FDV
Juga dikenal sebagai: Fully Diluted Valuation, Fully Diluted Market Cap
The theoretical market value of a cryptocurrency if all tokens (including locked and unvested) were in circulation at the current price.
Fully Diluted Valuation (FDV) represents the total market value of a cryptocurrency if its entire maximum supply were in circulation at the current price. It's a crucial metric for understanding the potential future dilution of your investment.
Formula: FDV = Current Price × Maximum/Total Supply
Example: Token XYZ: - Price: $10 - Circulating Supply: 100 million (current market cap = $1B) - Maximum Supply: 1 billion - FDV = $10 × 1,000,000,000 = $10 billion
Market Cap vs. FDV:
| Metric | Uses | Limitations |
|---|---|---|
| Market Cap | Current valuation | Ignores future dilution |
| FDV | Total potential valuation | Assumes all tokens released |
Why FDV Matters:
Dilution Risk: A project with low market cap but high FDV means massive future token releases that could suppress price.
Red Flag Example: - Market Cap: $50M - FDV: $5B - This means 99% of tokens haven't been released yet
Healthier Ratio: - Market Cap: $500M - FDV: $750M - Only 33% dilution remaining
FDV/Market Cap Ratio Analysis:
| Ratio | Interpretation |
|---|---|
| 1x-1.5x | Minimal future dilution |
| 1.5x-3x | Moderate dilution expected |
| 3x-10x | Significant unlock risk |
| Greater than 10x | High dilution danger |
Important Considerations: - FDV assumes current price holds despite supply increase - Actual FDV realization takes years (vesting schedules) - Token burns can reduce maximum supply - Some tokens have no maximum supply (inflationary)
When FDV is Misleading: - Inflationary tokens (no max supply) - Tokens with long vesting (10+ years) - Projects with significant burn mechanisms