Title: The Art of Naming Cryptocurrency Projects: From Scientific to Mythological
Introduction:
“Are you a nobody, or someone who is known to the world?” This quote from the iconic game “Cyberpunk 2077” applies not only to those trying to make a name for themselves in the cyber world, but also to the attention-starved cryptocurrency market. In order to stand out and succeed in this competitive market, a cryptocurrency project needs a memorable and impressive name. The naming strategies in the cryptocurrency world can be divided into different genres, each with its own unique approach.
The Astronomical and Physical Genre:
To create a sense of grandeur and sophistication, some cryptocurrency projects turn to scientific terms, particularly those related to astronomy, physics, and chemistry. These names are often complex and mysterious, leaving an indelible impression on investors.
One prime example is Cosmos, which derives from the Greek word “κόσμος” (kosmos), meaning “order” or “world” in ancient Greek philosophy. The name perfectly conveys the concept of a broad and interconnected blockchain network or ecosystem. Another notable project is Atom, derived from the Greek word “ἄτομος” (atomos), meaning “indivisible” and symbolizing the fundamental building block of blockchain technology. Osmosis, originating from the Greek word “ὠσμός” (osmos), is used to emphasize the liquidity and interaction of data or assets within a blockchain network. Additionally, Galaxy (now renamed Galxe), a concept related to astronomy, emphasizes the massive scale of the project that accommodates numerous marketing campaigns.
The Mythological Genre:
In contrast to the scientific genre, some projects draw inspiration from ancient mythology to convey a sense of mystique and profound meaning. The names in this genre primarily come from Greek and Norse mythology, two rich sources of inspiration in the cryptocurrency market.
For instance, Thorchain/swap, named after the Norse god Thor, symbolizes strength and security. Thanks to the portrayal of Thor in the Avengers movies, one can almost visualize lightning when interacting with this project. Zeus Network, referencing Zeus, the father of the gods in Greek mythology, aims to showcase the project’s leadership and authority in its field. Poseidon, the Greek god of the sea, is used to express the intention of asset liquidity in the DeFi sector. Odyssey, derived from the Greek epic “Odyssey,” describes the adventurous journey of the hero Odysseus and was previously used for an ecosystem incentive activity by Arbitrum. Metis, another project, derives its name from the Greek goddess of wisdom and is the first wife of Zeus. Hermes, the Greek god of commerce and travel, is a fitting name for a decentralized exchange (DEX) platform.
The Affix Genre:
Unlike the previous two genres that utilize single words, some cryptocurrency projects combine concepts through affixes and compound words to create a unique and memorable feel. Despite their complexity, these names often leave a lasting impact on investors.
Observing the cryptocurrency market, it becomes clear that infrastructure projects tend to follow this naming trend. Tia, a compound word, is used in names such as Celestia and Initia. Celestia, derived from the Latin root “celeste” (heavenly), conveys the idea that data availability is within reach. Initia, directly from the Latin word “initium” meaning “beginning” or “origin,” implies that everything is taken care of from the start, as explained in our analysis of Initia. In the Layer genre, AltLayer suggests an alternative layer, implying that one doesn’t need to build their own application chain. EigenLayer, a well-known project, uses “Eigen,” a German word meaning “own” or “unique,” to emphasize its distinctiveness. SmartLayer, on the other hand, is easier to understand and suggests the addition of intelligent or automated features on existing technology layers.
The Delicious Genre:
Unlike the grandiose names of infrastructure projects, cryptocurrency applications often opt for more down-to-earth and relatable names, such as fruits and pastries. Cake and Bake are prime examples, representing the world of cakes and bread. Other food-related names include Sushi, Cherry, Burger, Gelato, and Taco, among others.
The Parasitic Genre:
Some projects prefer to ride on the coattails of existing popular names to gain attention and recognition. Rather than creating a completely new name, they expand upon well-known symbols or words, achieving perfect parasitism. This strategy was evident in the previous AI bull market, with projects like TAO, which saw a surge in popularity. Many projects immediately followed suit and incorporated “TAO” into their names, benefiting from the existing traffic and brand recognition. Another example is the word “Meme,” which projects used as their ticker symbol due to its strong appeal and recognition. By capitalizing on these well-known names, projects can gain exposure and attract funding.
Conclusion:
While the cryptocurrency market is filled with various naming strategies, the underlying motivation is the anxiety of being forgotten. Forgetting a project implies a lack of value and market demand, leading to its demise. Therefore, choosing a fitting name that aligns with the project’s intentions is crucial to combating obscurity. However, it is important to note that the ultimate success of a project does not solely depend on its name. Bitcoin, with its simple and unassuming name, has established itself as the king of cryptocurrencies. Meanwhile, challengers with grandiose names have gradually been forgotten amidst the market’s ups and downs. The cryptocurrency arena is an ongoing battle, where only the true contenders will prevail.
