BEP-20 isn't just a fun abbreviation to say out loud - it's a token standard used on the Binance Smart Chain (BSC).
Like its cousin, ERC-20 on Ethereum, BEP-20 is a blueprint that outlines a set of rules and requirements that tokens must follow in order to be compatible with the BSC ecosystem.
And let me tell you, BSC is like the Wild West of crypto - it's got faster transaction times and lower fees than Ethereum, but it's also got its fair share of scams and rug pulls.
Example
"Have you heard of this new BEP-20token called 'SafeMoon'? It's supposed to be the next big thing on BSC!"
"I just swapped all my BNB for a bunch of random BEP-20 tokens. I figure if one of them moons, I'll be set for life."
A bear market is like a big, grumpy bear that eats all your crypto gains. It's when the price of cryptocurrencies is in a prolonged downturn, with no end in sight.
During a bear market, the sentiment in the crypto community is generally pretty negative. People start to doubt whether crypto is really the future, and some even start to panic sell their holdings. But the true believers know that bear markets are just a natural part of the crypto cycle - and that they can even present some good buying opportunities.
Example
"We're definitely in a bear market right now. My portfolio is down 50%, and I'm starting to wonder if I should just cut my losses."
"Some people are saying that this bear market is different, and that crypto is never going to recover. But I've been through this before, and I know it's just a matter of time."
An automated market maker is like a robot stockbroker that never sleeps. It's a type of decentralized exchange that uses algorithms to automatically set the price of a particular token based on supply and demand.
The idea is that instead of relying on human market makers to set prices and provide liquidity, an automated market maker can do it all automatically, 24/7. This makes it easier for people to trade cryptocurrencies without having to worry about finding a buyer or seller on the other end.
Example
"I just discovered this new automated market maker that lets me trade any ERC-20token without having to worry about slippage."
"Automated market makers are revolutionizing the way we trade crypto. No more having to deal with order books and limit orders!"
An atomic swap is like the ultimate trust exercise for crypto. It's a way for two people to trade different cryptocurrencies directly with each other, without having to go through a centralizedexchange.
The beauty of an atomic swap is that it's completely trustless. The trade either happens in full, or it doesn't happen at all. There's no way for one party to cheat the other, because the trade is atomic - meaning it's indivisible.
Example
"I just did an atomic swap with someone I met on Reddit. I traded my Bitcoin for their Monero, and it was surprisingly easy!"
"Atomic swaps are the future of cryptotrading. No more having to trust shady exchanges with my funds!"
An ask price is the flip side of a bid price. It's the lowest price a seller is willing to accept for a particular coin or token. So if you're looking to buy some crypto, you'll want to look for the lowest ask price to get the best deal.
The ask price is constantly changing based on market demand and supply. When more people are looking to buy than sell, the ask price will go up. When more people are looking to sell than buy, the ask price will go down.
Example
"The ask price for Bitcoin is $50,000 right now, but I'm gonna wait and see if it drops a bit before I buy."
"I just put in a limit order to buy Ethereum at the ask price. Fingers crossed it gets filled soon!"
The application layer is like the cherry on top of the crypto sundae. It's the part of the blockchain ecosystem where all the cool stuff happens - like DeFi, NFTs, and dApps (decentralized applications).
Essentially, the application layer is where developers build products and services on top of the blockchain. It's what makes it possible to do things like borrow and lend crypto, trade digital art, or play blockchain-based games.
Example
"The application layer is where all the innovation is happening in crypto. It's crazy how fast new projects are popping up!"
Apeing is like YOLO-ing for the crypto world. It's when you throw caution to the wind and go all-in on a particular coin or token, usually without doing any research or due diligence.
The idea is that you don't want to miss out on the "next big thing," so you'll buy as much of it as you can, regardless of whether it's a good investment. You'll see people on crypto forums and social media groups yelling things like "APE IN NOW!" or "BUY THE DIP, APE!"
Example
"I just aped into this new coin that my favorite influencer shilled on TikTok. What could go wrong?"
"Are you seriously thinking about apeing into that meme coin? Don't come crying to me when it crashes."
"My ape brain couldn't resist buying more of my favorite alt, even though I'm already down 50%."
