Glossary
Fully Diluted Valuation (FDV)
A token's market cap if every token that will ever exist were already in circulation — `price × max_supply`. Often much larger than current market cap.
FDV = current price × maximum supply (or current total supply if the token is uncapped). For tokens with significant unlocked supply ahead, FDV is much larger than circulating market cap — sometimes by 10x or more for early-stage projects.
Reading the FDV/MC ratio is one of the highest-signal pieces of tokenomics analysis. A 10x ratio means the market is implicitly absorbing 9x the current float in coming unlocks; whether the ecosystem will absorb that without a price collapse is the actual question a token investor is asking.