FDV answers the question: at today's price, what would the token be worth if every planned token were already circulating? This makes it far more revealing than market cap (Current Price x Circulating Supply), because it accounts for all supply that has not yet entered the market — vesting allocations, mining rewards, treasury reserves, and ecosystem grants. The formula is straightforward for capped-supply tokens: FDV = Current Price x Max Supply. A token trading at $1 with 100M circulating supply has a $100M market cap, but if max supply is 1B tokens, the FDV is $1B. That $900M gap represents value that will be diluted as remaining tokens unlock through vesting, mining, treasury releases, or other issuance. For unlimited-supply tokens — protocols like Ethereum that have no hard cap — Tokenomist uses Year-2035 projections. Rather than leaving FDV undefined, Tokenomist models the expected supply at year 2035 based on known issuance schedules, staking reward curves, and historical emission rates. This provides a bounded, comparable FDV estimate that avoids the misleading extremes of either ignoring uncapped tokens or projecting supply to infinity. Tokenomist also defines Adjusted Market Cap = Current Price x Adjusted Released Supply. Released Supply represents all tokens that have exited their locked state (vesting complete, cliff passed, rewards distributed), regardless of whether they are actively trading. The Token Unlocks Dashboard shows "Released %" — the ratio of released supply to max supply — for every tracked project, giving you an instant read on how far a token has progressed through its distribution lifecycle. The FDV-to-market-cap ratio is a dilution gauge. A 10x ratio means 90% of eventual supply has not yet entered circulation at constant price. Comparing this ratio across protocols reveals which projects have moved past their primary dilution phase (low ratio) and which face years of supply pressure ahead (high ratio). Tokenomist's Emission Screener lets you filter the entire tracked universe by this ratio, surfacing projects at different stages of their supply lifecycle.