Market Cap & FDV

Market Cap & FDV

Two metrics that are often confused but paint very different pictures.

Market capitalization (market cap)

Market cap = current price × circulating supply

It shows the value of the tokens currently in circulation.

FDV (fully diluted valuation)

FDV = current price × total supply (including locked or not-yet-released tokens)

FDV shows what the project would be worth if every token ever planned were in circulation.

Why the difference matters

If FDV sits far above market cap, it means many tokens are not yet released. When they unlock later, supply can rise significantly. This is purely a metric explanation, not an assessment of individual projects.