Fully Diluted Valuation Calculator

You're looking at a token with a $50M market cap and getting excited — until you check the total supply versus circulating supply. Most of the tokens haven't unlocked yet. The FDV tells you what the project would be worth if everything were on the market.

Plug in the current price and the maximum supply, and you get the FDV. Compare it against current market cap to see how much dilution is coming. A 5x gap between MC and FDV means there are roughly four more 'market caps' worth of tokens still locked up — every unlock event puts pressure on the price.

Useful before buying anything early-stage where the team holds a big chunk and the unlock schedule isn't on the front page.

The math is straightforward: FDV = current price × maximum total supply (or, for capped-supply tokens, the protocol's maximum). Market cap is current price × circulating supply. The ratio of FDV to MC tells you what fraction of the eventual supply is already on the market. A 10x ratio means roughly 90% of tokens are still locked, vesting, or unminted — every unlock is a potential supply shock.

What makes FDV useful is normalizing across projects with very different unlock schedules. Two tokens trading at the same $50M market cap can have wildly different futures. One with a $60M FDV is essentially fully circulating and any growth comes from real demand. One with a $500M FDV has most of its supply still pending; even healthy demand can't outpace the dilution if the unlocks are aggressive. You're not comparing prices, you're comparing how much room there is for things to go wrong.

A worked example: a project lists at $1.50 per token with 200M circulating and 1B max supply. Market cap is $300M; FDV is $1.5B — a 5x gap. Over the next two years, vesting unlocks roughly 100M tokens monthly to early backers and the team. Even if demand grows 50% per year, that's not enough to absorb 50M new tokens flooding the market each month at the listing price. You get the predictable pattern: price grinds down despite real adoption metrics looking fine, because supply outpaces demand.

The honest limitation: FDV assumes static price as supply unlocks, which is obviously wrong. In practice, large unlocks compress the price, which compresses the FDV calculation, which makes the ratio look better even though nothing fundamental improved. Use FDV alongside the actual unlock schedule (CoinGecko publishes these for major projects) to see when supply is increasing — a 'cliff' unlock where 20% of supply hits the market on a single day is materially different from a smooth 24-month linear vest, even if both produce the same FDV today.