Fully diluted valuation, or FDV, applies a token’s current price to a fully issued supply assumption, commonly its maximum supply. It shows a hypothetical valuation beyond the units currently circulating. The calculation keeps the unit price unchanged; it is not a forecast of future market capitalization.
Read the supply assumption
Suppose a token costs USD 2, has 10 million units circulating and has a fixed maximum supply of 100 million. Its circulating market cap is USD 20 million, while its maximum-supply FDV is USD 200 million. Both figures use the same price but different quantities.
Check which supply figure a dashboard uses and whether the protocol has a finite maximum. An undefined or changeable supply ceiling makes comparisons less straightforward. A published FDV should be interpreted alongside its stated methodology.
What dilution can change
A large gap between market cap and FDV can indicate substantial supply outside circulation. Unlock schedules, issuance rules and allocations help explain when and how that supply might become available.
Additional circulating tokens can create selling pressure if demand does not keep pace, but an unlock does not prove that every recipient will sell. FDV neither measures cash backing nor guarantees a future price or project value.