Learn / Guides

Market cap vs fully diluted valuation

FDV assumes every token that could exist is already circulating. The market-cap / FDV ratio is the fastest way to see how much supply is still sitting off-market.

2026-05-03 · 5 min read · Original BoreDash explainer

Market cap uses circulating supply — tokens that can trade today. Fully diluted valuation (FDV) uses total or max supply. If a project has a large unlock calendar, FDV is the number that grows when those tokens vest.

Market cap / FDV near 1.00 means almost everything is already circulating. A ratio of 0.20 means four-fifths of the eventual supply is still locked, reserved, or unminted.

A cheap-looking price with a tiny circulating float and a huge FDV is not cheap. The unlock is the product. Read both columns before you compare two names.

BoreDash shows both figures on the home table and on each coin page. If FDV is missing, the feed did not publish a total or max supply for that asset.

Neither market cap nor FDV is a valuation of the company, the chain, or the people. They are supply math on a public price.