Welcome to the world of Web3, where cryptocurrencies, blockchain, and a unique culture converge. Entering the world of Web3 can be both thrilling and overwhelming, especially when faced with the seemingly cryptic language used by enthusiasts. Don't worry if you feel they sound like some secret codes, we are here to unravel their meaning. In this article, we are going to introduce [DYOR].
What is the meaning of DYOR?
DYOR stands for "Do your own research". It is a common saying in the crypto world that encourages people to take personal responsibility for their investment decisions, rather than blindly trusting others.
Why you should DYOR
Risk Awareness and Scam Prevention
Conducting thorough research helps you understand the inherent risks of different investments and identify potential scams, protect your assets from fraudulent schemes, and avoid Rug Pull.
Informed Decision-Making
By researching, you gain essential knowledge about market trends, project fundamentals, and technological aspects, enabling you to make well-informed investment decisions that align with your goals.
Adaptability to Market Dynamics
The crypto market is rapidly evolving. Staying informed through regular research helps you adapt to changes and emerging trends, ensuring your investment strategies remain relevant and effective.
How Do You Research Crypto? Crypto Research Tools :
CoinMarketCap is a widely recognized platform in the cryptocurrency industry, known for tracking the capitalization of various cryptocurrencies. It offers a range of tools and data that can be very useful for individuals looking to do your own research (DYOR) in the crypto space.
Messari is a comprehensive data analytics platform for cryptocurrencies that provides in-depth analysis, research, and market data. It's particularly popular among investors, analysts, and enthusiasts who are looking for detailed information on various aspects of the crypto market.
CoinDesk is a leading news website that specializes in Bitcoin and digital currencies. It is widely regarded as one of the foremost sources of information in the cryptocurrency space.
Blockchain.com is a popular platform in the cryptocurrency world known for providing a variety of services related to Bitcoin and other cryptocurrencies.
Conclusion
Before doing a deep dive into a project you’re looking at, it’s best to get familiar with crypto terms, practices, and sectors (Bitcion, EVM, Lay2, etc.) to understand the market in which you might be investing. HackQuest is a comprehensive, one-stop Web3 developer education platform onboarding everyone to the Web3 development world, where you can find detailed information covering many key aspects of the crypto and blockchain industry.
If you would like to learn more about such Web3 slang, come and join us to explore more in our HackQuest Web3 Glossary!