FDV / Market Cap

This ratio isolates the supply overhang: the share of eventual tokens that has not yet reached the market. A value close to one means nearly all supply is already circulating; a large value means most tokens are still locked, unissued, or reserved. It is calculated from the same two contested supply figures that feed market capitalization and fully diluted valuation.

How it is computed

fully diluted valuation / market capitalization

Where it misleads

The ratio contains no time dimension: an overhang arriving next month and the same overhang arriving over a decade produce the identical number. Assets with no hard supply cap yield a ratio computed against a substituted total supply, so they cannot be compared with capped assets on this column at all. Continuing proof-of-stake issuance raises the numerator over time even in the absence of any cliff unlock event. Because a provider's decision to reclassify treasury tokens as circulating compresses the ratio toward one, large moves here are frequently definitional rather than economic.

The equity comparison, and why it fails

The dilution ratio implied by outstanding options and restricted stock; equity dilution is disclosed, audited, and generally paired with capital raised or labor compensated, while token unlocks follow a schedule fixed at launch and deliver nothing to the protocol when they occur.

Reading a high or a low value

A higher ratio means a larger proportion of eventual supply has yet to circulate; a ratio near one means the float is already close to complete. Read alongside the actual unlock calendar, since the ratio itself is silent on timing.