If you’re new to the crypto world, all of its jargon can make it diff icult to follow. But fear not - you have come to the right place. This living glossary is updated constantly, so it’s sure to keep you up to date on the latest Web3 slang. As soon as we see something enter the lexicon, it gets added here.
a marketing technique in which crypto projects send their native tokens directly to the wallets of their users in an effort to increase awareness and adoption.
valuable or insider information, usually regarding the value of digital assets like cryptocurrencies and NFTs; a measure of the return on an investment over and above the return offered by the market or other benchmark.
initially used to refer to any cryptocurrency that wasn’t Bitcoin, altcoin may now refer to any new cryptocurrency with a relatively small market cap.
short for altcoins.
the highest price an asset has ever had.
the lowest price an asset has ever had.
ABI is an acronym for Application Binary Interface, and it is an interface between two binary program modules at the level of machine code, not source code. Blocknative can monitor smart contract ABIs in real-time.
API is an acronym for Application Programming Interface which is an interface between computers or programs that allows information to pass between them. All of Blocknative's mempool monitoring functionality is available via APIs.
An archival node is a full node in the blockchain that keeps a complete history of transactions and address state changes since the genesis block. Blocknative enables users to see archival mempool information on public blockchain networks.
someone who invests heavily into a cryptocurrency or stock, or the act of doing so. This is sometimes a reaction to hype and FOMO, or done without much knowledge of the asset. It should be noted, though, that this is generally a self-assigned term and does not carry a negative connotation. Is it a Planet of the Apes reference? Maybe a reference to the sheer physical strength of apes? The origins are a bit blurry, but one thing is certain — apes together strong.
a prolonged period of decline in a financial market.
See: NFT Domains
a tool for browsing information on a blockchain, such as transactions, wallet addresses, market caps, and hash rates.
a protocol allowing separate blockchains to interact with one another, enabling the transfer of data, tokens, and other information between systems.
meaning “build,” a common intentional misspelling used in crypto circles in reference to the term HODL
a period where market prices are rising.
similar to a bull market, this refers to holding an optimistic view that a market or asset will rise in price. If you are bullish on Bitcoin, you believe that its value will continue to rise over time.
the very first decentralized, peer-to-peer, digital currency, created by the pseudonymous Satoshi Nakamoto in 2009.
a batch of transactions written to the blockchain. Every block contains information about the previous block, thus, chaining them together.
a publicly-accessible digital ledger used to store and transfer information without the need for a central authority. Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
the process of removing tokens from a cryptocurrency’s circulating supply, usually done by sending them to an inaccessible wallet address. Other digital assets, such as NFTs, can also be burned via the same process.
The base fee is an algorithmically determined fee that users on the Ethereum blockchain must pay to complete a transaction. The base fee is designed to help smooth transaction fees and prevent sudden spikes by targeting 50% full blocks. Depending on how full the new block is, the Base Fee is automatically increased (the block is more than 50% full) or decreased (the block is less than 50% full).
The Block Gas Estimator Feed estimates gas prices for the next block based upon the in-flight transactions that are currently in the mempool (pre-chain transactions). With Blocknative's Gas Platform, Dapp and wallet developers can integrate gas estimation feeds directly into their product.
Bulletproofs are short, non-interactive zero-knowledge proofs that require no trusted setup. Bulletproofs can be used to convince a verifier that an encrypted plaintext is well-formed.
similar to a bear market, this refers to holding a pessimistic view of a market or asset’s value. If you are bearish on a certain cryptocurrency, you believe its value will decrease over time. Those who are bearish may be referred to as bears, sometimes purposely misspelled as beras.
a hierarchical structure in which authority and control are concentrated within a small group of decision makers.
a cryptocurrency exchange managed by a centralized business or entity.
centralized businesses that participate in crypto.
a cryptocurrency built on its own native blockchain, intended to be used as a store of value and medium of exchange within that ecosystem.
any asset accepted as security for a loan, such as a physical asset like real estate, or a digital asset like an NFT.
an offline device used to store cryptocurrencies. Cold wallets can be hardware devices or simply sheets of paper containing a user’s private keys. Because cold wallets are not connected to the internet, they are generally a safer method of storing cryptocurrencies.
the state of agreement amongst the nodes on a blockchain. Reaching consensus is necessary for new transactions to be verified and new blocks to be added to the blockchain.
a process through which nodes on a blockchain come into agreement on a transaction or state of the network.
a digital asset designed to be used as a medium of exchange. Cryptocurrencies are borderless, secure, and maintained by blockchains as opposed to centralized banks or governments.
A cancel transaction is a type of replacement transaction where a user submits an identical transaction with a higher gas limit so it is mined before the previous transaction. Once the new replacement transaction is confirmed, the original transaction will get dropped. Blocknative's mempool monitoring tools can track replacement transactions in real-time.
