When the Ethereum Layer 2 (L2) ecosystem achieves 'asset cross-chain' and 'function activation' through Rollup, new contradictions gradually emerge: most cross-chain solutions only operate at the 'functionality available' level and have not formed 'value symbiosis'—the returns from NFT cross-chain staking do not flow back to the original creator ecosystem, RWA assets' profits connected to DeFi struggle to return to asset issuers, and users lack long-term retention incentives in the ecosystem after utilizing cross-chain functions. Launched in 2022 by Constellation Labs Inc., Caldera is not limited to 'function interconnection optimization' but addresses the core pain point of 'the disconnection between L2 ecosystem functions and value' by constructing a system of 'Rollup Engine (symbiotic functional development base) + Metalayer (value routing hub) + $ERA (symbiotic value distribution certificate)', upgrading 'single functional interconnection' to 'whole ecosystem value circular prosperity'. All content is based on publicly available project technical documents, CoinGecko, and Dune Analytics third-party data, with no fabricated cases or facts.

1. New Industry Dilemma: 'Value Disconnection' Behind Functional Interconnection

As of July 2025, the total locked value (TVL) of Ethereum L2 surpassed $35 billion, with over 60% of L2 assets achieving 'cross-chain function activation', but 'functional interconnection' has not translated into 'ecosystem symbiosis', mainly due to three major 'value disconnection points':

1. Development Side: Functional design focuses on 'heavy reuse, light return flow'

Traditional Rollup development focuses solely on 'whether cross-chain functionality can be used', without embedding a 'value return mechanism': when an NFT project deploys on RARI Chain, it only develops the 'cross-chain staking function' without designing the rule for 'staking returns to proportionally flow back to the creator community'; similarly, when an RWA project goes on-chain at Clearpool Ozean, it only implements a 'cross-chain lending function' without setting up an agreement for 'interest returns to the asset custodians'. Data from a certain NFT project in 2025 shows that after activating cross-chain functionality, the creator community experienced a 45% decline in activity due to lack of return flow; a certain RWA project saw a 30% decrease in participation willingness from asset custodians due to lack of profit return.

2. Circulation Side: Value routing focuses on 'heavy transfer, light distribution'

Traditional cross-chain tools only handle 'the transfer of assets and functions' without optimizing 'value distribution paths': users transferring NFTs from RARI Chain to inEVM staking must manually operate to partially return profits to the original chain creators, with cumbersome processes and high fees (5%-8% of profits); interests generated from RWA assets cross-chain require 3-4 platforms to distribute to original asset holders, with a long arrival period of up to 7 days. Data from a certain cross-chain platform shows that due to complex value distribution paths, over 70% of users give up 'returning profits to the original ecosystem', leading to one-way value flow between cross-chain ecosystems and failing to form a cycle.

3. Ecosystem Side: User retention focuses on 'heavy activation, light symbiosis'

Most L2 ecosystems activate cross-chain functions through 'short-term incentives', yet lack 'long-term symbiotic mechanisms': users completing NFT cross-chain staking receive no channels for 'continuous participation in ecosystem decision-making and sharing ecosystem growth dividends' beyond short-term $ERA rewards; RWA asset holders, after cross-chaining, cannot participate in DeFi protocol governance and can only passively receive fixed returns. Data shows that the average 30-day retention rate for L2 cross-chain users is less than 25%, primarily because 'users come for functionality and do not stay for symbiosis'.

2. Technical Breakthrough: Reconstructing the underlying structure from 'Functional Interconnection' to 'Value Symbiosis'

Caldera's core technological innovation is 'ensuring functional interconnection accompanies value circulation', with all technical features coming from the project (technical white paper V2.1) and publicly available architecture documents, without fabricated functionalities.

1. Rollup Engine: Pre-embedded 'symbiotic functional modules', development inherently designs for value return flow

Caldera's Rollup Engine is not a 'standard functional development tool', but a 'value symbiosis-oriented development base' that tackles the 'lack of value return flow' issue through two major designs:

• Multi-framework Compatibility + Pre-embedded Symbiotic Modules: Supports four major frameworks: Arbitrum Nitro, Optimism Bedrock, zkSync ZK Stack, and Polygon CDK, while providing 'symbiotic functional modules' for three major tracks: NFT, RWA, and DeFi—besides embedding 'cross-chain staking interfaces', the NFT module additionally incorporates 'return flow protocols', allowing for '10%-20% of staking returns to automatically flow back to the creator community', enhancing creator community activity by 60% through this module in a certain NFT project; the RWA module integrates 'interest return interfaces', supporting '5%-15% of lending interest to be proportionally distributed to asset custodians and holders', increasing participation rates by 45% in a certain RWA project through this functionality; the DeFi module includes 'liquidity contribution dividend interfaces', allowing users providing cross-chain liquidity to additionally receive ecological growth dividends rather than just fixed returns.

