Intermediate
Fully diluted valuation
Also: FDV, fully diluted value
What a project's market cap would be if every token that will ever exist were already in circulation.
FDV multiplies the price by the maximum (or total) supply. A large gap between FDV and market capitalizationMarket capitalization Price multiplied by circulating supply: a rough measure of a cryptocurrency's total size. means many tokens are still to be released, often through token unlocksToken unlock A scheduled release of tokens held by insiders or investors, adding to circulating supply..