Merm𝔸𝔻𝔸s Chronicles

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50+ Cardano Cryptocurrency Terms & Definitions

Published Month 01, 2022 by Merm𝔸𝔻𝔸 of Stake Pool TAILS

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― Abigail Adams


Airdrop -

An airdrop, in the cryptocurrency business, is a marketing move that involves sending nfts coins or tokens to wallet addresses in order to promote awareness of the project.

Slang Alpha -

early investment advice or information that puts you ahead of the game

Apeing In -

buying into an NFT project, perhaps without due diligence

Atomic Swap -

A cryptocurrency exchange between two parties that wish to exchange tokens from different blockchains.

Block Explorer -

interface that lets you see transactions on the blockchain

BTFD -

buy the f'ing dip, when a crypto price is dropping hard, that's the time to buy in

Buidl -

build useful stuff, when crypto is dipping, building useful stuff proves that it's still valuable

Burn -

NFTs or coins are considered “burned” when they have been purposely and permanently removed from circulation

CEX -

Centralized exchanges are a type of cryptocurrency exchange that is operated by a company that owns it in a centralized manner. Binance, Coinbase & Crypto.com are centralized exchanges & where most new crypto buyers start.

Cold Wallet -

stores digital assets off-line, making them secure from bad actors but more difficult to use

dApp -

A decentralized application is a type of distributed open source software application that runs on a peer-to-peer (P2P) blockchain network rather than on a single computer.

DCA -

Dollar-cost averaging is a strategy where an investor invests a total sum of money in small increments over time instead of all at once. The goal is to take advantage of market downturns without risking too much capital at any given time. *MermADA refers to this as the Donut & Coffee Average*

Degen -

Degen is short for “degenerate”, usually refers to people who often make risky and bad bets. In the crypto space, it can refer to people who invest in digital assets like NFTs without doing due diligence.

DEX -

Decentralized crypto exchanges are blockchain-based apps that coordinate large-scale trading of crypto assets between many users. They do that entirely through automated algorithms, instead of the conventional approach of acting as financial intermediary between buyers and sellers.

DAO -

A Decentralized Autonomous Organization is usually a member-owned community without centralized leadership. DAO members often allocate 'governance' tokens that they then use to vote on decisions.

DYOR -

do your own research before you invest in cryptos, buy NFTs etc

Floor -

the lowest price available for an NFT in a collection, the minimum amount you need to buy one

FOMO -

fear of missing out

FREN -

friend

FUD -

fear, uncertainty and doubt

GM/GN -

Good Morning / Good Night

GMI -

gonna make it

HODL -

holding on for dear life when a crypto price tumbles

Hot Wallet -

is online and easily accessible but also more susceptible to hackers

IRL -

in real life

Immutable -

data cannot be changed or modified by anyone after its creation, the core defining feature of blockchain

Interoperability -

the ability to see and share information across multiple blockchains

Layer 1 Crypto -

This term refers to a base network, such as Cardano, Bitcoin, or Ethereum, and the currencies underlying infrastructure.

Layer 2 Crypto -

A term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet. Layer 2 solutions increase throughput (transaction speed).

Liquidity/Liquidity Pools -

Refers to the ease with which an asset, or security, can be converted into ready cash without affecting its market price. Liquidity pools are collections of crypto tokens locked in smart contracts. The liquidity pools help in carrying out trades between assets on a decentralized exchange, with the assurance of liquidity.

LFG -

Let's F*#$*ng Go! Often used to encourage others to buy or join a currency or project.

Maxi -

maximalist, someone who believes that one particular crypto is the only viable one by far and predominantly invests in it

Metadata -

Data that includes information about other data, such as information about features of a specific transaction. However, for working with me specifically - Metadata refers to the information being included in your NFTs.

Metaverse -

a digital universe with all the aspects of the real world—real-time interactions and economies

NGMI -

not gonna make it

NFT vs FT -

  • An NFT or Non-Fungible Token is defined as a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership by Merriam-Webster Dictionary.
  • A Fungible Token is a representation of an asset on a blockchain that is interchangeable. Cryptocurrencies are the prime example of fungible tokens because each coin has the same value as any other coin of the same type at any given moment.


Node -

the most basic unit of blockchain infrastructure that stores data

OG/White/Allow List -

a list of addresses that get early and guaranteed access to mint NFTs at a specific date and window of time

P2E -

play to earn, as in games

Permissionless -

often used to describe blockchains, a system where no entity can regulate who can use it and how

PFP -

profile pic

Probably Nothing -

often used sarcastically to mean the opposite. It probably is something.

Proof of Stake -

a crypto mining system that rewards mining power to miners based on how many tokens they have, is more energy efficient

Proof of Work -

a mining system involving solving computationally intensive puzzles to validate transactions and create new blocks

Pump & Dump -

When conspirators use misleading information to raise the price of a currency, after which they sell it at a profit. A recent cautionary tale follows the experience of some investors with a themed “Squid Game” cryptocurrency.

Quantum Resistance -

In cryptography, this is known as post-quantum cryptography (sometimes referred to as quantum-proof, quantum-safe or quantum-resistant) and refers to cryptographic algorithms (usually public-key algorithms) that are thought to be secure against a cryptanalytic attack by a quantum computer.

REKT -

wrecked, refers to a crypto trader who is ruined due to losses from a price crash

Rug Pull -

Refers to a lucrative scam in which a crypto developer promotes a new project to investors, and then disappears with large sums of cryptocurrency.

Self Custody -

only you have the possession of your digital assets because you control the private key, versus holding assets at an exchange like Coinbase

Shill -

unsolicited endorsing in public, promoting an NFT you're dropping or a coin you’ve invested in

Social Token -

a type of cryptocurrency that a brand, community, or influencer can use to monetize themselves

Stablecoins -

Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities.

Staking -

putting your tokens in to serve as a validator to the blockchain and receive a reward

Sweep the Floor -

buying NFTs in bulk at the floor or base price

Tokenomics -

A catch-all term for the elements that make a particular cryptocurrency valuable and interesting to investors. That includes everything from a token's supply and how it's issued to things like what utility it has.

Token Faucet -

An app or a website that distributes small amounts of cryptocurrencies as a reward for completing easy tasks. They're given the name “faucets'' because the rewards are small, just like small drops of water dripping from a leaky faucet.

To the Moon -

“To the moon” means that the price of a cryptocurrency has reached its peak value and is rising off the charts.

Trustless -

an environment where there is no centralized authority such as a bank

Vending Machine -

An app or a website that distributes NFTs in exchange for cryptocurrencies as payment.

WAGMI -

we're all gonna make it

Web2 -

Refers to websites that emphasize user-generated content, ease of use, participatory culture and interoperability for end users.

Web3 -

An idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics

WEN -

when

Whale -

individuals, institutions or exchanges that hold significant amounts of tokens of a particular cryptocurrency

"The key to pursuing excellence is to embrace an organic, long-term learning process, and not to live in a shell of static, safe mediocrity. Usually, growth comes at the expense of previous comfort or safety."
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