The crypto community is filled with many terms, abbreviations, confusing slang, and intentional misspellings that leave many newcomers baffled. Some of these are essential knowledge for entering the crypto space, while others are merely 'bored' slang. This article will introduce some nonsensical industry jargon. I hope that after mastering these terms, you can feel the true joy of being part of the crypto community.
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1.GAS WAR
Gas War occurs when a large number of users make transactions simultaneously, competing to raise Gas fees in order to prioritize their transactions. For example, the release of $Floki Inu in 2022 led to a #Gas War on the Ethereum network, with transaction fees skyrocketing to hundreds of dollars. Gas Wars are particularly common when popular tokens are listed, and users can set a reasonable Gas fee cap in advance to avoid losses due to excessively high fees.