Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system like Layer 1, providing solutions to improve its performance.
Layer 1, also known as the ‘implementation layer’, refers to the core architecture of a blockchain network. Its first iteration was created by Satoshi Nakamoto in 2008 and named Bitcoin.
GameFi is a meshing together of GAMING and blockchain-powered FINANCIALIZATION. Blockchain-based games that allow their players to receive real-world, tradable financial benefits come under the banner of GameFi. Learn more here.
Istanbul Blockchain Week will include an NFT Day, W3E Championships, and the main event, IstanBlock, which will focus on DeFi, trading, DAOs, web3, Venture Capital and regulation.
In the cryptocurrency business, a rug pull occurs when a development team abruptly drops a project and sells or eliminates all of its liquidity.
Tokenomics is a general term for the characteristics that make a certain cryptocurrency valuable and fascinating to investors. This covers everything from a token’s quantity and issuance method to factors like its usefulness.
Yield farming is the process of using DeFi to maximize returns on crypto. On a DeFi platform, users may lend or borrow cryptocurrency and also get cryptocurrency in return for the services offered.
A mainnet is a blockchain infrastructure that has been fully constructed and allows users to send and receive bitcoin transactions or any other kind of digital data that is recorded on a distributed ledger.
HODL is a disarranged take on the word “hold”. It is a popular cryptocurrency and web3 term used for investors who hold on to their crypto regardless of prices increasing or decreasing.
WAGMI or “We’re All Going to Make It” is an acronym for a group of contributors in the web3 ecosystem being hopeful and optimistic about the returns on their efforts.