As the Ethereum Layer2 (L2) ecosystem gradually penetrates the real economy, 'going on-chain' is no longer the core challenge, the real challenge lies in 'how to activate value after going on-chain': After the sensor data of logistics companies is certified on-chain, it cannot quickly connect to bank credit; After supply chain assets go on-chain, due to the lack of flexible split circulation rules, it is difficult to match the financing needs of small and medium-sized businesses; Web3 native NFTs and DeFi tools, due to non-compliance with industry scenario requirements, cannot generate value linkage with industry data. In 2022, Constellation Labs Inc. launched Caldera specifically targeting the core pain point of 'industrial on-chain data value dormancy' with a technical architecture of 'value attribute embedding + cross-domain routing collaboration', upgrading L2 from a 'data certification carrier' to an 'industrial value circulation hub'. All content is based on publicly available project technical white papers, third-party data from Dune Analytics, and official ecological reports, with no fictional cases or facts.
One, The 'Value Dormancy' Dilemma of Industrial On-Chain: Data On-Chain ≠ Usable Value.
As of July 2025, the TVL of industrial Rollups in the Ethereum L2 ecosystem has exceeded $4.5 billion, but the 'data sleep rate' (the proportion of on-chain data that has not generated secondary value) exceeds 60%, primarily due to three major 'value circulation obstacles':
1. Missing Value Attributes: Financial and commercial interfaces are not embedded when data is on-chain.
Traditional L2 development only focuses on whether 'data can be on-chain', but does not embed 'circulating value attributes' in the data. For example:
• Logistics companies put 'cargo transportation trajectories' on-chain, only recording time and location, without marking financial attributes such as 'cargo valuation, insurance status', resulting in banks being unable to use it as a basis for collateral assessment; a certain logistics company's on-chain data can only be used for traceability and cannot connect with credit services;
• Retail brands put 'product production data' on-chain without setting 'authorized dealer circulation ranges', product NFTs cannot be directed to regional dealers and can only circulate in the open market, leading to channel control failure.
This 'pure data certification' model reduces on-chain data to 'digital ledgers', unable to be transformed into tradable and financeable value carriers.
2. Value Mismatch: Disconnection between Web3 tools and industry needs.
Web3 native financial and commercial tools struggle to meet the personalized needs of industrial scenarios:
• DeFi protocol lending rules are mostly based on 'crypto asset collateral rates', but industrial scenarios require 'credit granting based on real operating data'; after a certain supply chain finance project connected to traditional DeFi protocols, it could not provide crypto asset collateral, resulting in a financing approval rate of less than 15%;
• The circulation rules for NFTs are mostly 'free trade', but industrial scenarios require 'directed circulation + rights binding' (for example, product NFTs can only be circulated to authorized dealers and are bound with after-sales rights), and Web3 native NFT tools cannot meet such needs, leading to a 70% reduction in the commercial value of industrial NFTs.
The mismatch between Web3 tools and industrial needs obstructs the path to monetizing on-chain data.
3. Value Loss: Efficiency and cost issues in cross-domain collaboration.
Industrial data experiences significant value loss due to low collaboration efficiency in the entire process of 'going on-chain - circulation - monetization':
• Logistics data from IoT sensors to L2 Rollup requires manual export, format conversion, and manual upload, with a synchronization cycle of 3 days, missing the credit application window;
• Supply chain assets connecting L2 Rollup to bank systems require manual verification of data authenticity and reprocessing compliance procedures, with comprehensive costs accounting for 5%-8% of the financing amount; a certain small and medium-sized enterprise gave up on-chain financing due to high collaboration costs.
Inefficient and costly collaboration models cause the value of on-chain data to be continually consumed during circulation.
Two, Caldera's technical breakthrough: Building a 'value circulation-friendly' L2 architecture.
Caldera's core innovation is embedding 'value circulation genes' into L2 infrastructure, combining 'Rollup Engine (value attribute development base) + Metalayer (value routing collaboration hub)' to connect the entire chain of 'data going on-chain - value attribute embedding - cross-domain circulation monetization', all technical features come from the project (technical white paper V2.1).
1. Rollup Engine: Allowing data to 'bring its own value attributes' when going on-chain.
Caldera's Rollup Engine is not a generic development tool, but a 'module-oriented base directed by industrial value attributes', core through 'value module embedding + standardized rules', allowing on-chain data to possess circulation capabilities:
• Value attribute module library: Covering industrial circulation needs.
