All terms
What the market cap would be if every token existed today.
FDV multiplies price by total eventual supply rather than circulating supply. The gap between market cap and FDV shows how much dilution is still coming.
A large gap is not automatically bad, but it means today's price is being set by a small float while a much larger supply waits.
A token with a 100 million market cap and a 2 billion FDV has 95 percent of its supply still to arrive.
That a low market cap means there is room to grow. If most of the supply has not unlocked yet, the fully diluted figure is what you are really buying into, and the difference between the two numbers is the supply that will compete with you later.
Common questions
Why does FDV matter if those tokens do not exist yet?
What is a bad ratio of FDV to market cap?
Where this comes up on the site
The guides that actually use this word, rather than a list of everything we have written.
Where to go next
More technology terms
Want this explained out loud?
Some of these land faster in conversation than in writing. Sessions are one to one and you can ask anything, including the things that feel too obvious to ask.