Rollup is the inevitable path for Ethereum's scalability, but relying solely on performance improvements cannot sustain long-term market value. Over the past two years, we have seen L2's market capitalization explode in the short term, but many projects' growth has stagnated at the traffic stage, lacking continuous value capture logic. The reason is simple: isolated Rollups can provide faster and cheaper transactions, but the ecosystems are incompatible, liquidity is fragmented, and applications struggle to form large-scale network effects. In this situation, the input of capital and users can easily fall into the 'single-chain bottleneck'.
Caldera (ERA)'s narrative and value logic stand out in this context. It does not propose competition between individual chains, but rather connects different Rollups through Metalayer, forming an interoperable network system. This architecture means that Caldera's value capture does not rely on a single application but is continuously amplified with the addition of each new Rollup. In other words, Caldera's growth is 'network-based', rather than 'point-based'.
In this network, ERA plays a core role in value support. It serves as the settlement asset for cross-Rollup transactions and communications, with all interoperability based on $ERA fees; it is a tool for node staking and security assurance, ensuring the stable operation of Metalayer; it is also a governance credential, determining the protocol's upgrades and future evolution direction. This means that as the number of Rollup deployments increases and interoperability demands grow, the demand for $ERA will form a long-term positive cycle.
The capital market is most concerned with the 'closed loop' of value capture. Under the Caldera model, this closed loop is very clear: more Rollup deployments → more interoperability demands → more settlement fees → higher $ERA usage and staking demands → stronger governance and network effects → attracting more project deployments. This is a typical 'flywheel effect', which is also a network barrier that traditional L2s find difficult to establish.
More importantly, Caldera's potential market far exceeds that of a single DeFi or GameFi. The large-scale on-chain of RWA requires customizable economic models and a cross-chain settlement system; the device network of DePIN requires high-frequency interactions and cross-Rollup state synchronization; the demands of these scenarios indicate long-term and stable transaction and settlement flows, which is the basis for $ERA value capture. Compared to short-term reliance on subsidies and traffic of L2s, Caldera offers a sustainable economic logic.
From an investment perspective, Caldera's uniqueness lies in the fact that it does not directly compete with existing L2s, but rather provides a 'second layer infrastructure'. It is more like the operating system or protocol layer for Rollup, establishing interoperability standards for the entire industry. This positioning gives it two advantages: first, the technological narrative is forward-looking, making it easier to attract developers and the ecosystem; second, the value capture logic is clear, making it easier for capital to understand its long-term potential.
📈 Currently, Caldera has already supported the implementation of over 50 Rollups, covering multiple directions including DeFi, GameFi, RWA, and DePIN, and has received support from several top-tier capital firms. With the onboarding of more applications, Caldera's network effects and the value logic of $ERA will be further validated.
In summary, Caldera's narrative is not just about 'scalability', but 'interconnectivity'; its potential lies not only in technological breakthroughs but also in providing a clear value capture closed loop. For investors, such a project truly has the potential to transcend cycles.
