Fully Diluted Valuation(FDV)
The theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
In-Depth Explanation
FDV = Token Price × Max/Total Supply. A token at $1 with 10M circulating but 100M max supply has $10M market cap but $100M FDV. Large gaps between market cap and FDV indicate significant future dilution from unlocks and emissions. FDV/Revenue is a key valuation metric.
Related Terms
Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Vesting
A schedule that gradually releases tokens to recipients over time, preventing immediate selling.
Circulating Supply
The number of tokens currently available and trading in the market, excluding locked, vested, or reserved tokens.
More in Valuation
View all →Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.
Tokenholder Revenue
The portion of protocol revenue that actually flows to token holders through buybacks, dividends, or burns.