DeFi
DeFi stands for Decentralized Finance. It is a peer-to-peer emerging financial technology on secure distributed ledgers similar to those used by cryptocurrencies.
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Web3 Glossary
Mempool
Mempool is combined term derived out of the words memory and pool. It is sort of a waiting room to confirm pending transactions. It can also be defined as the mechanism of cryptocurrency nodes for storing information on unconfirmed or pending transactions.
Gwei
Gwei was first used as a denomination of the cryptocurrency Ether (ETH), the digital coin of the famous blockchain Ethereum.
What is Layer 2?
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
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
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.
Rug pull
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
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
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.
Mainnet
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.