📉[ERA Falls to $0.83: How Long Can Its Gigantic Valuation Last?]
Caldera ($ERA) has experienced a significant correction over the past month, falling from a high of $1.24 to the $0.85 range, a drop of over 32%, and hitting the key $0.83 level for the first time.
For a "giant project" with a FDV of $850 million, the market is re-evaluating its narrative and support.
🔎 Market Cap and Trading Status
Circulating Market Cap: Approximately $126 million
FDV: Approximately $852 million (Circulating Rate: Only 14.8%)
24-hour Trading Volume: $23.12 million (Down nearly 28% month-over-month)
The data suggests two key points: Buying interest has clearly weakened, and the structural contradiction between high FDV and low circulating volume is amplifying.
🧩 ERA's Storyline: On-Chain Capital Market Infrastructure
Caldera's positioning is not limited to Rollup Infrastructure, but extends further into the on-chain capital market:
➡️ Providing tools for the management and circulation of digital asset treasuries (DATs)
➡️ Combining Rollup Infrastructure + On-Chain Treasury + DeFi Modules
This narrative once attracted investor interest, but the enthusiasm has gradually cooled amid declining market risk appetite and increasing pressure to unlock tokens.
⚠️ Potential Risks: Low Circulation & Unlocking Pace
ERA's total supply is 1 billion, with only approximately 148 million currently in circulation.
This "low circulation + high FDV" situation means that future unlocking is a hanging sword. Without new capital to take up the slack, prices are likely to remain under pressure.
🧭 Key Observations
Can on-chain treasury management be truly implemented to attract institutional participation?
Will leading DeFi protocols bind ERA as a core collateral asset? Will the unlocking mechanism be adjusted, introducing burn/staking to mitigate selling pressure?
Is the market willing to pay for a "new infrastructure coin" with a value approaching one billion?
The current ERA is more like a tug-of-war between the "high valuation narrative" and the "low circulation reality." Whether it can tell a new story will determine whether its valuation can be stabilized.
