Skip to main content

Fully Diluted Valuation Calculator

Calculate FDV from token price and maximum supply to compare project valuations. Enter values for instant results with step-by-step formulas.

Reviewed by Daniel Agrici, Founder & Lead Developer

Reviewed by Daniel Agrici, Founder & Lead Developer

Formula

FDV = Token Price * Max Supply; Market Cap = Token Price * Circulating Supply

FDV represents the theoretical total value if all tokens existed at the current price. The FDV/MC ratio reveals future dilution risk. Effective circulating supply excludes staked tokens from the tradeable float.

Worked Examples

Example 1: Layer 1 Token Valuation

Problem:A Layer 1 token trades at $2.50 with 400M circulating supply out of 1B max supply. 30% of circulating tokens are staked. Daily volume is $50M.

Solution:FDV = $2.50 * 1,000,000,000 = $2,500,000,000 ($2.5B)\nMarket Cap = $2.50 * 400,000,000 = $1,000,000,000 ($1.0B)\nFDV/MC Ratio = $2.5B / $1.0B = 2.50x\nCirculating = 400M / 1B = 40.0%\nDilution = 2.50x (150% more tokens to enter)\nStaked = 120M tokens, Effective Circ = 280M\nVolume/MC = $50M / $1B = 5.0%

Result:FDV: $2.5B | Market Cap: $1.0B | Dilution: 2.50x | Volume/MC: 5.0%

Example 2: New DeFi Protocol Launch

Problem:A new DeFi token at $0.05 with 50M circulating out of 10B max supply. 10% staked. Daily volume $5M.

Solution:FDV = $0.05 * 10,000,000,000 = $500,000,000 ($500M)\nMarket Cap = $0.05 * 50,000,000 = $2,500,000 ($2.5M)\nFDV/MC Ratio = $500M / $2.5M = 200x\nCirculating = 50M / 10B = 0.5%\nDilution = 200x (19,900% more tokens)\nVolume/MC = $5M / $2.5M = 200%

Result:FDV: $500M | Market Cap: $2.5M | Extreme Dilution: 200x | Warning: Very low circ%

Frequently Asked Questions

What is Fully Diluted Valuation (FDV) in cryptocurrency?

Fully Diluted Valuation represents the total market value of a cryptocurrency project if all possible tokens were in circulation at the current market price. It is calculated by multiplying the current token price by the maximum token supply. FDV provides a theoretical upper-bound valuation that accounts for all tokens that will ever exist, including those locked in vesting schedules, reserved for team allocations, ecosystem funds, and future mining or staking rewards. This metric is crucial for comparing projects because two tokens might have the same market capitalization but vastly different FDVs, indicating different levels of future dilution risk. For example, a project with a $100M market cap and $1B FDV means 90% of tokens are yet to enter circulation, creating significant potential selling pressure that could suppress price appreciation.

How does staking affect the effective circulating supply and valuation?

Staking reduces the effective circulating supply by locking tokens in protocol validators or yield-generating contracts, temporarily removing them from the tradeable float. When 30% of circulating tokens are staked, only 70% of the supply is actively available for trading, which reduces the effective selling pressure and can support higher prices with lower trading volume. The effective market cap, calculated from non-staked circulating supply, gives a more accurate picture of the immediately liquid value of the project. High staking ratios are generally bullish for price because they constrain supply while simultaneously demonstrating holder confidence and commitment to the network. However, mass unstaking events triggered by declining yields, security concerns, or attractive alternative investments can rapidly increase the circulating float and create intense selling pressure, making it important to monitor staking ratios as a dynamic indicator.

References

Reviewed by Daniel Agrici, Founder & Lead Developer · Editorial policy