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What Is the Significance of the “Fully Diluted” MC/TVL Ratio?

FDV/TVL is a forward-looking metric using total supply, signaling future dilution risk and long-term valuation relative to adoption.
Greeks.Live17.11.25

What Is the Significance of the “Fully Diluted” MC/TVL Ratio?

The Fully Diluted Market Cap (FDV) to TVL ratio is a more conservative and forward-looking metric than the simple MC/TVL ratio. It uses the total future supply of the token in the numerator, providing a valuation that accounts for all future dilution.

A high FDV/TVL ratio signals that the token is highly valued relative to its current adoption (TVL) and suggests a significant future dilution risk, making it a key metric for long-term investors.

How Does the Release of Vested Tokens Affect the Fully Diluted Valuation (FDV)?
Why Is the Market Capitalization of a Token Often a Misleading Metric for Valuation?
What Is the Difference between Market Capitalization and Fully Diluted Valuation?
How Is the Concept of “Total Value Locked” (TVL) Used as a Valuation Metric?

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