A confirmed transaction is a transaction that has been included in a block and permanently added to the blockchain. Confirmed transactions are one of the core transaction status changes users can monitor with Blocknative's mempool API across multiple blockchains and testnets.
DAO- Decentralized Autonomous Organization: an organization based on open-source code and governed by its users. DAOs typically focus on a specific project or mission and trade the traditional hierarchical systems of legacy corporations for guidelines written on the blockchain.
Dapp- Decentralized Application :an application built on open-source code that lives on the blockchain. Dapps exist independent of centralized groups or figures and often incentivize users to maintain them through rewarded tokens.
in the context of the internet, data refers to a user’s personal information, such as name, age, location, interests, browsing history, device usage, purchasing habits, etc. Web3 aims to protect this personal data and give ownership of it back to the user.
DD- Due Diligence : the process of conducting your own research on a cryptocurrency, stock, or other asset before investing. Doing your own DD is essential, as opposed to making an investment based on what someone else says or does.
initially short for “degenerate gambler.” While this still refers to individuals involved with risky bets, degen may also refer more broadly to anyone involved in crypto and financial spaces. Like with “ape,” this is generally a self-assigned term and does not carry a negative connotation. Degens are a proud people who enjoy ridiculous call options on GME, buying the dip before paying their rent, and occasionally aping into shitcoins.
DeFi- Decentralized Finance :the ecosystem of borderless, trustless, peer-to-peer financial tools being built on public blockchains without the use of banks. DeFi apps are built to be open and interconnected, allowing them to be used in conjunction with one another.
DEX- Decentralized Exchange :a peer-to-peer cryptocurrency exchange built on the blockchain. A DEX is run by its users and smart contracts instead of an intermediary figure or centralized institution.
a term implying that you are extremely bullish on a certain asset, and have no plans to sell regardless of market volatility, FUD, or extreme drops in price. Someone who holds onto a cryptocurrency or stock as it drops 40% in a day is said to have diamond hands.
the level of computing power needed to verify transactions and mine blocks on a proof-of-work blockchain.
a system that operates without the control of a central figure or authority, and replaces it with a distributed peer-to-peer network.
the process of increasing the difficulty of a proof-of-work blockchain in order to motivate the transition to another consensus algorithm (such as proof-of-stake in the case of Ethereum).
DYOR- Do Your Own Research : similar to DD, this phrase is used to remind people to conduct their own investigation into an asset before investing in it.
A dropped transaction is a transaction that was not mined and confirmed on the blockchain, and subsequently has been dropped from the transaction queue in the mempool. Common causes of dropped transactions include a low nonce value, high nonce value, and insufficient gas. Blocknative's Notify API and Mempool API offers traders visibility into dropped transactions on multiple blockchains.
EIP- Ethereum Improvement Proposal: a standard format for presenting a new feature or process to the Ethereum community.
ERC- Ethereum Request for Comments : the standard smart contract outline on which Ethereum-based smart contracts are built.
the Ethereum token standard, providing a standardized smart contract structure for fungible tokens.
an Ethereum token standard that allows for the formation of unique tokens, otherwise known as NFTs, or non-fungible tokens. Unlike the ERC-20 standard, ERC-721 tokens have specific properties that allow each to be uniquely identified and valued independently of one another.
an Ethereum token standard which allows for fungible, non-fungible, and semi-fungible tokens to be managed by a single smart contract simultaneously. These are commonly used in gaming and collectible trading to reduce the number of necessary transactions.
a public blockchain serving as the foundation for decentralized applications. Ethereum is a turing complete language, allowing for users to write and deploy complex, self-executing smart contracts which live on the blockchain.
Also known as Ethereum Improvement Proposal 1559, EIP-1559 was part of Ethereum's London hard fork and it was deployed across the Ethereum network on August 5th, 2021. EIP-1559 introduced a Base Fee which is paid by users and is eventually burned (i.e. removed from circulation), and it replaced the current gas limit with two values: a “long-term average target” (equal to the current gas limit), and a “hard per-block cap” (twice the current gas limit).
An EOA transaction is a transaction between one or more externally owned accounts (EOA, or an individual user in the Ethereum network). EOA transactions do not include transactions between smart contracts (internal transactions). Blocknative's APIs enable users to monitor externally owned accounts and the transactions being submitted by them.
Ethereum 2.0 is a deprecated term that was used to describe the consensus layer of Ethereum as part of it's migration from a Proof-of-Work consensus mechanism to Proof-of-Stake consensus. Additionally, Eth1 is now referred to as the 'execution layer.'
