BUIDL is a phrase not as well-known as HODL, but is nevertheless widely used within factions of the crypto community. Following on in the same vein as HODL, BUIDL is also a misspelling of a word – a misspelling of build, albeit on purpose this time.
The term ‘HODL’ on the other hand is a very popular phrase in the world of crypto. It originates from a post in a Bitcoin forum in 2013, where a crypto enthusiast excitedly proclaimed “I am HODLING.” This spelling mistake went down in crypto folklore to mean someone who holds onto a cryptocurrency for the long-term and doesn’t sell. It is also a convenient acronym – hold on (for) dear life.
BUIDL is used to encourage those in the crypto community to actively contribute to the development of a coin, rather than just hodling and hoping for the best, hoping someone else does the dirty work. The rationale behind it is this – if you really believe in the future of crypto, then you need to do your bit and help to build up crypto and blockchain-based projects that will be actually used.
This can be done in several ways. It could be by spending the cryptocurrency as digital money, using smart contracts, or using dApps in their many varieties. Of course, the big players like Bitcoin and Ethereum are doing pretty well for themselves, but the argument of the BUIDL movement is that some projects do genuinely need the participation of users to get off the ground.
The origin of the word is not clear, but prominent figures in the crypto industry have used it in the last few years. Ethereum founder Vitalik Buterin referred to it in a tweet in 2018, while promoting the merits of the Ethereum foundation. The term also lent its name to a blockchain conference in South Korea, that last ran in 2018.
The DeFi boom has spawned many projects that, it could be argued, require the participation of users to BUIDL and actively contribute to. For some of them, their chances of success may well depend on this participation.