Glossary

A DeFi money market protocol where anyone with an Ethereum wallet can lend and borrow crypto. AAVE is its governance token.

Giving coins away for free to eligible wallets, often those holding a certain asset at the time of a snapshot.

A decentralized exchange (DEX) specialized in perpetual futures, rebranded from ApolloX.

A report on economic conditions published by the U.S. Federal Reserve eight times a year, covering business activity, employment and prices across its 12 districts.

Bitcoin's share of the total crypto market cap. At 50%, Bitcoin makes up half of the market.

A way of inscribing NFTs on the Bitcoin blockchain by giving each satoshi, Bitcoin's smallest unit, a unique number.

The levels a blockchain stack is split into by role: Layer 0 connects chains, Layer 1 is a main chain such as Bitcoin or Ethereum, and Layer 2 runs on top to improve scalability.

A service that brings outside data onto a blockchain, needed because blockchains cannot reach external data on their own.

The native coin of the Binance ecosystem, launched with the Binance exchange in 2017 and used for trading fee discounts and Launchpool, among other things.

A decentralized data storage system on BNB Chain where users and dApps create, store and exchange data they fully own.

A Bitcoin Layer 2 that aims to improve Bitcoin's scalability and add new features. It is compatible with the Ethereum Virtual Machine (EVM).

A fixed-income instrument issued by a government or company to borrow money. Investors receive interest and get their principal back at maturity.

A market in which prices rise for months or years, carried by investor optimism and confidence.

A Bybit service where you stake coins and earn new tokens as rewards. You need an account and KYC verification to join.

A Bybit service where you lock assets for a set period and receive new tokens as airdrop rewards.

A system's ability to reach agreement even when some participants send wrong or deceptive information, devised to solve the Byzantine Generals Problem posed in 1982.

Shapes formed by one or more candles on a chart, used to spot signs that a trend may reverse or continue.

An economic system in which individuals or businesses own capital, and production and prices are set mainly by market supply and demand.

A modular blockchain that splits a blockchain's core functions into separate pieces.

A high-risk over-the-counter derivative that settles only the price difference in cash, without owning the actual stock.

Futures that use the coin you hold as margin instead of a stablecoin, with profits and losses settled in that coin.

When a company leads its rivals by offering better or cheaper products or services. It is usually split into comparative and differential advantage.

An Ethereum-based lending protocol, launched in 2017, that lends deposited assets to other users and pays interest.

An index of average price changes in the goods and services consumers buy, and the most watched measure of inflation.

A price index that leaves out volatile items such as energy and food, used to read the long-term inflation trend.

A DeFi protocol that optimizes trades differently from traditional AMM exchanges. CoW Swap is its main service.

A decentralized exchange focused on stablecoin trading. It runs on an AMM model with no order book, and anyone can supply liquidity and earn fees.

Decentralized finance: financial services run by smart contracts on a blockchain instead of banks or other intermediaries.

A market theory built on Charles Dow's ideas: prices reflect all information, and trends come in primary, secondary and tertiary moves.

An attack that sends tiny amounts of coins (dust) to wallets and then tracks their transactions to identify the owners.

A coin for the gaming industry that turns in-game items into blockchain assets that can be traded outside the game.

An Ethereum token standard that tries to let one token trade in fractions like an ERC-20 token while also working as an NFT.

An Ethereum-based protocol that issues USDe, a stablecoin that holds its value through a delta-neutral hedging strategy.

An open-source blockchain platform created by Vitalik Buterin in 2014. Its native currency is ether (ETH), and it runs smart contracts that execute automatically when conditions are met.

A network upgrade meant to solve Ethereum's scalability problems, also known as Serenity.

The Ethereum upgrade that follows The Merge (2022) and the Cancun upgrade (2024).

A U.S. dollar-backed stablecoin managed by Hong Kong-based First Digital Group, launched on Binance in July 2023.

A decentralized storage network where people rent out spare storage space in exchange for coins. It runs on top of IPFS.

The Federal Open Market Committee, the body within the U.S. Federal Reserve that sets interest rates and the money supply. It has 12 voting members.

An agreement to buy or sell an asset at a price agreed today on a set future date (expiry).

Derivatives trading that bets on price moves without holding the asset. You can go long on a rise or short on a fall.

A decentralized AI platform combining AI and blockchain, where users and developers build the AI ecosystem together.

An economy in which companies hire people on a temporary or contract basis as needed instead of full-time staff, as on Uber, Airbnb or delivery apps.

A product that lets investors buy into Bitcoin through a regular brokerage account. Launched in 2013, it became an ETF after SEC approval in 2024.

A blockchain gaming platform from Gunzilla Games where in-game items are owned and traded as NFTs, built on an Avalanche subnet.

Putting resources such as money to work in the expectation of a return, as distinct from speculation that chases quick gains.

Short for Internet of Services Token, a blockchain platform focused on scalability, efficiency and security.

Promissory notes a financial company issues to raise money: in effect its IOU, similar to a bond.

An annual economic symposium in Jackson Hole, Wyoming. Remarks by central bankers there often move stock and currency markets.

When the same coin trades at a higher price on Korean exchanges than on overseas ones. Often shortened to kimp.

Know Your Customer: the identity check an exchange runs with ID documents before providing services.

Trading with borrowed funds, using your own money as collateral. At 10x leverage you trade ten times your own money, and gains and losses grow by the same factor.

An order to buy or sell at a price you set. It waits in the order book until the market gets there, and as a maker order it usually pays lower fees.

The exchange forcibly closing a leveraged position once it can no longer meet the margin requirement. The higher the leverage, the sooner it comes.

How easily an asset can be bought or sold without moving its price much. The more liquid it is, the easier it is to turn into cash when you want.

