Terminology

Onchain

Onchain has varying levels of significance depending on the project, but generally means that assets, transactions, or information are stored on a blockchain.

Fully onchain means that all aspects and functions of the project, live on the blockchain, and don't require any centralized data stores for keeping user or asset information.

Smart Contract

A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts allow for trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority. They render transactions traceable, transparent, and irreversible.

EVM

EVM stands for Ethereum Virtual Machine. It is the runtime environment for smart contracts in Ethereum. The EVM is responsible for executing contract bytecode and ensures that the same code produces the same results, regardless of where it is run. It provides a sandboxed environment that isolates the execution of smart contracts from the rest of the network, ensuring security and consistency. The EVM is a crucial component of the Ethereum network, enabling the deployment and execution of decentralized applications (dApps).