereum. Buterin was born in Russia, but moved to Canada at a young age. He dropped out of university to work full time on Ethereum.
Volatility
Volatility is a measure of how much the price of a security, asset, or cryptocurrency fluctuates. Volatility is often used as a measure of risk: high volatility means more risk.
Volume
The dollar value of a certain amount of transactions, for example in NFT trading.
W
WAGMI
Abbreviation for ‘We’re All Gonna Make It’. A battle cry for opportunistic investors in crypto assets.
Wallet
A wallet is a digital storage space for cryptocurrencies and non-fungible tokens. Wallets can be software-based or hardware-based. Software wallets are typically free to use and are easy to set up. Hardware wallets are physical devices that must be purchased, but they offer greater security than software wallets. Examples of software wallets include MetaMask and Trust Wallet, while examples of hardware wallets include Ledger and Trezor.
Wallet address
A wallet address is a string of letters and numbers where users can send crypto assets to. It’s a public address. Through a wallet address users can see what’s inside, but without the private key one can’t access these assets.
Wax
Wax stands for Worldwide Asset eXchange. It’s a blockchain ecosystem offering a convenient way to create, buy, sell and trade digital items. It uses the Delegated Proof-of-Stake consensus mechanism, and offsets its low carbon emission with green initiatives.
View: Top dapps on Wax
Web 2.0
Web 2.0 refers to services and websites that put focus on user-generated content and are easy to use. Users generate content, but often don’t share in the value unless they are a super user or influencer.
Web3, or Web 3.0
An idea for a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralization and token-based economics. In Web3 users become participants and have digital ownership over assets.
Example: Web3 ✅, but not web3, web 3 or Web 3.0 ❌
Wei
Wei is the smallest denomination of ether (ETH), the cryptocurrency on the Ethereum blockchain. One ETH equals 1,000,000,000,000,000,000 wei.
Whale
A person, company or institute who has invested a large amount into cryptocurrencies or other blockchain-based assets. The term is also used to refer to a person who holds a large proportion of assets within a given project.
White hat hacker
A white hat hacker is an ethical security hacker who aims to identify vulnerabilities in a system without the intend to abuse those vulnerabilities. White hat hackers can use their skills to earn rewards through bounties.
Whitelist
Early enthusiasts for a Web3 project can often sign-up for a whitelist when they meet certain criteria. Being on a whitelist gives certain wallets early access to a sale, auction or other type of event.
Whitepaper
A whitepaper is an in-depth document that outlines a project or company's plans, goals, and strategies. Whitepapers are very common in blockchain-technology projects, as they provide detailed information about the project's technology, economic model, team and roadmap. Many projects release their whitepapers before their official launch.
Example: DappRadar's whitepaper V1
X
X2Y2
X2Y2 is an NFT marketplace established in 2022. It uses its own native token to reward traders on their platform. Another benefit for users is that the marketplace also circumvents creator royalties, an activity which has been frowned upon within the wider NFT community.
View: X2Y2 product page
Y
Yield farming
Yield farming is an activity in crypto where users use their crypto assets to generate (an often extremely high) yield. Yield farmers often move for one opportunity to the other in order to gain the maximum amount of rewards.
YOLO
Abbreviation for You Only Live Once. Used in pop and internet culture to state that one needs to take a risk sometimes. More popular version of ‘carpe diem’ or ‘seize the day’.
Yuga Labs
The Web3 company behind Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club and the Otherside metaverse project. Purchased the IP for CryptoPunks and Meebits from Larva Labs in March 2022 for an undisclosed amount.
Z
ZK
ZK means “zero knowledge”.
Zero-knowledge proof (ZKP)
A method in cryptography where one party can prove to another party that a statement is true, without sharing additional information.
Zero-knowledge rollups, ZK-rollups
ZK-rollups are a Layer-2 scaling solution to increase the throughput of transactions on for example Ethereum mainnet by moving computation and state-storage off-chain. This technology basically verifies information for multiple transactions in multiple places, and this saves time and money. Validation of a transaction takes place in multiple stages, while the ZK-rollup directly connects with the mainnet. This means that ZK-rollups are quite secure, and they benefit from the decentralization of the mainnet.
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