The Ethereum Virtual Machine (EVM) is a software application that blockchain developers use to deploy decentralized applications (Dapp) on the Ethereum blockchain. The EVM interacts with Ethereum's accounts, smart contracts, and distributed ledger. Blocknative's mempool data supports several EVM compatible blockchains including Polygon and xDAI.
short for “Few understand”. A rallying cry that crypto folks are still early in this space and will make a lot of money when mass adoption comes.
a currency established as legal tender, often backed and regulated by a government, such as the US Dollar.
a blockchain node which stores the blockchain’s complete history, as well as verifies and relays transactions.
interchangeable; exchangeable with something else of the same kind.
a reference to the possible event of Ethereum becoming more valuable than Bitcoin, in terms of market cap. DISCLAIMER: Please do not mention the flippening to Bitcoin maxis. They will not think it is funny, and they will proceed to explain why Ethereum is a shitcoin.
FOMO- Fear Of Missing Out :a feeling of anxiety, stemming from missing out on an opportunity. In investing, this usually coincides with investors buying an asset after it has already seen a considerable increase in price, hoping to get in and out before a pullback occurs. This is known as “FOMOing in” or “aping in.”
a change to a blockchain’s protocol. When these changes are minor, this results in a soft fork. When the changes are more fundamental, this may result in a hard fork, leading to the formation of a separate chain with different rules.
the process of locking an NFT into a smart contract, and then dividing it into smaller parts which are issued as fungible tokens. This lowers the price of ownership and allows artwork and other digital assets to be owned by a community.
FUD- Fear, Uncertainty, and Doubt : news around an asset that seems negative, but turns out to be false or blown out of proportion.
A failed transaction is a transaction on the Ethereum blockchain that does not succeed, cannot be reversed, canceled, or refunded. Blocknative's mempool monitoring API allows developers to monitor failed transactions on Ethereum, Ethereum testnest, Polygon, and xDAI.
a denomination of ether used as the unit of measure for Ethereum gas prices. 10^9 gwei = 1 ether.
the very first block of a blockchain network.
simply meaning “good morning,” gm is a common greeting used in crypto circles
short for “gonna make it.” This term is frequently thrown around on Twitter to voice support for a project or person.
a fee paid by a user to conduct a transaction or execute a smart contract on the Ethereum blockchain. This fee is dependent upon the transaction’s complexity as well as the current demand on the network. See also: gwei
Gas Estimator is an ETH gas fee tracking tool built by Blocknative that inspects every pending transaction in Ethereum's mempool to probabilistically estimate transaction fees to get included in the next block. Blocknative's free tool and ETH Gas Estimator Chrome extension allow users to optimize their gas expenses and reduce failed transactions.
Gas fees are the fees users must pay in Ethereum's native currency, Ether (ETH), to complete a transaction. Gas fees are used to compensate miners for providing the computational work required to process and validate transactions. Blocknative's mempool monitoring application and gas platform tools allow builders and traders to explore, track, and optimize gas that is used in smart contracts. Check out our blog to learn more about what gas fees do.
The gas limit is the maximum amount of gas miners are authorized to consume to complete a transaction. Blocknative's gas estimator tool and Ethereum gas estimation extension can help builders and traders optimize setting gas limits.
The gas price is the amount of Ether (ETH) a user is willing to pay for every unit of gas required to complete a transaction (denominated in Gwei). Blocknative's gas estimator tool can help traders and developers optimize setting gas prices to probabilistically get transactions confirmed in the next block.
Görli is a cross-client, community-based, proof-of-authority (PoA) Ethereum testnet where Web3 developers can test smart contracts in a sandbox. Blocknative's suite of Ethereum testnet developer tools and APIs support tracking Görli transaction status changes, decode smart contracts, and replace and trace transactions.
a fundamental change to a blockchain that is not compatible with the existing protocol, requiring the formation of a new chain. i.e. Bitcoin vs. Bitcoin Cash, Ethereum vs. Ethereum Classic
the process of taking an input of any size and producing a corresponding fingerprint of a fixed-length. Hashing allows a set of data to be secured, stored, and recalled using a unique identifier code. This is the backbone of blockchain technology, allowing data and transactions to be verified and stored in a secure manner.
also referred to as hash power, this is the rate at which a computer can generate guesses to a cryptographic puzzle. Hash rate can also refer to the overall power being used by the entire network on a proof of work blockchain.
HFSP- Have Fun Staying Poor: a phrase commonly aimed at individuals who do not own any cryptocurrencies, or don’t believe in the value of a certain asset.
an expression meaning “hold” and frequently taken to be an acronym for Hold On for Dear Life. This term actually began its life as a typo on an old forum, Bitcointalk.org, where user GameKyuuby explained that he was “HODLING” his bitcoin as the price dropped. The misspelling quickly caught on and is still used today.
this is the unfortunate position you find yourself in when an asset you own quickly drops in value but you do not sell. You are thus left holding a bag of worthless coins or stocks. Those who end up in this position are referred to, unsurprisingly, as bagholders.
