Fully Diluted Value is the simplest valuation comparable in crypto: take the current price per token and multiply by the total supply that will EVER exist. It tells you what the market is implicitly pricing the project at if every locked token were already in circulation.
FDV is controversial because it ignores the locked supply schedule — a project trading at a $1B FDV with only 5% circulating is not the same as one at $1B FDV with 80% circulating, even though the headline number is identical. Sophisticated investors look at FDV against circulating market cap (the implied "overhang" they'll have to absorb) before drawing conclusions.
Common questions
How do I calculate FDV?
FDV = current token price × total max supply. If your token trades at $0.10 and you have 1 billion total supply, the FDV is $100 million regardless of how many tokens are actually circulating.
Should I target a high or low FDV at launch?
A higher FDV signals confidence but creates an "overhang" of locked supply that has to be absorbed over time. A lower FDV gives more room to grow but can read as under-pricing. Most successful 2024-2026 launches set FDV at 8–20× the seed round valuation — high enough to reward investors, low enough that retail can still meaningfully participate.
FDV in real launches
Hand-verified examples from the Token Economics corpus.
ARB · Mar 2023
ARBITRUM
A large DAO treasury (42.78%) and an 11.6% airdrop established the L2 governance norm — but the 1-year cliff before insider unlocks meant the price was already known.
Open the tokenomics→JTO · Dec 2023
JITO
Shorter 2-year vest (vs the EVM standard of 3) reflects Solana's faster product cycles. Pairing with Jupiter for launch-day liquidity is now the Solana playbook.
Open the tokenomics→PENGU · Dec 2024
PUDGY PENGUINS
Airdropping beyond your own community (Solana NFT holders broadly, not just Pudgy owners) bought goodwill across an entire ecosystem and made the launch feel like infrastructure, not a cash grab.
Open the tokenomics→Model it yourself
Open the studio and edit FDV live.
Drag the vesting handles, change the TGE %, watch the sell-pressure chart and risk score update in real time. Free, no signup.
Open the studio→Related terms