If you're interviewing for a job in the crypto and web3 industry, it's essential to be familiar with the lingo. Our world is filled with jargon and slang that may seem confusing initially, but knowing these terms is critical for understanding the industry and communicating effectively with your colleagues. In this blog post, we'll cover some of the crucial crypto slang you need to know to succeed in cryptocurrency. From "HODL" to "smart contracts" to "moonshot," we'll break down the meaning and significance of these terms, so you can walk into your following crypto interview feeling confident and prepared.

Airdrop

Sometimes, new projects decide to distribute some tokens for free among community members. By doing so, the founders hope to get more traction and adoption than selling them. The conditions to get free tickets can be a combination of tasks you have to do or activities you have to show on the corresponding blockchain.

Alpha

Used predominantly on CT, it signals an essential piece of new and not well-known information that can be used to enter or exit a position.

APE

It can be used both as a verb and a noun. The first meaning is to buy heavily into some token with little research (aping). The second meaning refers to the Bored Ape Yacht Club - one of the most popular NFT projects.

Bag

This term is used to describe a cryptocurrency that an investor holds for an extended period, often with the expectation that its value will increase. Example: „I have a bag“

BAYC

BAYC is short for Bored Ape Yacht Club - a collection of 10000 unique apes. This is one of the most popular NFT projects of 2021. The lowest price is around 77 ETH, or more than $100K.

Bitcoin Maxi

This is a term to describe someone who is heavily supporting Bitcoin. Maxis opposes all altcoins and believes that the Bitcoin Blockchain, as implemented by Satoshi Nakamoto, is the cleanest vision of a decentralized cryptocurrency.

Burn

This term is used to describe permanently removing cryptocurrency from circulation, often as a way to control supply and increase the value of existing coins.

Burned Supply

This term describes the amount of a particular cryptocurrency permanently removed from circulation through burning.

BTD

By The Dip or buy when the price goes does. It is a heavily used term on Crypto Twitter when the markets are going up … or down.

Cross-chain

This term describes the ability to transfer cryptocurrency between different blockchain networks.

CT

Short for “Crypto Twitter,” this is where much activity in our space happens. The crypto and web3 folks have chosen Twitter as one of their primary official communication channels. Not having a Twitter account and not following some critical people in the space is considered a red flag in hiring.

Degen

This term describes heavy believers of Crypto who are willing to “APE” into the vision of Crypto, even though they might risk financial ruin. It could also be interpreted as taking extremely risky crypto bets that have paid exceptionally well early on.

DEX

Decentralized Exchange. DEXes are the foundation of DeFi, and everyone wanting to work in Crypto needs some exposure to these. The most well-known DEXes on Ethereum are Uniswap and Sushiswap. These platforms allow the peer-to-peer exchange of tokens between people without a third party.

DYOR

Do your research - there are many scams in Crypto and Web3, so whatever you do in our lovely industry, ensure you research the company or people very well before working with them or investing.

Flash Loan

This term describes a cryptocurrency loan issued and repaid within the same transaction, allowing borrowers to access large amounts of capital quickly.

Flippening

Flipping existed around 2017 when traders speculated that Ethereum would surpass Bitcoin's market cap. This has yet to happen (yet).

FOMO

Short for Fear of Missing Out. This term usually describes someone compulsively taking a trade without understanding why primarily motivated by consensus or people talking about a specific coin.

Fundamentals

This term describes the fundamentals of a cryptocurrency that are used to hype up the market and drive up prices.

Gas

This term describes the fee paid to execute a transaction on the Ethereum blockchain.

Gas War

This term describes a situation where multiple transactions compete for limited space in a blockchain block, resulting in higher transaction fees and longer confirmation times. Gas wars became very popular in the ICO craze of 2018 and the NFTs hype of 2021.

Gasless

This term describes a transaction on the Ethereum blockchain that does not require users to pay a gas fee, typically accomplished through layer two scaling solutions.

IYKYK

If you know, you know. Much information in crypto is shared mainly between insiders, so this message signals typically that only a few will understand the text references.

Layer-1

This term refers to a base network or blockchains, such as Bitcoin, Ethereum, Binance Smart Chain or Algorand, to name a few. Layer-1 protocols can facilitate transactions without the help of other blockchains (as opposed to Layer-2 protocols, which are built on top of Layer-1s).

Layer 2

This term describes a scaling solution built on top of an existing blockchain, designed to improve transaction speed and reduce costs.

Liquidity Mining

This term describes a process in which investors provide liquidity to a decentralized exchange or other DeFi platform in exchange for rewards.

LFG

Let’s f***ing GO! This is used to signal extreme excitement and positivity about a new project.

Moonshot: This term describes a high-risk, high-reward investment opportunity in the cryptocurrency market, often associated with small, new projects with high growth potential.

Moon (to the moon)

Hoping that a specific token is going to explode in price, literally hitting the moon.

Normies

A not-friendly term to refer to people outside of the industry who don’t necessarily understand the foundations of crypto and web3. It is short for ordinary people.

Nocoiner, No-Coiner or NC

Another not-so-friendly term to describe someone who does not hold any cryptocurrency. They are usually used negatively by critics of the crypto industry.

Rekt

This term describes a significant loss or failure in the cryptocurrency market, often due to poor investment decisions or market volatility.

Rug Pull

This is a type of crypto scam where the liquidity of a new cryptocurrency is quickly removed from a decentralized exchange, causing the underlying price of the security to collapse and the original creators of the project to become rich.

Stablecoin

This term describes a type of cryptocurrency whose value is pegged to a stable asset, such as the U.S. dollar or gold.

Sharding

This term describes a scaling technique used by some blockchain networks, in which the network is divided into smaller partitions or shards that can process transactions independently.

Shill

Influencers on CT are known to make deals with marketing teams for new projects to promote certain coins to their audience. Although this is only sometimes paid, shilling generally means over-promoting a project, usually with some financial motivation.

Staking

Staking is using your crypto to secure a Proof-of-Stake (POS) network. Recently, Ethereum switched to POS, and thus, ETH holders can delegate their Ethereum tokens to validators who approve the transactions.

Stale Blocks

This term describes blocks on a blockchain network that are valid but not added to the main chain, typically because another block was added simultaneously.

TradFi

Short for traditional finance - pretty much everything in the financial world that is not crypto. Think banks, financial services providers, investment funds…

Whale Alert

This term describes a real-time notification service that alerts traders and investors when large cryptocurrency transactions occur. Many services offer to monitor whale accounts and send notifications once they move funds.

Whale Watching

This term is used to describe the act of monitoring large cryptocurrency transactions to predict market trends and potential price movements.

Wrapped Token

This term describes a type of token pegged to the value of an underlying asset, such as Bitcoin or Ethereum, and can be traded on a different blockchain network. For example, you can trade wrapped bitcoin (wBTC) on the Ethereum blockchain.

Yield Farming

This term describes a process in which investors lend or stake cryptocurrency to earn a yield or interest rate.

In conclusion, familiarity with crypto slang is integral to working in the crypto and web3 industry. Whether interviewing for a job, collaborating with colleagues, or staying up-to-date with industry news, understanding these terms can help you navigate cryptocurrency more effectively. Do you want to get acquainted with the latest crypto slag, go to CT (crypto Twitter) and start learning!

And if you're looking for a job in the crypto or web3 space, be sure to check out our job board. We regularly update it with exciting opportunities from top companies in the industry.

Visit Crypto Careers for the latest jobs in Web3 and Crypto and take the first step toward your next career move.