Recently, I’ve noticed that many beginners overlook a key indicator when evaluating crypto projects, which is the true meaning of FDV (Fully Diluted Valuation). Many people only look at the circulating market cap when placing orders, only to be hit hard by future token releases. Let's start with the most straightforward example. Imagine you buy a project that currently appears to have a low market cap, but have you considered what would happen if all the locked tokens were unlocked? This is the core concept of FDV — it reflects the project's true potential value once all tokens are in circulation. How exactly is it calculated? The formula is quite simple: FDV = Total Supply × Current Token Price. For example, Bitcoin, with a current price of over $82K and a total supply of 21 million coins, has an FDV of roughly $1.6 trillion. In comparison, its circulating market cap is about $1.65 trillion, indicating that Bitcoin’s token release is mostly complete, and the dilution risk in the future is relatively small. On the other hand, projects still releasing tokens in early stages are different. For example, XRP, although currently priced at $1.45, has a total supply of 100 billion coins, with only about 62 billion in circulation. This means there are still a large number of tokens to enter the market. If you don’t fully consider this, the investment risk can be significant. Simply put, FDV gives you a “panoramic view” of the project, rather than just a “partial” snapshot of the current situation. Many people make the mistake of thinking they’ve found a bargain with low market cap projects, but if the FDV is far higher than the market cap, it indicates potential severe value dilution in the future. I’ve summarized a few common scenarios of market cap and FDV combinations: low market cap with high FDV usually means the project is still early, with potential but also high risk; high market cap with high FDV indicates the project is already recognized by the market, with decent growth potential; but the most dangerous is high FDV with low market cap, which suggests a large number of tokens are about to be unlocked, possibly causing a sell-off pressure. This is why understanding FDV is so important for investment decisions. However, I also want to remind you that FDV is just a reference indicator; it assumes the token price remains unchanged, but in reality, token releases often lead to price drops, making FDV predictions inaccurate. You also need to consider the project's token release schedule, market competitiveness, development progress, and other factors to make more rational judgments. In simple terms, FDV is a useful tool, but don’t rely on it blindly. Recently, I’ve seen many projects on Gate with FDV and market cap that differ greatly, which warrants deeper research into the underlying reasons. If you’re interested, you can look up the FDV data of projects you’re curious about, compare it with their market cap, and you’ll find many interesting investment opportunities.

If you're just starting to get into crypto, it makes the most sense to look at the top 10 cryptocurrencies. Yes, there are risks there too, but they are much lower than if you venture into coins ranked 1000th. Simply because the top 10 cryptocurrencies are already proven projects with a huge user and investor base. Let's start with the most obvious — Bitcoin. Honestly, there's nothing much to say here. It’s the king of crypto, and if you're serious about investing, you simply can't have a portfolio without BTC. Even if it drops 50% tomorrow, you can just close the app and wait. Historically, this coin has always bounced back higher. Ethereum is a completely different level. Before it, crypto was just numbers on a blockchain. But when Ethereum launched, smart contracts appeared, and the entire industry was turned upside down. It’s truly a revolutionary project, and its significance for the ecosystem is hard to overestimate. Next come networks and their native tokens. BNB is the coin of its own blockchain network, which is actively developing and has a large ecosystem of projects. XRP is interesting because its creators are working on infrastructure for governments and large institutions so they can implement digital currencies. Ripple positions itself as a bridge between traditional finance and crypto. Solana gained serious momentum thanks to low fees and support for many meme tokens. The network has shown it can scale, attracting attention from both developers and traders. TRON is also in this group — known for extremely low fees, making it convenient for everyday transfers. Cardano is one of the oldest networks, created by one of Ethereum’s founders, Charles Hoskinson. The project is following its own path, focusing on a scientific approach and sustainability. Bitcoin Cash appeared as an alternative to BTC with an emphasis on low fees and ease of payments. Chainlink solves an important problem — providing oracles for data and price transfer between blockchains and the real world. And yes, there’s also Dogecoin — technically a meme coin without a clear use case, but it became famous thanks to support from well-known figures and simply earned its place in the community. Sometimes, this kind of logic works in crypto too. In general, the top 10 cryptocurrencies are not a panacea, but a good starting point if you don’t know where to begin. The main thing is not to rush, study each project independently, and only invest in what you understand. And don’t forget, this is still a risky market, so don’t put all your eggs in one basket.

Haha, at the event, Musk suddenly asked, “Where did Jack Ma go?” and the whole audience burst into laughter. This question is indeed interesting—interactions between two tech giants always tend to draw attention. That said, over the past few years, Jack Ma’s whereabouts and activities have definitely been more low-key than before, when he appeared in the public eye much more frequently. What’s interesting, though, is that right as this topic started heating up, XRP (Ripple) also climbed to $1.45, and the crypto market over here is staying pretty hot as well. What do you think about Jack Ma’s current situation? It feels like both of these big names are busy with their own businesses.