Quacklington Learn
Liq/FDV means liquidity divided by fully diluted valuation. It is a fast way to judge how much real trading depth sits underneath the token’s implied valuation.
A token can look exciting on paper while still being flimsy if there is very little liquidity relative to the valuation being claimed. Low Liq/FDV usually means the price can move violently with small capital and become harder to exit cleanly.
Liq/FDV is useful, but it is not enough by itself. A token can still be poor quality if concentration is ugly, contract permissions are dangerous, or the move is already late-cycle.
Quacklington uses Liq/FDV as part of the Structure score because it says something important about how believable and tradeable the market really is.