Fully diluted valuation
(FDV)
An asset’s value if its entire supply were in circulation.
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What is fully diluted valuation?
Fully diluted valuation, or FDV, estimates what a project would be worth if all of its tokens were already in circulation. It is found by multiplying the current price by the maximum supply.
Why it matters
FDV can look very different from market capitalisation when many tokens are still locked or unreleased. Comparing the two shows how much potential supply has yet to enter the market.