All guidesDICTIONARY

Trench dictionary

Every term you meet on a token page, in a terminal or in a chat: what it means, and what it changes for you. Filter by level if you are just starting.

94 terms

#AMMMarketIntermediate

The automated market maker: the formula that prices a swap from the two reserves in the pool, with no order book involved.

Why it mattersIt explains why large orders get worse prices and why a quiet chart still moves — the maths sets the quote, not a waiting buyer.

#ApeSlangBeginner

To buy immediately and without checks, usually on a call or a chart.

Why it mattersThe word exists because the behaviour is common enough to need a name. It describes the entry, never the plan.

#Approval / revokeOnchainBeginner

Permission you grant a contract to spend tokens on your behalf — an allowance on EVM chains, a delegate on Solana.

Why it mattersApprovals outlive the trade that created them. Revoking old ones removes standing permission you forgot you granted.

#ATA / rentOnchainIntermediate

The associated token account each token gets in your wallet, funded by a small refundable rent deposit.

Why it mattersDozens of dead positions quietly hold SOL. Closing empty accounts returns the rent, which is the only free money in the trenches.

#ATHMarketBeginner

All-time high: the highest price the token has ever traded at.

Why it mattersIt is a fact about the past, not a level the token owes anyone. Most tokens print an ATH once and never return to it.

#Averaging downRiskIntermediate

Buying more of a falling position to lower the average entry price.

Why it mattersIt works when the reason for the trade is intact and the pool is alive. In the trenches it usually just doubles the size of a decided loss.

#BagSlangBeginner

The position you hold in a token.

Why it mattersChats talk about bags, not about size. Your bag is only meaningful next to the bankroll it came from.

#BagholderPeopleBeginner

Someone still holding a position long after the reason for holding it stopped existing.

Why it mattersIt is a decision, not an accident: the plan quietly became waiting. Naming it is what makes the position reviewable again.

#BankrollRiskIntermediate

The money set aside for trading, separate from everything else you own.

Why it mattersWithout a defined bankroll there is no way to size a position, and no honest way to tell whether the last month worked.

#Block explorerOnchainBeginner

Solscan, Etherscan and their equivalents: the public record of every transaction and account.

Why it mattersIt is the source terminals summarise. When a label and the chain disagree, the chain is right.

#Bonding curveLaunchesBeginner

The formula that sets a launchpad token's price from how much has been bought so far: each buy raises the price for the next one.

Why it mattersEarly buyers are ahead by design, not by insight. On a curve the entry order matters more than the entry price.

#BottedSlangIntermediate

Said of a token whose activity — volume, holders, comments — is produced by automation.

Why it mattersBotted activity buys attention, and attention is a real input. It just does not create anyone who will buy your exit.

#BreakevenRiskBeginner

The price at which a position returns exactly what it cost, fees included.

Why it mattersTerminal fees, priority fees and slippage move it further away than the entry price suggests. Most small trades break even higher than traders assume.

#Bubble mapToolsIntermediate

A picture of holders as connected bubbles, with links drawn between wallets that funded each other.

Why it mattersIt turns a flat holder list into a map of ownership: many separate wallets tied to one funding source stop looking like many holders.

#BundleScamsBeginner

Many buys pushed into the same block from wallets under one owner, usually in the launch block itself.

Why it mattersIt looks like a crowd rushing in. It is one person holding the cheapest supply, and every later buyer is their exit.

#BundlerPeopleIntermediate

Whoever assembles a bundle: many wallets, one owner, one block.

Why it mattersTerminals now flag bundled supply as a percentage. A high number means most of the float is one decision away from the market.

#Burned LPLaunchesBeginner

LP tokens sent to an address nobody controls, so the pool can no longer be withdrawn.

Why it mattersIt removes one specific risk and no others. A burned pool can still be sold into until it is empty.

#CAOnchainBeginner

Contract address — on Solana, the mint address. The token's only unambiguous identity.

Why it mattersNames and tickers repeat endlessly and cost nothing to copy. Open a token by an address from a source you trust, never by its name.