ICO- Initial Coin Offering: the selling of tokens to the public in order to raise capital for a crypto-based project . ICOs are a crowdfunding approach, similar to a traditional company’s IPO.
IEO- Initial Exchange Offering: similar to an initial coin offering, or ICO, an initial exchange offering is a method of selling tokens to raise capital, but with increased regulation. Unlike an ICO, which sells new tokens directly to the public, an IEO is managed by an existing cryptocurrency exchange. By working with a known and trusted exchange, IEOs seek to make the ICO process more secure.
An internal transaction is a transaction between one smart contract and another smart contract. Internal transactions do not include EOA transactions which are transactions initiated or between one or more externally owned addresses (i.e. a user's wallet). Blocknative's transaction tracking tools allow developers to monitor and review these internal transactions in a cost-effective way.
The opposite state of FOMO stands for “Joy of Missing Out.”
See public key, private key
Kovan is a Proof-of-Authority, publicly accessible Ethereum testnet. Blocknative offers users the ability to monitor pending, confirmed, and failed transactions, replacement transactions for speedups and cancels, trace transactions, and track reasons why transactions fail.
this is the blockchain platform itself, also referred to as the base layer, mainchain, or mainnet. i.e. Bitcoin, Ethereum, Cardano, Litecoin, Solana, Polkadot
protocols, also referred to as solutions, built on top of a layer 1 blockchain and commonly used to improve scalability, privacy, and add cross-chain communication. Unlike sidechains, which use their own consensus mechanisms, layer 2 solutions are secured by their underlying mainchain.
short for Lamborghini. The ability to purchase Lambo is a goalpost for success, used in a myriad of phrases in the crypto and degen spaces. For instance “wen Lambo?” roughly translates to “I just purchased $43 worth of Dogecoin. When will the value of said investment increase enough to enable the purchase of a Lamborghini?”
a blockchain node that downloads just enough data from the blockchain in order to process and verify transactions. Unlike full or master nodes, light nodes do not store a blockchain’s complete history.
a measure of how easily an asset can be bought, sold, or traded in a given market or on an exchange.
a collection of user-provided funds locked into a smart contract to facilitate trading on a DeFi platform. On decentralized exchanges and lending protocols liquidity must be provided by the users, as there is no central bank or figure to do so.
Loopring is an Ethereum layer 2 non-custodial exchange protocol. It utilizes ZK-rollups for higher transaction throughput and lower gas fees on trades and payments.
short for main network, this is a main layer 1 blockchain, as opposed to a testnet or layer 2 solution. See also: L1, testnet (antonym)
the total value of an asset based on its current market price. A cryptocurrency’s market cap is found by multiplying the price of a single coin by its circulating supply.
a blockchain node that verifies and relays transactions, stores the blockchain’s complete history, and may participate in voting, governance of the blockchain, and other special operations. Master nodes generally operate on a collateral based system, similar to a Proof-of-Stake protocol.
a theoretical or emergent networked online space with digitally persistent environments that people inhabit, as avatars, for synchronous interactions and experiences, accessing the shared virtual space through virtual reality, augmented reality, game consoles, mobile devices, or conventional computers.
in a Proof of Work system, this is the process of verifying transactions, organizing them into blocks, and then adding blocks to the blockchain. Participants who perform this process are called miners.
the process of validating information, such as domain ownership, and registering that onto the blockchain.
this phrase implies that the value of an asset will go so high that it will reach the literal moon. This is used by shills, bulls, and during a bull market, essentially everyone. Another form of this is “wen moon?” This is used to express one’s impatience with an asset which is not increasing in value as quickly as they had hoped.
a term for social media “financial experts” and YouTubers who are overly optimistic and constantly explaining how a given asset is “about to go to the moon!”
The Max Fee is the absolute maximum amount a user is willing to pay per unit of gas (gwei) to get a transaction included in a block. Blocknative's Gas Platform API and Gas Estimator help developers and traders determine the minimum max fee required to probabilisticaly confirm a transaction in the next block.
An 'optional' additional fee that is paid directly to miners, the Max Priority Fee incentivizes miners to include your transaction in a block. By monitoring mempool data, Blocknative users can accurately set their max priority fee to increase the chances that their transaction is confirmed as fast as possible.
Also known as the 'transaction pool,' the 'transaction queue,' or 'pre-chain,' the mempool is a set of in-memory data structures propagated across Ethereum nodes that store pending transactions before they are mined. Blocknative is the leading provider of mempool APIs and blockchain developer tools for monitoring mempool data.
