We added a new metric, outstanding fdv, which is fdv - supply that is unallocated (in reserve or treasury), or, marketcap + locked coins that already have an owner (teams, investors...) It took a while for me to understand why this is interesting as a metric, so here's why 1/3

Imagine two projects project A allocates 50% of the entire token supply to a treasury reserve and 50% to team/investors/airdrop project B skips the reserve and allocates 100% to team/investors/airdrop later on the projects need more tokens, B just prints them while A takes them from treasury because they can print, functionally these two models are the exact same: they have some allocs and can add more tokens as needed but ppl using FDV have been punishing project A by lowering its valuation 2x vs project B, it's not an apples to apples comparison

Furthermore, when project A decides to spend their 50% of unallocated supply, it will spend it to get something back That could be selling the tokens for cash to investors, more incentives that grow the protocol... Logically it will try to get something of equal or higher value in exchange for the tokens So if you assume they get something of same value back, this will have a neutral impact on price, and thus valuation from previous business will stay the same That's a big assumption but the point is that it's important to price it in somehow to make better decisions, and oFDV is a metric for that