What is Ethereum's FDV?

Ethereum

eth

Rank #2 by market cap

Ethereum's FDV doesn't really apply the way it does for most coins, because ETH has no max supply.

Here's the data (live from CoinGecko):

Since the total supply equals the circulating supply (every ETH that exists is already in circulation) and there's no fixed cap on future issuance, the fully-diluted valuation is effectively the same as the current market cap — ~$291.6B. There's no locked/vested supply waiting to unlock that would inflate FDV above market cap, unlike projects where a large portion of tokens are still held by teams/VCs.

The one nuance: ETH supply is dynamic. Under proof-of-stake it's net-deflationary at high network activity (burned fees exceed new issuance) and net-inflationary when activity is low — but that's ongoing issuance, not a scheduled unlock, so it isn't captured in a static FDV figure.