The risks of ERA, the obvious ones are: the SEC may focus on pledges, Metalayer hasn't undergone significant tests, and there are other companies competing for business — like stones on the road, they are visible and can be avoided.
What we fear are the hidden risks: for instance, if the chain suddenly develops a small issue, or if users feel that it 'doesn't work as well as others'. But as long as Caldera can keep an eye on fixing the stones and following the path, ensuring the chain remains 'user-friendly', these risks can likely be gradually mitigated.