Providing customized modules with 'embedable value attributes' for three major scenarios: logistics, supply chain finance, and retail:
◦ Logistics Module: In addition to real-time certification of location data, embed 'cargo valuation interface' (connecting to third-party assessment agencies), 'insurance status marking' (synchronizing insurance company data), automatically attaching 'pledge amounts, insurance validity periods' and other financial attributes when logistics data goes on-chain; a certain logistics company improved data connection efficiency with bank credit by 90% through this module, and the financing approval rate increased from 0 to 85%;
◦ Supply Chain Finance Module: Includes 'accounts receivable splitting rules' (support for splitting by order amount), 'credit granting interface' (connecting to corporate credit systems), automatically generating 'splittable, creditable' value attributes when supply chain assets go on-chain, a certain supply chain project through this module improved asset splitting circulation efficiency by 80%, and financing coverage for small and medium-sized businesses increased from 15% to 60%;
◦ Retail Module: Integrating 'NFT Directed Circulation Component' (setting authorized dealer whitelist), 'Rights Binding Tool' (automatically binding after-sales rights during NFT circulation), automatically attaching 'directed circulation + rights rules' when industrial NFTs go on-chain, the commercial value of a certain retail brand's NFT increased by 65%, and the compliance rate of dealers reached 100%.
• Standardization of value circulation rules: Reducing cross-scenario adaptation costs.
Define 'universal standards for industrial data value circulation', converting 'pledge assessment fields, splitting ratio ranges, rights binding logic' into executable code specifications on-chain. For example:
◦ Supply chain asset splitting standards: Specify that the minimum splitting unit shall not be less than $1,000, and each split asset must retain core information such as 'original creditor, debtor, due date';
◦ Industry NFT rights standards: Require that NFT metadata must include fields such as 'authorized circulation scope, rights effectiveness conditions, after-sales responsibility party'.
This standard has been adopted by 10 traditional enterprises and 15 external L2 Rollups, with a success rate of 99.8% for cross-scenario value circulation adaptation, avoiding value circulation obstacles caused by 'duplicate development and rule conflicts'.
2. Metalayer: Making value circulation 'efficient and low-cost'.
Caldera's Metalayer is not a traditional cross-chain bridge but a 'central hub for industrial value routing collaboration', reducing value circulation losses through three capabilities, achieving 'data going on-chain can be monetized':
• Real-time routing of value data: Eliminate collaboration delays.
Support direct access to industrial system APIs (such as IoT platforms, ERP systems), automatically converting data into 'on-chain formats with value attributes' and synchronizing to L2 Rollup, reducing synchronization delays from 3 days to 10 seconds. For example, sensor data from logistics companies can be routed to the bank's credit system pre-approval interface in real-time through Metalayer, allowing enterprises to apply for loans synchronously while goods are in transit, without waiting for the complete data to go on-chain.
• Web3 tools industrial adaptation: Eliminating value mismatch.
Automatically transforming Web3 tools into 'industry-friendly': When DeFi protocols connect to industrial Rollups through Metalayer, they automatically switch from 'crypto asset collateral rules' to 'operating data credit rules'; when NFT platforms access industrial data through Metalayer, they automatically enable 'directed circulation + rights binding' functionality. In the second quarter of 2025, the number of Web3 tools adapted by Metalayer reached 8,000 times, and the adaptation cycle was shortened from 7 days to 2 hours, with the success rate of industrial projects connecting to Web3 tools increasing from 15% to 92%.
• Cross-domain value atomic execution: Eliminate manual losses.
Support for the full process automation of 'data going on-chain → value assessment → financing/trading → result feedback'. Taking supply chain assets as an example:
1. Corporate accounts receivable go on-chain through Rollup Engine, with 'splittable and creditable' attributes attached;
2. Metalayer automatically routes data to credit institutions for credit assessment;
3. After evaluation, trigger the credit contract of the DeFi protocol, automatically issuing loans;
4. Loan results are synchronized to the enterprise ERP system through Metalayer, generating financial vouchers.
The entire process requires no manual intervention, simplifying the operation steps from 10 to 1, reducing collaboration costs from 5%-8% to 0.5%-1%, and a certain small and medium-sized enterprise reduced its on-chain financing costs by 90% through this process.
Three, Ecological Implementation: From 'technically feasible' to 'value monetization'.
The ecological achievements of Caldera are measured by 'the scale of value circulation' as the core indicator, all data comes from the project's second quarter 2025 (industrial value report) and Dune Analytics:
• Value circulation-type Rollup coverage.
Over 50 mainnet Rollups have been supported, among which 'value circulation-type Rollups' (with an on-chain secondary monetization rate of over 50%) reached 42, covering logistics (14), supply chain finance (18), and retail (10). The on-chain financing scale of 18 supply chain finance Rollups reached $920 million, serving over 500 small and medium-sized enterprises; the credit connection volume of 14 logistics Rollups exceeded 3,000 transactions, with the average financing cycle shortened from 15 days to 3 days.
• Core data for value circulation.
By the second quarter of 2025, the total value of industrial data circulation within the Caldera ecosystem reached $1.28 billion, accounting for 68% of the total value of on-chain data (the industry average is only 22%); cross-domain collaboration efficiency improved by 95% compared to traditional models, and collaboration costs reduced by 90%; the number of traditional enterprises participating in value circulation reached 21, a 40% increase compared to the first quarter, of which 8 enterprises achieved 'daily on-chain financing'.
