Glossary

Fully diluted valuation (FDV)

Fully diluted valuation (FDV) is the token price multiplied by the maximum supply, as if every token already circulated.

Fully diluted valuation (FDV) is the token price multiplied by the maximum supply. It shows what the market value would be if every token already circulated at the current price. Projects with a fixed supply cap use that cap. For other tokens, providers use the best available estimate of the total future supply.

Market capitalization uses only the circulating supply. The gap between market capitalization and FDV shows how much supply is still locked or not yet issued. A large gap means that future unlocks or emissions can add a lot of new supply to the market.

FDV has limits. It assumes that the price stays the same when all tokens circulate, which is rarely true. It also depends on the unlock schedule, which can change by a governance vote. Use FDV together with the unlock calendar to see how fast the gap can close.