Fully Diluted Valuation (FDV)
A token's price multiplied by its maximum supply, valuing every coin that will ever exist.
Market cap counts only circulating tokens. FDV counts all of them, including those still locked, vested, or unmined. The gap matters.
A token might trade at a $200 million market cap but carry a $2 billion FDV because 90% of supply hasn't unlocked yet. As those tokens hit the market, they create steady sell pressure. A huge FDV-to-market-cap ratio is a warning sign worth checking before you buy.
Related terms
The total value of a coin's circulating supply, found by multiplying its price by the coins in circulation.
Circulating SupplyThe number of coins actually available and trading in the market, excluding locked, reserved, or unreleased tokens.
Max SupplyThe hard ceiling on how many units of a coin can ever exist, fixed by the protocol's rules.
TokenomicsThe economic design of a token — its supply, distribution, and incentives — that shapes whether it can hold value.