FDV (Fully Diluted Valuation)

A project's market cap calculated as if every token were already in circulation.

Fully Diluted Valuation multiplies a token's current price by its total supply (including unlocked, locked, and not-yet-minted tokens). It represents the project's market cap if all tokens were immediately liquid. A token trading at $1 with 1B total supply has $1B FDV regardless of how many tokens currently circulate.

Low circulating / high FDV ratios are warning signs: huge token unlocks ahead, prices unlikely to hold as supply enters the market. Many recent token launches have come to market with 5% circulating and 95% locked, producing FDVs in the tens of billions for products with negligible revenue.