In mid-July 2025, Caldera launched on major exchanges including Binance and conducted community airdrops. Binance's HODLer airdrop allocated 20 million ERA to BNB holders, triggering significant trading and price fluctuations on the first day of listing. Support from such large exchanges and airdrop strategies greatly increased the token's visibility and liquidity in the short term, but also brought first-day volatility and unlocking concerns—exchange announcements and industry reports provide detailed records of this.  
From a market learning perspective, three points are worth noting: first, listing/airdrop can quickly attract users, but it does not equate to long-term demand; second, observe the token unlocking schedule and the team/investor lock-up terms, as these determine the supply pressure in the medium to short term; third, true long-term value comes from the sustained growth of protocol fees and ecosystem usage, rather than one-time market hype. Multiple market and analysis platforms have recorded high volatility and ATH situations after the listing (a significant peak was observed during the issuance week), which means that users wishing to participate should be prepared for information verification and risk management.  
