ERA is the native utility token and governance token of the Caldera platform. It is a cornerstone of the Caldera ecosystem, designed to incentivize participants, secure the network, and decentralize governance. Understanding the role of ERA is crucial for those interested in the functionality and future of Caldera.
Core Functions of the ERA Token:
Gas Payments (Omnichain Gas Payments): ERA is used to pay transaction fees within Metalayer, especially for interactions between various rollups. This ensures smooth and efficient movement of assets and data across the "rollup internet" of Caldera. It is important to note that the rollups launched through Caldera may use their own tokens or ETH to pay for gas at their level, but ERA is necessary for the overall functions of Metalayer.
Validator Staking: Validators participating in securing the Caldera network and verifying cross-chain messages must stake ERA tokens. Staking ERA incentivizes honest behavior from validators and helps protect the infrastructure, including ZK-specific subnets in the future.
Governance: ERA token holders have voting rights in the Caldera decentralized autonomous organization (DAO). This allows them to participate in key decisions regarding protocol development, such as:
Protocol updates and new features.
Allocation of funds from the Caldera Foundation treasury.
Changes to the operational mechanisms of Metalayer.
Important strategic decisions regarding the future of Caldera.
Ecosystem Incentives: ERA is also used to incentivize ecosystem growth, including rewards for developers building on Caldera and for users actively engaging with the platform.
Distribution and Launch of ERA:
The ERA token was launched relatively recently, and a significant portion of its distribution occurred through community airdrops. Users who actively participated in the Caldera testnets, registered ".era" domains, executed test transactions, or participated in developer programs could qualify for the airdrop.
Maximum supply of ERA: 1 billion tokens.
Current circulating supply (as of mid-July 2025): Approximately 148.5 million ERA.
The Caldera Foundation, located in the Cayman Islands, is responsible for overseeing the distribution of tokens and the progressive decentralization of the ecosystem.
The goal of the ERA token is to provide a coordination layer and economic engine for the "Internet of Chains," as Caldera refers to its purpose in the era of modular blockchains. Through ERA, Caldera aims to align incentives among builders, users, and the broader community, fostering sustainable growth and a decentralized future.
