Fully Diluted Valuation (FDV) multiplies the latest market price by the maximum token supply that can exist under the protocol issuance schedule (including locked, unvested, and unminted tokens that are contractually or economically expected).
FDV is a scaling metric, not a cash claim on assets. It ignores float constraints, unlock overhang, and demand elasticity. Use it beside circulating market cap and unlock calendars when comparing early-stage tokens with large reserves.