Mempool Explorer is a mempool monitoring tool built by Blocknative that enables builders and traders to observe what is happening in the transaction pool in real-time. Blocknative users can create data feeds for wallets or contract addresses, build custom notifications, and make better decisions before executing a smart contract.
A Merkle root is the single top hash of a Merkle tree. It verifies all transactions within a block.
A Merkle tree, or hash tree, is a data structure used by blockchains to securely validate and summarize large data sets.
MEV (Miner Extractable Value or Maximal Extractable Value), is the profit a miner can make by including, excluding, or re-ordering transactions in a block. Searchers use MEV tools like Flashbots and Blocknative to extract value from the transaction queue by identifying opportunities and submitting a package of transactions to miners to be executed.
NFT- Non-fungible token a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. Unlike fungible tokens, NFTs are not interchangeable with one another.
domain names minted on the blockchain which allow people to govern their own data, set their Web3 username, take control of their digital worlds, and harness the power of the internet.
short for “not gonna make it.” This is used to imply that a certain project or asset has a low chance of becoming valuable. This can also be directed at an individual, usually someone who had made a poor trade or investment.
a term used to describe someone who does not hold any cryptocurrencies, or who is generally unfamiliar with crypto.
any device connected to a blockchain network. Different nodes have varying levels of responsibility, and may help validate transactions, store the blockchain’s history, relay data, and perform other functions. Because blockchains are distributed peer-to-peer networks, nodes come together to create the network’s infrastructure.
unique; not interchangeable.
Nonce is a number associated with Ethereum transactions that increases by one with every transaction, and a value that can only be used once. A common issue that Blocknative's pre-chain monitoring API solves is identifying nonce gaps which create stuck transactions prevent wallets from completing new transactions.
Notify is a javascript library that enables blockchain developers to deliver real-time, in-flight notifications for blockchain transactions on Ethereum and Polygon. Blocknative's Notify API can easily be integrated using webhooks and websockets to Dapps and wallets.
a service supplying smart contracts with data from the outside world. Smart contracts are unable to access data that exists off-chain, so they rely on oracles to retrieve, verify, and provide external information.
Off-chain means any transaction or data that exists outside the blockchain. Because committing every transaction on-chain can be expensive and inefficient, third-party tools like oracles that handle pricing data, or layer 2 solutions that execute a higher throughput of transactions, handle a bulk of the processing work off-chain, and will submit information on-chain at less frequent intervals.
On-chain is an umbrella term that includes any transaction or data that is available on the blockchain and visible to all nodes on the blockchain network such as mempool data, historical transactions, and account information. Blocknative's suite of blockchain developer APIs help builders and traders access, monitor, and make decisions on on-chain data in real-time.
Web3's most powerful connect wallet button. Onboard is an open-source javascript library that helps blockchain developers onboard users to Ethereum Dapps by streamlining the wallet development process. Onboard by Blocknative is available via webhooks and websockets.
Optimism is an Ethereum layer 2 scaling solution that utilizes optimistic rollups to improve the efficiency of Ethereum's blockchain. Optimism's rollups use single-round fraud proofs to verify the execution of contracts. Blocknative currently does not support the Optimism L2 blockchain.
Optimistic rollups are a category of Ethereum layer 2 scaling solutions. They process transactions on a separate blockchain and use fraud proofs to validate correctness. Blocknative currently does not support networks using optimistic rollups. Two examples of blockchains utilizing optimistic rollups are Optimism and Arbitrum.
a distributed network of two or more computers which interact directly without a central server or entity.
a term used to describe someone who sold a cryptocurrency or stock as its price was falling, usually for a loss. Someone with paper hands is said to be weak and unable to stomach market volatility.
profile picture, usually referring to one of an NFT
see red pilled
an alphanumeric passcode required to withdraw assets from a blockchain wallet and authorize digital transactions. Because these private keys are long and difficult to memorize, wallets will generally associate them with a seed or recovery phrase that is easier to remember.
first used by Elon Musk to refer to planned upgrades to Dogecoin. Referring to something as being potentially promising quickly caught on, being used both sarcastically and in a serious manner, albeit tongue-in-cheek.
PoS- Proof of Stake : a consensus mechanism that requires nodes, called validators, to stake a set amount of cryptocurrency on the blockchain in order to verify transactions and mint blocks. If a validator approves fraudulent transactions, then a portion of their stake will be slashed.