#CabalScamsIntermediate

A closed group that coordinates entries, calls and exits on the same token.

Why it mattersThe public call is the last step of a plan whose first steps already happened. By then the group is looking for buyers.

#CandleMarketBeginner

One bar of the chart covering a fixed period: where price opened, where it closed, and the extremes it touched in between.

Why it mattersThe body shows who won the period and the wicks show where the fight went. Together they show whether trading is real.

#ChasingRiskBeginner

Buying a move that already happened, because it is still moving.

Why it mattersThe people selling into that buy are the ones who were early. Chasing is how their exit gets funded.

#Copied metadataScamsIntermediate

The name, art and links of a live project reused on a new mint minutes after the original.

Why it mattersMetadata costs nothing to duplicate. Creation time, the creator wallet and the socials' own history are what separate the two.

#Copy tradingToolsBeginner

Automatically mirroring another wallet's trades from your own.

Why it mattersYou copy the entry, never the context. The wallet you follow may be exiting into the same buy your bot just made.

#DegenSlangBeginner

Self-applied name for a trader who takes deliberately reckless bets.

Why it mattersWorn as a joke, it still describes a real position size. The word is cheaper than the behaviour it excuses.

#DevPeopleBeginner

The wallet that created the token, and by extension the person behind it.

Why it mattersA developer's past launches are public. Their history of migrations and exits is the most useful thing you can read before buying.

#Dev buyLaunchesBeginner

The creator's own purchase at launch, often the very first trade on the curve.

Why it mattersA modest dev buy is normal. A large one means the earliest and cheapest supply sits with the person who controls the story.

#Dev sellLaunchesBeginner

The creator selling their own allocation, in one exit or in slices across many wallets.

Why it mattersTerminals flag the obvious version. The sliced version only shows up in wallet history, which is why developer tracking exists.

#DEXMarketBeginner

A decentralized exchange: you trade straight from your own wallet against a pool, with no account and no custody.

Why it mattersNobody can reverse your trade or return funds sent to the wrong token. The only safety checks are the ones you run before signing.

#DipMarketBeginner

A pullback after a move up, when part of the buyers take profit.

Why it mattersDips are what a live market looks like. The chart with no dips at all is the one that deserves a closer look.

#DrainerScamsBeginner

A site or signature request whose real purpose is to move everything out of the wallet that signs it.

Why it mattersIt arrives as a claim page, a mint page, a support DM or a verification bot. The wallet is drained by your own valid signature.

#Dust tokenScamsBeginner

An unsolicited token that appears in your wallet, usually named to look like an airdrop or a refund.

Why it mattersSelling one on the site it advertises is the trap. Ignore it, or close the account without touching its links.

#Exit liquidityPeopleBeginner

The buyers whose money lets an earlier holder leave with a profit.

Why it mattersEvery large realised win was funded by someone. Ask who is selling into your buy before you ask how high it can go.

#Failed transactionOnchainBeginner

A transaction that did not execute because slippage, fees or liquidity moved before it landed.

Why it mattersYou still pay the network fee. A buy that goes through while every sell fails is the classic honeypot signature.

#Fake CAScamsBeginner

A copy token pushed under a real one's name — in replies, in a hijacked profile, in a pinned message edited after the fact.

Why it mattersThe address is the only thing that cannot be faked. Copy it from the project itself, then check it matches on the token page.

#Fake volumeScamsIntermediate

Volume produced by bots or wallet farms rather than by people deciding to trade.

Why it mattersCompare volume with unique traders and holder growth. When volume is high and both of those are flat, you are looking at machinery.

#FDVMarketIntermediate

Fully diluted valuation: the market cap counted as if every token that can ever exist were already trading.

Why it mattersWhen part of the supply is locked, vested or unminted, FDV sits far above market cap, and that gap is future sell pressure.

#Freeze authorityLaunchesBeginner

The key allowed to freeze token accounts, which stops the holder from transferring or selling.

Why it mattersA live freeze authority is one of the ways a token sells you in and never lets you out.

#GasOnchainIntermediate

The network fee on EVM chains, priced per unit of computation.

