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.

Como é calculado

fully diluted valuation / market capitalization

Onde induz em erro

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.

A comparação com ações, e por que ela não se aplica

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.

Como ler um valor alto ou baixo

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.