PoW- Proof of Work : a consensus mechanism that requires miners to complete complex mathematical puzzles in order to verify transactions and mint blocks. When a miner correctly solves a puzzle, they gain access to mint the next block and receive the corresponding block reward and transaction fees.
the foundational software layer of a program. Protocol has become a general term used to refer to both layer 1 blockchain networks and the layer 2 applications built on top of them — Bitcoin, Ethereum, Uniswap, and Lightning Network can all be considered protocols.
uses to point to your wallet address, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Other users can send digital assets to your wallet via your public key, but only you can access your wallet’s contents by using the corresponding private key.
a scheme where a cryptocurrency or other asset is hyped up, leading many to buy into it, raising its price. Those who did the hyping then sell their holdings of the asset as the price rises for a short period of time. This then leads to a sharp selloff where anyone who did not sell suffers a loss.
The pending pool is a group of transactions in the mempool that are ready to be processed. Blocknative's mempool monitoring tools and real-time notifications give builders and traders access to this critical information, allowing them to make more informed decisions before transactions are confirmed on-chain.
A pending simulation transaction gives you access to all of the real-time mempool information of a pending transaction as if it were submitted on-chain. Blocknative's ETH transaction simulation tools give developers the ability to track internal transactions, net balance changes, function calls, and other transaction details in a simulated environment. Blocknative currently supports transaction simulations for Ethereum's mainnet.
Pending is a transaction status used to describe in-flight, pre-consensus transactions that are in the mempool and have not yet been confirmed on the blockchain. Blocknative's core mempool monitoring tools provide developers with visibility into pending transactions.
Pre-chain is another way to describe transactions that are currently in progress. Pre-chain transactions are also known as pre-consensus transactions, and are transactions that are currently in the mempool. Blocknative's suite of mempool monitoring tools enables developers to track pre-chain transactions on multiple blockchains including Ethereum, Ethereum testnets, Polygon, and xDAI.
Pre-consensus is another way to describe transactions that are currently in flight and not yet confirmed on the blockchain. Pre-consensus transactions are also known as pending transactions and pre-chain transactions. Blocknative's suite of blockchain transaction monitoring APIs helps developers track pre-consensus transactions on multiple layer one blockchains, sidechains, layer 2 networks, and testnests.
The queued pool is a pool of transactions in the mempool that are not yet ready to be processed because they are 'out of order.' Blocknative's pending transaction monitoring tools can be used to gain insights into transactions in the queued pool.
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as in “wrecked,” used to express that one has suffered a huge loss.
a scam maneuver where a crypto project takes the funds that have been invested into its protocol and runs. An inside job pump-and-dump, if you will. A rug pull can also occur in assets with highly centralized ownership. If someone is able to sell a large portion of the circulating supply at once, this rapidly increases the supply, which can cause the price of the asset to plummet.
a scaling solution that aims to improve transaction throughput and decrease fees by batching multiple transactions off-chain and then submitting them to the main chain as a single transaction.
Replacement transactions include 'Speed up' and 'Cancel' transactions. Blocknative's transaction monitoring tools provide replacement transaction support for Ethereum, all Ethereum testnets, and Polygon.
Rinkeby is a Proof-of-Authority testnet for Ethereum where smart contract developers can test code before deploying it to Ethereum's mainnet. Blocknative's suite of Rinkeby testnet developer tools and APIs enable blockchain engineering teams to track transactions across the transaction lifecycle, decode smart contracts, submit replacement transactions, and trace Rinkeby transactions.
Ropsten is the primary Ethereum testnet (test network) where blockchain developers can test their smart contract code in a live setting without spending actual money. Blocknative's suite of blockchain developer tools and APIs support tracking Ropsten transaction status changes, decoding Ropsten contract calls, replacing (e.g. speed up and cancel) Ropsten transactions, and tracing transactions.
a protocol’s capacity to handle higher demand and increase transaction throughput as the network grows.
the smallest denomination of BTC, equal to 0.00000001 bitcoin. Satoshis are named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
a string of words used as a master password to access a crypto wallet. Because a single wallet can contain multiple accounts, all with their own private keys, a seed phrase makes it easy to access them all with the same password.
meaning “sir,” a common intentional misspelling used in crypto circles
SHA stands for Secure Hashing Algorithm, a set of cryptographic hashing functions designed by the NSA. Essentially, SHA-256 takes an input of data and generates a long sequence of letters and numbers, called a hash. This hash is then used as a secure placeholder for the data it represents.
a method of separating a network’s nodes out into smaller groups (shards) in an attempt to increase scalability. These shards are then able to reach consensus on behalf of the entire network, removing the need for every node to process every transaction.
the act of heavily promoting a cryptocurrency, stock, or other asset in an effort to increase adoption and, in turn, raise its price. This is usually done via spamming on social media, and generally carries a negative connotation. A person who performs the act of shilling may also be referred to as a shill.
