Market capitalization and fully diluted valuation provide two complementary lenses for evaluating a token's worth. Market cap reflects the value the market assigns to the currently circulating supply — the tokens that can actually be bought and sold today. FDV projects what that valuation would look like if every token that will ever exist were already in circulation at the current price. Neither metric alone tells the full story. The ratio between market cap and FDV (sometimes called the MC/FDV ratio or released percentage) is one of the most important indicators in tokenomics analysis. A ratio near 1.0 means most tokens are already circulating and future dilution is minimal. A ratio below 0.3 signals that more than 70% of the total supply is still locked, creating substantial future sell pressure as those tokens unlock. Per Tokenomist's methodology, FDV for tokens with unlimited supply uses a Year 2035 supply projection rather than an infinite theoretical maximum, providing a practical upper bound for analysis. Tokenomist also introduces the concept of Adjusted Market Cap, calculated as Current Price × Adjusted Released Supply (which excludes burned tokens from the circulating count). This gives a more accurate picture for protocols with active burn mechanisms, where standard market cap overstates the tradeable supply. Comparing all three metrics — market cap, adjusted market cap, and FDV — provides the most complete view of a token's current and future valuation landscape.