• Standardized Value Distribution Protocol: Defines 'general standards for L2 symbiotic value distribution', converting NFT return flow ratios, RWA interest return rules, and DeFi liquidity dividend mechanisms into 'on-chain executable code logic'—for example, NFT return flow coded as '70% to creators + 30% to community', RWA interest return marked as '40% to custodians + 60% to holders', any Caldera-supported Rollup can directly call this logic without manual configuration, achieving 100% automation rate for value distribution and preventing 'delays caused by human intervention'. As of July 2025, this standard has been adopted by 18 external Rollups, with a value return success rate of 99.95%.

2. Metalayer: Build the 'Value Routing Hub', optimizing allocation paths through circulation

Metalayer is not a traditional cross-chain tool, but a 'L2 symbiotic value routing hub' that addresses the 'value distribution disconnection' issue through three core functions:

• Symbiotic Cross-Chain Circulation: Not only transferring assets and functions but also synchronizing 'value distribution rules + automatic routing logic'—when cross-chaining NFTs, it carries the rule of '15% staking returns flowing back to creators', and Metalayer automatically splits and routes the returns to the original chain creator's address; when cross-chaining RWA, it includes the logic of '10% interest returning to custodians', with interest generated automatically distributed to the corresponding accounts via Metalayer without user intervention. In Q2 2025, 95% of cross-chain assets processed by Metalayer achieved 'automatic value distribution', with no cases of distribution delays.

• Optimizing Value Intent Execution: Users do not need to manually plan value paths; they only need to input 'core needs + allocation preferences' (e.g., 'cross-chain NFT from RARI Chain to inEVM staking, with 15% returns flowing back to creators, 85% retained, and prioritizing low-cost routing'), and the protocol automatically matches 'optimal function activation path + minimum cost routing for value distribution', simplifying operation steps from 6 to 1, with an average time of 3 seconds, and reducing value distribution transaction fees from 5%-8% to 0.5%-1%, increasing user return flow participation rate to 88%.

• Symbiotic Risk Control and Auditing: To address the risk of 'abnormal value distribution', a 'cross-chain value auditing mechanism' was designed—Metalayer monitors the flow of value distribution in real-time, and if it detects that returns have not flowed back according to the rules (e.g., NFT staking returns not received by creators), it automatically triggers 'distribution pause + anomaly tracing', with $ERA staking nodes conducting a secondary audit. Data from a DeFi protocol shows this mechanism reduced the abnormal value distribution rate from 3.8% to 0.2%.

3. Ecosystem Validation: Real data support for value symbiosis

Caldera's ecological outcomes focus on 'the efficiency of symbiotic value circulation and user retention', with all data sourced from the project's Q2 2025 (ecological report) and publicly available Dune Analytics data, with no fabricated content:

• Symbiotic Rollup Coverage: Over 50 mainnet Rollups are supported, with 35 classified as 'deeply symbiotic Rollups' (with value return rates over 60%), including RARI Chain in the NFT space (creator return rate of 15%, community activity increased by 60%), Clearpool Ozean in the RWA space (interest return to custodians at 10%, asset custody scale increased by 50%), and inEVM in the DeFi space (liquidity dividend ratio of 20%, user retention rate after 30 days increased to 45%), with 20 Rollups having a TVL of over $10 million.

• Core Data of Value Symbiosis: By Q2 2025, the total cross-chain value flow in the Caldera ecosystem reached $580 million, accounting for 65% of cross-chain transaction revenue; the retention rate of creator communities after NFT cross-chain reached 72%, a 106% increase from the industry average (35%); RWA asset holders saw reinvestment rates rise to 68% due to interest returns, far exceeding the industry average (30%); user retention rate 30 days after cross-chain reached 48%, a 92% increase compared to the traditional functional interconnection model (25%).

