Implied FDV
Implied FDV is the fully diluted valuation a fundraising round implies, and dividing it by the project's total supply backs out the per-token entry price the round works out to.
TradFi parallel: Backing out the price per share from a startup's post-money valuation and its fully diluted share count, then comparing that number to where the stock later trades.
Key Takeaways
- 01Start with the definition: Implied FDV is the fully diluted valuation a fundraising round implies, and dividing it by the project's total supply backs out the per-token entry price the round works out to.
- 02Read the governing documentation before treating a label as a supply conclusion
- 03Separate scheduled entitlement, contractual transferability, and actual circulating supply
- 04Use dated on-chain or canonical data for any amount, percentage, or event date
- 05A buyback, unlock, burn, or reward label does not by itself establish the net supply effect
- 06Remove or qualify any project-specific conclusion that cannot be reproduced from a primary source
How It Works
Implied FDV is the fully diluted valuation a fundraising round implies, and dividing it by the project's total supply backs out the per-token entry price the round works out to.
The label alone does not establish a token's current supply impact. To evaluate implied fdv, read the governing token documentation and contract rules, distinguish scheduled entitlement from tokens that are actually transferable or circulating, and use dated on-chain data for any quantity. Do not infer a burn, price effect, holder behavior, or release amount from the label alone.
When a claim depends on a figure, date, allocation, fee route, or prior market event, retain it only when the underlying primary document, governance record, contract state, or reproducible data snapshot is available. Otherwise state the mechanism generally and leave the project-specific conclusion out.
Real World Examples
Scenario 1: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 2: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 3: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 4: verify before concluding
View →
Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Frequently Asked Questions
How do I calculate implied FDV?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Is implied FDV the same as investor cost basis?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Why would the implied entry price sit above the market price?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
When should I not convert a round valuation into a token price?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Related Terms
fully diluted valuationinvestor cost basisraise amounttge valuationmarket cap vs fdvlow float high fdv
Track on Tokenomist
Supply-side analysis for educational purposes. Not financial advice. Verify assumption and precision labels on the relevant token page.
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