Why it mattersOn a busy EVM chain the fee can exceed a small position. Solana's equivalent cost is the base fee plus the priority fee.

#HoldersMarketBeginner

The number of wallets currently holding the token.

Why it mattersThe count is cheap to inflate with farm wallets. How the supply is split between the top wallets tells you far more.

#HoneypotScamsBeginner

A token you can buy but cannot sell, enforced by token settings or a tax that takes everything on exit.

Why it mattersThe chart looks perfect precisely because nobody is able to sell. A tiny test sell is the cheapest way to find out.

#InsiderScamsBeginner

A wallet that consistently buys before an event that has not been announced yet.

Why it mattersInsider supply is invisible on the chart and obvious in wallet history. That history is public and can be checked before you buy.

#JeetPeopleBeginner

Someone who sells early, used as an insult by whoever needs them not to.

Why it mattersThe word is a social tool, not analysis. It appears most often in chats where somebody still has supply to distribute.

#KOLPeopleBeginner

Key opinion leader: an account whose posts reliably move attention, and with it price.

Why it mattersSome pay for their position, some are paid for the call. Both are worth reading; neither is worth buying blind.

#LaunchpadLaunchesBeginner

A site that mints and lists a token in one click, with a fixed set of rules for how it starts trading.

Why it mattersThe launchpad decides the starting supply, the curve and the migration rules — the mechanics behind every chart you read there.

#LiquidityMarketBeginner

The money sitting in the pool on the other side of your trade.

Why it mattersThin liquidity means your own sell pushes the price down before it fills. It is the difference between a paper gain and a cashed one.

#Liquidity poolMarketBeginner

The paired reserve — the token on one side, SOL or another quote asset on the other — that a DEX trades against.

Why it mattersEvery price you see comes from the ratio of those two reserves, so whoever can move or remove the pool controls the price.

#LPLaunchesIntermediate

Liquidity provider tokens: the receipt for the funds deposited into a pool, and the right to withdraw them.

Why it mattersWhoever holds the LP can pull the pool. This is the mechanism behind the plain version of a rug pull.

#Market cap (MC)MarketBeginner

Token price multiplied by the supply in circulation — the headline number every terminal prints in large type.

Why it mattersIt says what the market values the token at right now. It does not say how much money you could actually take out of it.

#MEVOnchainIntermediate

Value extracted by whoever decides the order of transactions inside a block.

Why it mattersIt is the reason your fill can be worse than the quote even when nothing about the token changed.

#MigrationLaunchesBeginner

The moment a token fills its curve and moves to a normal DEX pool. Also called bonding or graduating.

Why it mattersOnly a small share of launches ever get here, which is why a developer's migration rate says more than their follower count.

#Migration rateToolsIntermediate

The share of a creator's launches that reached a real pool instead of dying on the curve.

Why it mattersIt is a track record rather than a promise: it compares what a wallet has actually shipped against how much it has launched.

#MintOnchainBeginner

The onchain account that defines a Solana token: its supply, decimals and who, if anyone, may issue more.

Why it mattersEverything a terminal shows about a token — supply, authorities, decimals — is read from here, so the mint is what a check verifies.

#Mint authorityLaunchesBeginner

The key allowed to create new units of a token. Most launches revoke it at creation.

Why it mattersIf it is still live, the supply you are pricing against can be multiplied at any moment.

#MoonbagRiskBeginner

The part of a position kept after the initial stake has been sold back out.

Why it mattersIt turns a binary bet into a free option — but only if the sold part actually covered the entry. Otherwise it is just a position.

#Negative sumRiskIntermediate

A market where the participants collectively withdraw less than they put in, because fees leave with part of the pot.

Why it mattersTerminal fees, protocol fees, priority fees, tips and slippage are paid by everyone, winners included. The average trader loses by default.

#NGMI / GMISlangBeginner

Not gonna make it / gonna make it — a verdict on someone's behaviour, thrown around as a joke and as pressure.

Why it mattersMost often it appears when someone wants you to hold something they are selling.

