GlossaryIntermediate
Fully Diluted Valuation
A token's price multiplied by its maximum possible supply, not just current circulating supply.
Fully Diluted Valuation (FDV) is calculated by multiplying a token's current price by its maximum possible supply, rather than only its currently circulating supply, giving a hypothetical valuation if every token that will ever exist were in circulation today.
A large gap between FDV and current market cap can indicate significant future token issuance still to come, worth understanding before assuming current market cap reflects the full picture.
Examples
- A token with a large gap between its market cap and FDV has substantial future supply still to be issued.
- FDV is a hypothetical figure — it assumes a supply that may not actually be fully circulating for years.