a cryptocurrency with weak fundamentals and little to no use case.
a parallel blockchain used to offload transactions from the main chain in order to increase scalability or add other functionality. Sidechains are connected to their main chain, or parent chain, via a two-way link which allows data and assets to be seamlessly transferred.
the process of burning or redistributing a validator’s staked cryptocurrency as punishment for approving fraudulent charges or otherwise endangering the network.
the price of a cryptocurrency may change between the time an order is placed and the time that order is ultimately filled. Slippage is the difference between a cryptocurrency’s quoted price and the price that a trade actually executes at.
self-executing code deployed on a blockchain. Smart contracts allow transactions to be made without an intermediary figure and without the parties involved having to trust one another.
a backwards compatible update to a blockchain. Unlike a hard fork, these changes do not require the creation of a separate chain.
the native programming language of Ethereum, mainly used to write smart contracts.
a token with its value pegged to another asset. Stablecoins are usually backed by a fiat currency, like the US dollar, but can also be pegged to physical assets like precious metals, or even other cryptocurrencies like Bitcoin.
A sandwich attack is a form of crypto market manipulation prevalent within the DeFi ecosystem. It occurs when an attacker attempts to profit from an asset's price volatility. The attacker will jump ahead of a victim's large purchase order, which raises the price. They will then place a sell order following the confirmation of the victim's order.
A software development kit (SDK), also known as a devkit, is a collection of software tools and programs developers can use to quickly deploy an application in their development environment. Blocknative's prechain monitoring tools are available to developers through a Mempool Explorer SDK.
Searchers are people who identify opportunities to extract value for miners, create executable packages of transactions, and submit them to miners. Blocknative offers searchers who use MEV platforms like Flashbots with MEV tools to monitor transactions, create custom notifications, and see what is happening in the transaction pool in real-time.
Blocknative's Simulation Platform simulates every marketable mempool transaction against the current block state in real-time and calculates the likely outcome of these transactions to give builders and traders insights into how transactions in the mempool will be executed.
Speed Up transactions are a type of replacement transaction that attempts to overwrite a currently pending transaction with a new transaction. A Speed Up transaction could be used by traders trying to exploit an arbitrage opportunity before their competitors. Blocknative's transaction monitoring tools offer replacement transaction notifications for Ethereum, Ethereum testnets, and Polygon.
A state channel is a layer 2 scaling solution. It allows off-chain transactions between users while only submitting the opening and closing transactions within the channel on-chain. This process significantly reduces costs and increases network throughput without compromising security.
A stuck transaction is when transactions cannot be mined. Many stuck Ethereum transactions are caused by nonce gaps, and until the nonce gap has been resolved, wallets cannot process new transactions. Blocknative's mempool monitoring tools help builders and traders identify, troubleshoot, and resolve stuck transactions.
a software environment that mimics a mainnet blockchain, used to test network upgrades and smart contracts before deploying them to the mainnet.
TLD- Top Level Domain : the last segment of a domain name, or the part that follows immediately after the 'dot' symbol.
unlike a coin, a token is a digital asset created on an existing blockchain. Tokens can be used to represent digital and physical assets, or used to interact with dapps.
TPS- Transactions per second: the number of transactions that a blockchain can handle per second, used as a benchmark to measure its computational power.
data written to a blockchain. New transactions are verified by nodes on the network and then broadcasted to other nodes. Once enough nodes have verified the transaction, it is considered valid and added to a block.
TVL- Total Value Locked : a measure of the assets locked into an dapp’s smart contract, usually expressed in USD.
short for transaction hash, or transaction ID. This is a unique identifier used to represent a specific transaction, written as a long string of letters and numbers. By pasting a txn hash into a block explorer like Etherscan, you can find the details of the transaction it represents.
A tip is an 'optional' additional fee that is paid directly to miners by users to incentivize miners to include their transaction in the next block. Tips were added to Ethereum through an Ethereum Improvement Proposoal (EIP-1559).
A portmanteau of the words 'token' and 'economics,' tokenomics refers to all the aspects of a cryptocurrency that can impact the price such as total supply, vesting, and utility.
A transaction event stream is a real-time stream of transaction events that are happening in the mempool. Blocknative's live transaction event streams provide blockchain developers and digital asset traders with an easy way to customize and read transaction data for a competitive advantage.
When the entire block is accepted, or 'hashed,' by a miner the transaction is considered settled. As the new block propagates across the network, each node executes the transactions in the block and updates its current state. At this point, the transaction is confirmed on the blockchain. Blocknative's transaction monitoring APIs provide transaction settlement transparency so developers and traders can deliver seamless users experiences.
