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.
Home » web3 glossary »
web3 glossary
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.
BUIDL
BUIDL is an intentional disarrangement of letters in the term “build”, which is a word commonly used in developer spheres
HODL
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
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.