Glossary OS

Plain meaning

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A widely used crypto community phrase encouraging individuals to independently investigate projects, tokens, and protocols before investing or participating. DYOR means reading documentation, checking audit reports, verifying team backgrounds, reviewing on-chain data, and understanding tokenomics rather than relying solely on social media hype or influencer recommendations. The phrase serves as both advice and a disclaimer in crypto discussions.

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Technical context

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Wallets, signing flows, dApps, and key management concepts.

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DYOR (Do Your Own Research) (dyor)
Category: Web3
Definition: A widely used crypto community phrase encouraging individuals to independently investigate projects, tokens, and protocols before investing or participating. DYOR means reading documentation, checking audit reports, verifying team backgrounds, reviewing on-chain data, and understanding tokenomics rather than relying solely on social media hype or influencer recommendations. The phrase serves as both advice and a disclaimer in crypto discussions.
Aliases: DYOR
Related: Rug Pull, Security Audit

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Concept graph

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Branch

Rug Pull

A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing.

DeFi (Decentralized Finance)

Open term

Branch

Security Audit

A formal, structured review of a Solana program's source code, architecture, and deployment configuration by experienced security researchers, aimed at identifying vulnerabilities — including but not limited to the OWASP-equivalent Solana Top 10 (missing signer checks, owner checks, arithmetic errors, etc.) — before mainnet deployment. Reputable Solana-focused audit firms include OtterSec, Ackee Blockchain, sec3 (formerly Soteria), Neodyme, Trail of Bits, and Halborn; most audits produce a severity-rated finding report (critical, high, medium, low, informational) that programs are expected to remediate and publish. A single audit is considered minimum due diligence for programs holding significant user funds; continuous auditing and bug bounties on platforms like Immunefi are considered best practice.

OtterSec Sec3 (formerly Soteria)

Open term

Next concepts to explore

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Web3

Rug Pull

A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing.

Open term

Security

Security Audit

A formal, structured review of a Solana program's source code, architecture, and deployment configuration by experienced security researchers, aimed at identifying vulnerabilities — including but not limited to the OWASP-equivalent Solana Top 10 (missing signer checks, owner checks, arithmetic errors, etc.) — before mainnet deployment. Reputable Solana-focused audit firms include OtterSec, Ackee Blockchain, sec3 (formerly Soteria), Neodyme, Trail of Bits, and Halborn; most audits produce a severity-rated finding report (critical, high, medium, low, informational) that programs are expected to remediate and publish. A single audit is considered minimum due diligence for programs holding significant user funds; continuous auditing and bug bounties on platforms like Immunefi are considered best practice.

Open term

Web3

Exit Liquidity

Describes retail buyers who purchase a token while insiders or early holders sell, unknowingly providing the liquidity for those early holders to exit their positions profitably. 'You are the exit liquidity' is a cynical observation about memecoin and NFT dynamics where latecomers absorb losses so early participants can take profits. Understanding this concept is critical for evaluating token launches.

Open term

Web3

Diamond Hands

Holding a position through extreme price volatility without selling, implying conviction and psychological resilience. The diamond emoji became shorthand during the 2021 bull cycle across crypto and meme stock communities. Diamond hands is celebrated when the asset eventually recovers or appreciates, but can also lead to significant losses if conviction is misplaced. Counterpart to paper hands.

Open term

Commonly confused with

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Web3kyc

KYC (Know Your Customer)

Identity verification procedures required by financial regulations that involve confirming a user's real-world identity through government-issued documents, proof of address, and sometimes biometric checks. Centralized exchanges and fiat on-ramp services typically require KYC before allowing trading or withdrawals. Most DeFi protocols on Solana are permissionless and do not require KYC, which is both a feature (accessibility) and a regulatory concern.

AliasKYCAliasKnow Your Customer

Open term

Related terms

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Web3rug-pull

Rug Pull

A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing.

Open term

Securityaudit

Security Audit

A formal, structured review of a Solana program's source code, architecture, and deployment configuration by experienced security researchers, aimed at identifying vulnerabilities — including but not limited to the OWASP-equivalent Solana Top 10 (missing signer checks, owner checks, arithmetic errors, etc.) — before mainnet deployment. Reputable Solana-focused audit firms include OtterSec, Ackee Blockchain, sec3 (formerly Soteria), Neodyme, Trail of Bits, and Halborn; most audits produce a severity-rated finding report (critical, high, medium, low, informational) that programs are expected to remediate and publish. A single audit is considered minimum due diligence for programs holding significant user funds; continuous auditing and bug bounties on platforms like Immunefi are considered best practice.

Open term

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Web3

The vision of a decentralized internet built on blockchain technology, where users own their data, identity, and digital assets. Web1 was read-only (static pages), Web2 is read-write (platforms like social media), Web3 is read-write-own (permissionless, user-sovereign). Web3 applications use wallets instead of logins and smart contracts instead of centralized servers.

Open term

Web3

dApp (Decentralized Application)

An application with its backend logic running on a blockchain as smart contracts rather than centralized servers. dApps typically have a traditional web frontend that interacts with on-chain programs via RPC. Users authenticate with wallets instead of username/password. Examples: Uniswap (Ethereum DEX), Jupiter (Solana DEX), Magic Eden (NFT marketplace).

Open term

Web3

Wallet

Software or hardware that manages cryptographic keys and enables users to sign transactions, view balances, and interact with dApps. Hot wallets (Phantom, Solflare, Backpack) are internet-connected for convenience. Cold wallets (Ledger, Trezor) store keys offline for security. Wallets don't actually 'hold' tokens—they hold the private keys that control on-chain accounts.

Open term

Web3

Seed Phrase (Mnemonic)

A 12 or 24-word human-readable backup of a wallet's master private key, generated using BIP-39 standard. The seed phrase can deterministically regenerate all derived keypairs (BIP-44 derivation paths). Losing the seed phrase means permanently losing access to all associated accounts. Never share, photograph, or store seed phrases digitally in plain text.

Open term