Digital Asset Treasuries (DATs) are reshaping corporate financial strategies, and the model pioneered by MicroStrategy in 2020 has been emulated by hundreds of companies - they are accumulating crypto assets as a core business. Currently, the ETH treasury held by global public companies and protocols has exceeded $15 billion, and this capital is no longer just static storage; it is transforming into a revenue engine through the synergistic effects of the Ethereum Rollup ecosystem.
Caldera's breakthrough lies in solving the key contradiction faced by DATs: should they bet on a single Rollup ecosystem, or capture optimal risk-adjusted returns across chains? The answer lies in the core components: the Rollup Engine allows enterprises to customize high-performance chains (for example, entering the RWA market with Kinto or acquiring deep liquidity through Manta Pacific), while the Metalayer protocol acts like a neural network for financial markets, integrating fragmented revenue opportunities from ecosystems like BNB Chain and Base into one. When SharpLink's collaboration with Linea has validated this flywheel effect - DAT injection into TVL lowers borrowing rates, attracting arbitrageurs to migrate, ultimately driving the growth of protocol revenues across the entire ecosystem, and the treasury, as a foundational entity, can earn token incentives and privileged status.
The specific yields are highly enticing: Ether.fi's ETH staking APY exceeds 6%, AAVE's wETH lending yield is about 4%, not to mention the strategies in long-tail protocols might be even higher. But the real value lies in Caldera making cross-chain operations feel like local transactions - through intent-driven bridging, funds can instantly capture short-term high-yield opportunities in Manta Pacific, and in the future, even support flash loan cross-chain arbitrage. As real estate, private credit, and other RWAs go on-chain, the asset scope of DATs will expand exponentially.
The value capture of $ERA is reflected in the irreplaceability of its infrastructure. While traditional DATs rely on equity-diluting PIPE financing, Caldera offers a non-dilutive growth path. Currently, Metalayer has connected to mainstream L2s like Arbitrum and Optimism, its interoperability will transform isolated chains into a unified market akin to macro funds.
The future winners will not be treasuries that confine themselves but companies that can dynamically allocate multi-chain capital. What Caldera is building is an underlying network that allows any asset to become on-chain productive capital - when the $1.5 billion ETH treasury begins to flow across chains, it will leverage the repricing of the entire crypto capital market.