#Paper hands / diamond handsPeopleBeginner

Slang for selling early and for holding through everything.

Why it mattersNeither is a strategy. Both are labels attached after the fact by whoever the outcome suited.

#PnLMarketBeginner

Profit and loss: what a position, a day or a whole wallet earned or lost.

Why it mattersA public PnL card is a screenshot of someone's best outcome. It says nothing about the trades that funded it.

#Position sizeRiskBeginner

How much of your bankroll one trade is allowed to risk, decided before the trade rather than during it.

Why it mattersIt is the only variable you fully control. Entry, exit and the token's behaviour are all negotiable; the size is not.

#PresetToolsIntermediate

A saved set of order settings — size, slippage, priority fee — bound to one button.

Why it mattersPresets are where speed comes from, and where an unnoticed 40% slippage setting quietly lives for a week.

#Price impactMarketIntermediate

How far your own order moves the price, decided by order size against pool depth.

Why it mattersIt is the honest cost of opening and closing a position. Two tokens at the same market cap can differ tenfold here.

#Priority feeOnchainBeginner

An extra fee that buys your transaction a better place in the queue when the network is busy.

Why it mattersSet too low, your buy lands after the move and your sell lands after the dump. It is the cost of being on time, not of being right.

#RelaunchLaunchesIntermediate

The same idea, art and ticker launched again after the previous attempt died.

Why it mattersSometimes it is a genuine second try. Often it is the same wallet farming the same audience for the fourth time this week.

#Risk of ruinRiskIntermediate

The chance that a run of normal losses ends the bankroll before the strategy gets to prove itself.

Why it mattersTen percent per trade sounds cautious until seven bad ones in a row arrive, which in the trenches is an ordinary evening.

#RPCOnchainIntermediate

The node endpoint your terminal reads state from and sends transactions through.

Why it mattersA slow or rate-limited RPC shows stale prices and lands orders late. Two traders on the same screen can see different markets.

#Rug pullScamsBeginner

The liquidity is withdrawn from the pool, so the token can no longer be sold for anything.

Why it mattersIt is the fastest and least subtle exit. Everything else on this list is a slower way to reach the same result.

#RuggedSlangBeginner

Said of a position that ended because the token did, by rug, honeypot or abandonment.

Why it mattersIn chats it covers everything from an actual rug to an ordinary loss, so it is worth asking which one actually happened.

#SandwichOnchainIntermediate

A bot buys immediately before your order and sells immediately after it, keeping the price it pushed you into.

Why it mattersYour slippage tolerance is the bot's budget. A wide tolerance on a thin pool is an open invitation.

#Seed phraseOnchainBeginner

The 12 or 24 words that restore a wallet on any device.

Why it mattersWhoever has those words owns the funds. No airdrop, verification bot or support agent has ever needed them, and none ever will.

#Send itSlangBeginner

A call to buy now and think later, usually shouted while a candle is still open.

Why it mattersIt is the sound of the last part of a move. Someone with supply is always the loudest voice in that moment.

#SimulationOnchainIntermediate

A dry run of a transaction that shows the expected balance changes before you sign it.

Why it mattersIt is the last cheap moment to notice that a signature moves more than you meant to move.

#SlippageMarketBeginner

The gap between the price you saw and the price you got — and the tolerance you set for that gap before the order is rejected.

Why it mattersSet it too low and the transaction fails; set it too high and you have told a sandwich bot exactly how much it may take.

#SnipeScamsBeginner

An automated buy in the first block or the first seconds of a launch.

Why it mattersSnipers are not competing with you for the entry. They are already in when the token reaches your screen.

#SniperPeopleBeginner

A trader running bots that buy in the launch block or the seconds after it.

Why it mattersOn a fresh launch their cost basis is a fraction of yours, and their exit is priced against buyers who arrive later.

#Soft rugScamsBeginner

Nothing is withdrawn and nothing is locked. The team simply sells its supply and stops working, leaving the chart to bleed out.

Why it mattersThere is no single moment to point at, so it rarely gets called a scam. The outcome for a late buyer is identical.

