Cat Eye Focus | First Time at 0.83, Does the Giant Valuation of ERA Still Have an 800 Million Story?

Caldera ($ERA) recently experienced a significant decline, falling from a high of $1.24 a month ago to $0.8523, a drop of over 32%, and reaching the key range of $0.83 for the first time. For a 'giant project' with an FDV of $852 million, the market is beginning to question whether its subsequent story can still support its valuation.

📉 Market Cap and Trading Data: The Two Sides of Decline

Circulating Market Cap: $126.56M

FDV: $852.29M (circulation rate only about 14.8%)

24h Trading Volume: $23.12M (down 27.8%)

This indicates that the current market trading willingness is decreasing, and buying interest is gradually shrinking. Compared to the overvalued FDV, the actual funding support is insufficient, which is the direct reason for the continuous pressure on prices.

🧩 The Narrative of ERA: The Ambition for Capital Marketization

The core narrative of Caldera lies in 'on-chain capital market infrastructure', providing fund management, issuance, and circulation tools for digital asset treasuries (DATs). Its positioning is close to a combination of Rollup Infra + Onchain Treasury + DeFi Primitives. This narrative was once hot in the market but has begun to lose its appeal as the unlocking rhythm and overall market risk appetite decline.

💣 Hidden Danger: Low Circulation Rate & Unlocking Pressure

The total supply of ERA is 1 billion tokens, with only 148 million currently in circulation. Low circulation + high FDV means that future unlocking is a Sword of Damocles hanging overhead. Any round of unlocking, if lacking sufficient new funds to absorb, may cause prices to drop again.

🧭 Key Points for Future Observation

Can real treasury management and institutional cooperation be realized?

Are there DeFi protocols binding ERA as a core collateral asset?

Will the unlocking rhythm be optimized? Can it be delayed or introduce a burn/staking mechanism?

Can the market accept a 'new infrastructure coin' with an FDV close to a billion?

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