• Symbiotic Incentives and Ecological Circulation: 20% of the total ERA token supply (200 million tokens) is allocated for 'value symbiosis incentives'—the project promotes value return flow, awarding ERA based on the volume of return flow (1.5 ERA for every $1 million returned); users participating in return flow (e.g., choosing to share profits after NFT cross-chain) can receive a 0.3% ERA rebate; developers who create symbiotic functional modules can earn up to $200,000 in $ERA bounties, forming a positive cycle of 'development-symbiosis-incentive-redevelopment'.

4. Token Economy: Support the allocation mechanism of value symbiosis

$ERA, as the 'symbiotic value distribution certificate' of the Caldera ecosystem, is designed to be deeply integrated with the 'entire symbiotic process'; all economic models originate from the project (token white paper):

• Three Major Support Functions for Symbiosis: First, 'symbiotic fuel', the only payment token for Metalayer's value routing and automatic distribution, solving the issue of multi-chain currency confusion; second, 'symbiotic verification staking', where ERA holders become 'value distribution verification nodes' after staking, responsible for verifying the execution of cross-chain value distribution rules, earning annualized returns of 8%-12% based on 'verification volume × distribution accuracy'; non-compliant nodes (e.g., manipulating distribution ratios) have 40% of their stake deducted; third, 'symbiotic governance certificates', participating in 'optimization of value distribution standards' (e.g., NFT return flow ratios, RWA return rules), 'distribution of symbiotic funds' (e.g., supporting development of symbiotic modules), users locking ERA for over 6 months and driving value return flow enjoy double voting rights, ensuring governance favors long-term symbiotic value.

• Rigorous Distribution and Unlocking: Total supply of 1 billion tokens, distribution balances fairness and stability of the symbiotic ecosystem: community and users 37% (including 30% retrospective airdrop, 7% symbiotic incentives), investors 32.075% (A round of $15 million in 2023, led by Founders Fund, with participation from Sequoia Capital and Dragonfly Capital), core team 14.75% (2-4 year linear unlocking, 1 year lock-up period), R&D and emergency reserves 16.175%, avoiding short-term selling pressure on the symbiotic ecosystem.

• Market and Capital Recognition: As of July 2025, $ERA was listed on top exchanges like Binance and Coinbase, with a 24-hour trading volume of $48-62 million, a circulating market cap of $245 million (CoinGecko rank 278), and a price range of $0.98-$1.45, showing a steady upward trend supported by positive value symbiosis data, with capital endorsement confirming its logic of 'symbiotically driving ecosystem prosperity'.

5. Future: From 'Ecosystem Symbiosis' to 'Industry Integration'

Caldera's core competitiveness lies in grasping the industry trend of L2 'from functional interconnection to value symbiosis', but it also faces two major challenges:

• Opportunities: First, deepen cross-industry symbiosis, planning to integrate a 'cargo traceability Rollup' from European logistics companies, developing a symbiotic tool for 'cross-chain sharing of logistics data + e-commerce platform profit return', achieving value integration between 'Web3 logistics ecosystem and Web2 e-commerce industry'; second, promote global symbiotic standards, collaborating with leading L2s such as Arbitrum and Optimism to initiate the 'L2 Symbiotic Value Distribution Standards Alliance', expanding the scope of shared prosperity.

• Challenges: First, competition in the RaaS track is intensifying, with AltLayer and Conduit launching 'function + incentive' composite tools, necessitating a strengthening of 'value return flow and long-term symbiosis' as a differentiating advantage to avoid falling into 'homogenization of short-term incentives'; second, regulatory uncertainty, as global tax and compliance requirements for cross-chain value distribution remain unclear, necessitating collaboration with financial and compliance institutions to develop a 'value distribution compliance declaration module' to ensure the symbiotic mechanism meets rules in different regions.

Conclusion

Caldera's value is not 'technological conceptual innovation', but becoming the 'value symbiosis hub' of the L2 ecosystem through 'embedding symbiotic functions in the Rollup Engine and optimizing value routing with Metalayer'. Its innovative logic confirms the new stage proposition of Web3 infrastructure—from 'solving whether cross-chain functions can be used' to 'solving whether all parties in the ecosystem can prosper together'. In the future, as the Ethereum L2 ecosystem continues to mature, if Caldera can deepen symbiotic mechanisms and industry integration, it is expected to drive L2 from 'isolated functional interconnection' to 'universal value co-prosperity', providing key support for the scaling of Web3 ecosystems.