#Stop lossRiskBeginner

The level at which a losing position is closed, set as a rule instead of a feeling.

Why it mattersOn thin pools a stop is not guaranteed to fill anywhere near its level, which is exactly why the position size has to assume the worse fill.

#SupplyMarketBeginner

How many units of the token exist. Most Solana launches fix it at a billion.

Why it mattersSupply alone means nothing — a token with a trillion units is not cheap. It only says something next to market cap.

#Sybil walletsScamsIntermediate

Many wallets controlled by one person, used to inflate holders, volume and the look of distribution.

Why it mattersA funding trail usually gives them away: dozens of wallets first funded by the same source within the same minutes.

#Take profitRiskBeginner

Selling a planned part of the position at a planned level, usually in several slices.

Why it mattersSelling in slices removes the need to be right about the top. The first slice is the one that returns your stake.

#TerminalToolsBeginner

The trading interface that combines discovery, charts, token checks and one-click execution.

Why it mattersTerminals differ in fees, execution speed and which checks they show by default. The differences matter most on the trades you take fastest.

#TickerOnchainBeginner

The short symbol shown next to the name, like $TRENCH.

Why it mattersTickers are not unique and not owned. Dozens of tokens can carry the same one at the same moment, and usually do.

#TiltRiskBeginner

Trading to recover a loss rather than because the trade is worth taking.

Why it mattersSize grows, checks shrink, and the day's worst decisions cluster in the twenty minutes after the worst trade.

#TimeframeMarketBeginner

The period one candle covers: 1s, 15s, 1m, 5m, 1h and so on.

Why it mattersThe same token looks calm on one timeframe and violent on another. Fresh launches are usually read on seconds and minutes.

#TipOnchainIntermediate

A payment to a block-building service — Jito on Solana — for faster or bundled inclusion.

Why it mattersTips and priority fees stack on top of terminal and protocol fees. Add them up before calling a small trade profitable.

#Top holdersToolsBeginner

The share of supply held by the largest wallets, usually shown as a top-10 percentage.

Why it mattersIt is the fastest read on a token page. Concentrated supply means a handful of decisions can end the chart.

#TrencherPeopleBeginner

Someone trading fresh launches full time, where positions last minutes and most of them fail.

Why it mattersIt describes a workload, not a skill level. The traders who last treat it as a process with rules, not as a streak.

#TrenchesSlangBeginner

The fresh-launch end of the market: minutes-long tokens, constant scams and a very high failure rate.

Why it mattersThe name is honest about the odds. Everything on this site assumes you know which part of the market you are standing in.

#Unrealized PnLMarketBeginner

Gains on a position you still hold. Realized PnL is what you actually sold for.

Why it mattersAn unrealized number assumes you can sell at the price on screen. In a thin pool that assumption is the whole risk.

#VolumeMarketBeginner

The value traded over a period, usually shown for five minutes, an hour and a day.

Why it mattersLarge volume from a handful of wallets is machinery, not interest. Always read it next to the number of unique traders.

#WalletOnchainBeginner

The keypair that holds your funds and signs every transaction. The app is only an interface to it.

Why it mattersTrading and storage do not belong in one wallet. A separate trading wallet limits any single bad signature to what is inside it.

#Wallet trackerToolsBeginner

A tool that watches chosen wallets and reports what they buy and sell, in near real time.

Why it mattersTracking a developer's wallets before a launch is worth more than tracking a winner's wallet after one.

#Wash tradingScamsIntermediate

The same owner buying and selling to themselves to manufacture volume and trade counts.

Why it mattersIt exists to buy attention: rank on trending lists, a busy chart, a full trades tab. It cannot manufacture buyers who would take your exit.

#WhalePeopleBeginner

A wallet large enough that its single decision moves the token.

Why it mattersOne whale in a thin pool is not a vote of confidence. It is a queue you are standing behind at the exit.

#Wrapped SOLOnchainIntermediate

SOL held as an SPL token so that pools and programs can trade it like any other token.

Why it mattersIt explains the stray WSOL balance a terminal leaves behind, and why unwrapping it returns plain SOL.