A rule that bars major shareholders from selling for a set period after new shares are issued, to prevent a sell-off right after listing.

An order to buy or sell immediately at the best price in the order book. Fast to fill, but you don't choose the price.

The recurring swing of investor emotion between euphoria and despair as prices move.

Trying to pick the best moments to get into and out of the market. Getting it right pays well, but most attempts fail.

DeFi infrastructure that helps crypto projects design and run incentive campaigns, calculating rewards automatically off-chain.

A project that rewards Metal Pay users with Metal tokens when they pay or convert. It is a token on Ethereum.

Measures of how much money is in circulation, split into M0, M1, M2, M3 and MZM depending on whether they count only cash or also deposits and funds.

The core coin of Nexon's MapleStory Universe, running on its own Avalanche-based layer.

The number of futures or options contracts still open. Rising open interest suggests money flowing in; falling, flowing out.

Orders that have not been filled and wait until they are cancelled or expire. They fill only when their conditions are met.

A project combining AI and blockchain so contributors are rewarded transparently, built around Proof of Attribution.

A way to sign in without a password, verifying you with a pair of keys: a private key kept on your device and a public key on the server.

An index of price changes at the wholesale level, which can feed into consumer prices over time.

The day index futures, index options, single-stock futures and single-stock options all expire: the third Friday of March, June, September and December, with heavy volume and volatility.

A monetary policy in which a central bank buys long-term government bonds to put money into the market.

Malicious software that locks files or computers and demands payment to unlock them.

A prolonged downturn across the whole economy, usually defined as two straight quarters of falling GDP.

A price zone where rallies have stalled repeatedly. You find it by connecting chart highs, and use it with support levels to time sales.

The ratio between the profit you aim for and the loss you accept on a trade. A good ratio can stay profitable even with a low win rate.

A standard for issuing tokens on the Bitcoin network, creating and sending them with Bitcoin's built-in functions.

A market-cap-weighted index of 500 large U.S. listed companies, widely used as the benchmark for the U.S. stock market.

The U.S. Securities and Exchange Commission, which oversees financial markets and protects investors. It was created under the Securities Exchange Act of 1934 after the 1929 crash.

Tradable financial documents issued by companies or governments, including stocks, bonds, funds and derivatives.

A security such as a stock or bond turned into a token. It works much like the security but trades on a blockchain.

A measure of return relative to the risk (volatility) taken, created by William F. Sharpe in 1966.

A position that bets on a price fall: sell high first, buy back lower and keep the difference. Also called short selling.

A sharp price rise that forces short positions to close one after another, and their buybacks push the price even higher.

An independent blockchain that runs alongside a main chain and moves assets to and from it through a bridge.

When executives or insiders hold their own company's stock with their own money and share in the outcome. Popularized by Warren Buffett.

When a fast-growing economy slows gradually without a severe recession, named after a plane touching down smoothly.

A project that promises a user-friendly blockchain by lowering entry barriers such as setting up wallets and sending coins.

A digital identity token representing the traits and achievements of a person or organization. It cannot be transferred.

Buying and selling coins at the current market price with ownership transferred right away, unlike futures, which promise delivery on a future date.

Recession, rising prices and high unemployment at the same time. Remedies for recession and for inflation pull in opposite directions.

An indicator derived from the RSI, created by Stanley Kroll and Tushar Chande in 1994, used to spot overbought and oversold conditions.

A Layer 1 blockchain built by former Meta developers, designed for fast transactions and scalability.

The official meme coin launched by the Trump Foundation.

A central bank gradually scaling back quantitative easing. Less new money in the market can weigh on asset prices.

Analysis that judges future moves from trading data such as price, volume and trend, as opposed to fundamental analysis of a business.

A stablecoin designed to be pegged 1:1 to the U.S. dollar, and the best known in the crypto market.

Tokens on a blockchain designed to track one share of a stock. The custodian is on the shareholder register, so buying one does not make you a shareholder.

The design behind a token's use and value: issuance and distribution, supply and demand, incentives and burn schedules.

A diagonal line drawn along price over a period. Rising lines mark uptrends and falling lines mark downtrends.

A stablecoin pegged 1:1 to the U.S. dollar, said to hold an equal amount of dollars in reserve for every token in circulation.

A private company valued at KRW 1 trillion or more within 10 years of its founding.

Futures contracts that use the USDC stablecoin as their settlement currency.

A stablecoin designed to move across blockchains as a single USDT, created to fix compatibility problems between USDT on different chains.

An interest rate that changes over the life of a loan or deposit, the opposite of a fixed rate.

An index from the Chicago Board Options Exchange (CBOE), calculated from S&P 500 option prices, showing expected stock market volatility over the next 30 days.

An international body that lowers trade barriers and mediates trade disputes between member countries.

A bridge service that moves assets between different blockchains.

An ERC-20 token that wraps Bitcoin 1:1 so it can be used on the Ethereum network.

ETH wrapped so it can be used like an ERC-20 token, mainly for liquidity provision, collateralized loans and token swaps in DeFi.

A payment protocol announced by Coinbase that uses HTTP's 402 Payment Required code so browsers or AI can pay in stablecoins without logins or card details.

Ripple is the company behind the RippleNet cross-border payment network, and XRP is the coin used in its ecosystem. It aims to replace SWIFT.

Borrowing low-interest yen to invest in higher-yielding assets such as dollars, and pocketing the interest gap.

A way to prove that information meets a condition without revealing the information itself, like confirming someone is an adult without showing a birth date.

A line of the average price over the last 200 days. It shows the long-term trend; price above it is read as an uptrend.

An attack in which one group controls most of a network's hash rate and rewrites transaction history, making it possible to reverse transactions and double-spend.