Full VC vesting does not mean a token is fully diluted. WAL has finished its 7% investor allocation, yet only about 52% of its 5 billion maximum supply circulates, with other emissions continuing toward 2033. STON sits near 70.5% circulating, while team, treasury and incentive unlocks may extend into 2028. DYDX is further along at roughly 85% circulating, after an investor allocation of about 27% to 28% completed vesting. That makes “VC overhang removed” a useful filter, not a buy signal. Utility, protocol revenue, liquidity and remaining noninvestor emissions still matter far more than a completed investor schedule. Disclaimer: For informational purposes only not investment advice.