Fully Diluted Valuation (FDV) is an important metric commonly used when evaluating cryptocurrency projects, providing insight into the project’s total value potential. FDV represents the estimated market capitalization if all tokens — including those not yet in circulation — were available on the market at the current time.

Unlike circulating supply, which only refers to the number of tokens being traded, FDV takes into account the total supply of tokens. Understanding FDV helps to evaluate the value of a project holistically, rather than just based on the number of tokens currently on the market, thereby providing deeper insight into the project's potential.