Blocknative's Transaction Simulation tool simulates the transactions that would execute if a transaction was published on-chain. Simulating Ethereum transactions helps traders, builders, and MEV searchers see the internal transactions that execute inside a transaction and the end result of a transaction.
The transaction status is the current state of your transaction in the blockchain. Transaction statuses include: confirmed, failed, dropped, and stuck. Blocknative's Mempool Monitoring APIs enable developers and traders to track the transaction status on multiple blockchains including Ethereum, xDAI, and Polygon. Ethereum testnests are also included such as Ropsten, Rinkeby, Goerli, and Kovan.
Type 0 transactions are legacy transaction types from before the London hard fork in August 2021 which included the deployment of EIP-1559. Blocknative's Gas Platform API and Gas Estimator supports both Type 0 and Type 2 transactions.
Type 2 transactions are based on the EIP-1559 upgrades and include Base Fee, Max Priority Fee, and Max Fee Per Gas fields instead of the Gas Price field. Blocknative's Gas Platform API and Gas Estimator supports both Type 2 and Type 0 transactions.
a rebuttal against the argument that Bitcoin is “sound money” or the “hardest form of currency” by saying that Ethereum post-EIP 1559 and post-ETH2 merge will be more sound than Bitcoin.
a tongue-in-cheek saying, implying that a cryptocurrency or other asset can only increase in value. This is used to voice one’s bullish stance on an asset, although it may also be used sarcastically.
UX is an abbreviation for User Experience, and is the design discipline for optimizing how users interact with and perceive an application, interface, or system. Blocknative's APIs can help Dapp developers improve the user experience by providing in-app transaction notifications and gas estimations.
a product or project that is announced and marketed but never actually materializes.
We're All Gonna Make It, a common saying in crypto and trading circles signaling camaraderie and a positive outlook. See also: GMI, NGMI
a software application or hardware device used to store the private keys to blockchain assets and accounts. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, they store the private key that proves ownership of a given digital asset. i.e. Metamask, Coinbase Wallet, Ledger, Trezor
also known as a public key, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Other users can send digital assets to your wallet via your public key, but only you can access your wallet’s contents by using the corresponding private key.
the first iteration of the web, commonly referred to as the “read-only web.” Web1 was characterized by static websites that displayed information. There was little to no user interaction or user-generated content.
starting in the 90s, the “read-write web” is characterized by user-generated content and improved user interfaces. This led to the creation of blogs and social media platforms, as well as sites like Wikipedia and YouTube. Web2 placed more emphasis on user experience and interoperability between different applications and websites, giving us the vast network of connected websites and resources that we are familiar with today.
the next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web3 aims to remove control of the web from monopolistic tech companies, and return ownership of data and content to its users. Also referred to as the “read-write-trust web.”
the smallest denomination of ether, named after cypherpunk and cryptocurrency pioneer, Wei Dai. 10^18 gwei = 1 ether.
Wrapped Ethereum (wETH) is a tokenized version of Ether on the ERC-20 standard. wETH can always be redeemed 1:1 for ETH. It enables functionality with Dapps on Ethereum and other blockchains.
Wrapped tokens allow users to transact with cryptocurrencies via blockchains or token standards outside their original design scope. Wrapped tokens are usually created by holding the original asset in a digital vault, then issuing a 'wrapped' token representing the vault assets. They allow for greater interoperability between previously non-compatible digital assets.
xDai Chain (xDai or Gnosis Chain) is a proof-of-stake (PoS) Ethereum sidechain that offers faster and cheaper transactions compared to Ethereum. The native token of xDai Chain is DAI which is pegged to the U.S. dollar and was created by MakerDAO. Blocknative offers xDai developers and traders access to Mempool Explorer, Onboard, and Notify APIs.
You Only Live Once: investing too much money into a single asset; making a generally risky bet.
A zero-knowledge proof is a method of verification in which a 'prover' shows possession of secretive knowledge to a 'verifier' without revealing the sensitive information itself. This encryption scheme can ensure data privacy and confidentiality on a public blockchain.
A ZK or 'zero-knowledge' rollup is an Ethereum layer 2 scaling solution that bundles transactions off-chain into a single cryptographic proof. This transaction is then submitted back to the main chain for validation. ZK-rollups utilize validity proofs to confirm transaction legitimacy.
Zero-Knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs) are a form of cryptographic proof that maintains the privacy of a transaction while validating it on a blockchain's consensus algorithm.
zkSync is an Ethereum layer 2 scaling solution. It utilizes ZK rollups to offer lower gas fees and faster transaction finality without making security compromises.
SBR Photofilms is a team of top candid wedding photographers and wedding filmers in India. SBR Photofilms is headed by Rishav Agarwal. Who is one of the pioneers in the field of candid wedding photography in India.
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