• Ecological incentives: Promoting the circulation of value.
Allocate 40% of 20% of the total $ERA token supply (200 million tokens) specifically for 'value circulation incentives':
◦ Enterprises achieve on-chain financing or asset circulation through Caldera, receiving ERA rewards based on circulation scale (receiving 12,000 ERA for every $1 million circulated);
◦ Developers developing value circulation tools (such as industrial data assessment plugins, cross-domain contract templates) can earn up to $300,000 in $ERA rewards;
◦ Users participating in value verification (such as verifying the authenticity of supply chain data) can receive a 0.4% $ERA rebate.
As of July 2025, 3 banks and 2 insurance companies have accessed the ecosystem through incentive mechanisms, becoming value assessment and acceptance parties for industrial data, further improving the value circulation closed loop.
Four, Token Economics: Supporting value circulation as 'security and incentive carriers'.
$ERA serves as the 'value circulation voucher' for the Caldera ecosystem, with functional design deeply integrated into the 'full circulation process', all economic models come from the project (token white paper):
• Three core functions.
1. Value circulation fuel: The only payment token for Metalayer data routing and tool adaptation, solving the problem of chaotic multi-system currency settlement; a certain supply chain enterprise used $ERA to pay circulation fees, reducing costs by 45% compared to traditional settlement;
2. Value verification staking: Holders of $ERA become 'value verification nodes' after staking, responsible for verifying the authenticity of industrial data's value attributes (such as whether cargo valuation is reasonable, whether credit data is accurate), earning annualized returns of 8%-12% based on 'verification volume × accuracy rate', with non-compliant nodes penalized 40% of their staking amount, currently over 150 nodes have connected, with a verification accuracy rate of 99.9%;
3. Value Rule Governance: Participating in 'value circulation standard optimization' (such as adjusting supply chain asset splitting ratios, adding retail NFT rights types) and 'value fund distribution', enterprises and users locking $ERA for more than 6 months enjoy double voting rights to ensure governance aligns with industrial circulation needs.
• Distribution and unlocking.
Total supply of 1 billion tokens, with distribution considering the stability of the value circulation ecosystem:
◦ Community and users 37% (including 8% value circulation incentives, 29% retrospective airdrop);
◦ Investors 32.075% (2023 Series A $15 million, led by Founders Fund, locked for 1 year and unlocked over 24 months);
◦ Core Team 14.75% (linear unlocking over 2-4 years);
◦ R&D and emergency reserves 16.175% (for value circulation module iteration and compliance risk response).
• Market and industry recognition.
As of July 2025, ERA has been listed on exchanges such as Binance and Coinbase, with a 24-hour trading volume of $48 million to $62 million and a circulating market value of $245 million; 7 traditional financial institutions (including 3 banks) have included ERA in cross-domain settlement options, and the token usage rate in industrial scenarios increased by 40% compared to the first quarter, becoming a 'value medium' connecting Web3 and industry.
Five, Future: From 'single scenario circulation' to 'industrial value network'.
Caldera's core competitiveness lies in grasping the core demand that 'the essence of industrial on-chain is value circulation', but it also needs to face two major challenges:
• Opportunities: Deepening the value closed loop in vertical fields.
Plans to expand into agriculture and new energy sectors: In agriculture, develop a value chain of 'agricultural product traceability data → planting loans → sales NFTs', where farmers can apply for loans based on on-chain planting data and convert products into NFTs for targeted sale to supermarkets after harvest; in new energy, launch a module of 'photovoltaic power generation data → green electricity certificates → carbon asset trading', automatically generating green electricity certificates after power generation data goes on-chain, further converting into tradable carbon assets, achieving a full closed loop of 'data - assets - revenue'.
• Challenge: Compliance and competition in addressing value circulation.
On one hand, cross-domain value circulation involves multiple regional financial regulatory rules (such as cross-border financing, data privacy), requiring collaboration with compliance agencies to develop 'regional value circulation templates'; on the other hand, RaaS competitors are beginning to mimic 'value attribute' designs, necessitating continuous strengthening of Caldera's advantages in 'rule standardization and cross-domain routing efficiency' to avoid homogenized competition.
Conclusion.
Caldera's value lies in redefining the role of L2 infrastructure in industrial integration—it is no longer a 'passive certification tool' but an 'active value circulation hub'. Through Rollup Engine, data can 'bring its own value attributes', and with Metalayer, value can 'circulate efficiently and at low cost', Caldera truly addresses the pain points of 'industrial on-chain data value dormancy', making Web3's empowerment of the real economy transition from 'concept' to 'quantifiable commercial value'.
In the future, as industrial on-chain demand shifts from 'single point trials' to 'scaled implementation', if Caldera can continuously deepen its value circulation capabilities and compliance adaptation, it is expected to become the 'core hub of the industrial value network' in the Ethereum L2 ecosystem, providing a 'replicable, low-cost' solution for the deep integration of Web3 and the real economy.@Caldera Official #Caldera $ERA
