Trading glossary
Fully diluted valuation estimates a crypto asset's value if its entire token supply were in circulation. Learn how FDV differs from market cap.
Fully diluted valuation, often written as FDV, estimates the total value of a crypto asset if every token that will ever exist were already in circulation. It is calculated by multiplying the current price by the maximum or total token supply, rather than only the tokens available today. FDV offers a forward-looking view of scale that market capitalization alone does not.
Market capitalization multiplies price by the circulating supply, the tokens available now. FDV instead uses the full eventual supply. When many tokens are still locked or not yet released, FDV can be much larger than market cap. Comparing the two helps show how much potential supply has yet to enter circulation, which can matter for how an asset is understood.
A large gap between FDV and market cap signals that substantial supply may arrive over time, which can affect an asset's dynamics. FDV assumes today's price holds across the full supply, an assumption that rarely reflects reality. On Tyrian Trade, FDV appears in market data for context and education. This is not investment advice, and markets involve risk, including loss of capital.
FDV is the current price multiplied by the maximum or total token supply, rather than the circulating supply. This produces an estimate of the asset's value if every token that will ever exist were already in circulation at today's price.
Market cap uses the circulating supply available now, while FDV uses the full eventual supply. When many tokens are still locked or unreleased, FDV can be considerably larger than market cap, highlighting future supply.
A wide gap suggests a lot of token supply has yet to enter circulation. Understanding this potential future supply can help put an asset's current market cap and price dynamics into context, though it guarantees nothing about price.