Ever wondered why some tokens show tiny market caps but crazy high FDV numbers?

Here's the deal: massive portions of their supply aren't circulating yet. They're sitting locked up somewhere:

• Project foundations hoarding reserves for future use
• Ecosystem funds waiting to deploy
• Team members and validators holding vested stakes
• Burnt tokens or permanently frozen wallets

The gap between current cap and full valuation? That's your locked supply doing the math. Understanding this split matters way more than most traders realize.