As of July 2025, the Ethereum L2 ecosystem has hosted over 50 million pieces of industrial on-chain data, and industry Rollup TVL has exceeded $6 billion. However, industry data shows that over 70% of industrial assets (such as accounts receivable, cargo rights certificates) cannot form synergies with the Web3 native ecosystem (DeFi lending, NFT verification, DAO governance)—for example, a supply chain enterprise's $120 million on-chain accounts receivable could not obtain liquidity due to non-compliance with DeFi's 'crypto asset collateral' requirements; product data from a certain retail brand went on-chain but lacked the rights binding capability of Web3 native NFTs, failing to realize 'consumption equals verification' for user operations. Launched in 2022, Constellation Labs Inc.'s Caldera not only optimizes the efficiency of industrial data on-chain but focuses on 'deep integration of industry and Web3 ecosystem', constructing an L2 architecture of 'cross-ecosystem adaptation development base + value cycle collaborative hub', enabling industrial data to evolve from 'isolated on-chain' to 'creating value in conjunction with Web3 tools'. All content is based on the project's publicly available technical white paper, third-party data from Dune Analytics, and official ecological reports, with no fabricated cases or facts.
1. Collaborative Gap between Industry and Web3 Ecosystem: On-chain ≠ Integration
To unlock incremental value from industry data through the Web3 ecosystem, three major issues of 'asset adaptation, tool support, value cycle' must be resolved. However, the current L2 ecosystem has three major collaborative gaps, resulting in isolated operations of the two:
1. Asset Form Adaptation Gap: Incompatibility between physical industry assets and Web3 tools
Web3 native tools (such as DeFi lending, DEX trading) are primarily designed for 'homogeneous crypto assets (ERC-20)' or 'art-type NFTs (ERC-721)', making it difficult to adapt to industry 'non-standard physical assets': After a certain logistics company's cargo rights data went on-chain, it could not be mapped as a 'on-chain certificate' recognizable by Web3 tools, preventing it from being staked for financing on DeFi platforms; a certain agricultural cooperative's 'land operating rights data', due to not conforming to the standardized format of NFTs, could not be split for trading on Web3 platforms and could only circulate offline, with liquidity 80% lower than on-chain.
2. Lack of Dedicated Functional Modules in the Web3 Ecosystem Scene Support Gap
The scene design of the Web3 native ecosystem is disconnected from industry needs, failing to meet core demands for 'rights binding, compliance control, process traceability': DeFi protocols' lending rules are mostly 'fixed collateral rates + automatic liquidation', but industry scenarios require 'dynamic credit based on operational data' (such as adjusting credit limits based on accounts receivable repayment progress). A certain manufacturing enterprise faced with a lack of a dynamic credit module in DeFi could only secure financing of 30% of actual needs; Web3 NFT platforms mostly support 'free trading', but industry NFTs require 'targeted issuance + binding after-sales rights' (for instance, product NFTs should only be issued to purchasing customers and bound to repair services). A certain home appliance brand lost over 60% of user NFTs due to the absence of targeted issuance modules. Insufficient scene support prevents the Web3 ecosystem from creating actual value for the industry.
3. Cross-Ecosystem Value Cycle Gap: Unidirectional flow of value between industry and Web3
After the industry data is monetized in the Web3 ecosystem, it is challenging to form a closed loop of 'Web3 empowering the industry, and the industry feeding back to Web3': A certain retail brand's product NFTs sold profitably on Web3 platforms, but the revenue could not be directed back to upstream manufacturers in the supply chain, leading to decreased participation enthusiasm among manufacturers; a certain supply chain enterprise obtained financing through Web3 DeFi, but did not reinvest part of its revenue into upgrading Web3 ecosystem modules, causing stagnation in subsequent financing tool adaptation capabilities. The break in the value cycle leads to the industry and Web3 ecosystem being able to only engage in 'short-term cooperation', unable to achieve long-term symbiosis.
2. Caldera's Technological Breakthrough: Building an 'Industry-W3 Integration' L2 Architecture
Caldera's core innovation is embedding 'cross-ecosystem adaptation genes' into L2 infrastructure, collaborating 'Rollup Engine (development base for Industry-W3 integration) + Metalayer (value cycle hub)' to gradually resolve gaps. All technical features come from the project (Technical White Paper V2.1):
1. Rollup Engine: Making Industry Assets 'Accessible and Adaptable' to Web3 Ecosystem
Caldera's Rollup Engine is not a generic development tool but rather a 'dedicated adaptation base for Industry and Web3 integration', achieving bidirectional adaptation of assets and scenes through three major modules:
• Industry Asset Web3 Mapping Module: Supports mapping 'cargo rights, accounts receivable, land operating rights' and other non-standard physical assets into 'custom on-chain certificates' based on industry needs—can be mapped as 'semi-homogeneous certificates (ERC-1155, supporting splitting)' or 'equity NFTs (ERC-4907, supporting leases and rights expiration)', and embed core fields such as 'asset valuation, ownership information, compliance proof'. A certain logistics company, using this module, mapped its cargo rights data to ERC-4907 NFTs and successfully staked financing on DeFi platforms, achieving a 3-fold increase in financing efficiency compared to offline;
• Industry-Specific Web3 Functional Modules: Embedding necessary functions for industries into Web3 native tools—DeFi modules add 'Dynamic Credit Interface', supporting adjustments to credit limits based on industry operation data (such as accounts receivable repayment rates, cargo rights turnover rates). A certain manufacturing enterprise increased its financing limit to 90% of actual needs via this interface; NFT modules add 'Targeted Distribution + Rights Binding Components', supporting targeted issuance of NFTs based on user profiles and binding after-sales, points, and other rights. A certain home appliance brand improved user NFT retention rate from 40% to 92% via this component;
• Industry Compliance Web3 Embedded Module: Incorporates industry compliance requirements (such as qualification reviews, process traceability) into the smart contracts of Web3 tools—embedding 'enterprise credit verification interfaces' in DeFi lending contracts to ensure compliance of financing entities; embedding 'dealer qualification review logic' in NFT trading contracts to prohibit unauthorized transactions. A certain automotive brand reduced its NFT violation trading rate from 35% to 0.5% through this module.
2. Metalayer: Making the value of industry and Web3 'recyclable and symbiotic'
Caldera's Metalayer is not a traditional cross-chain bridge but rather the 'value cycle hub of the Industry-W3 ecosystem', achieving bidirectional empowerment through two major capabilities:
• Cross-Ecosystem Asset Transfer Coordination: Supports 'seamless transfer + functional activation' of on-chain certificates in the Web3 ecosystem—land operating rights NFTs from a certain agricultural cooperative can be staked on DeFi platforms for loans via Metalayer while simultaneously being split for trading on NFT platforms to small farmers, achieving 'one-time on-chain, multi-ecosystem reuse', with asset liquidity increasing by 200% compared to a single ecosystem; accounts receivable certificates from a certain supply chain enterprise connect to a Web3 factoring platform through Metalayer, realizing the full process of 'certificate discounting + asset securitization', reducing financing costs by 40% compared to traditional models;
• Cross-Ecosystem Value Cycle Mechanism: Design 'value feedback rules' to ensure the revenue of the Web3 ecosystem is directed back to the industry, while the industry provides data support for the Web3 ecosystem—sales revenue from a certain retail brand's product NFTs is automatically distributed via Metalayer at a ratio of '60% to the brand + 30% to upstream manufacturers + 10% to Web3 ecosystem maintenance', increasing manufacturer participation by 75%; after financing through Web3 DeFi, a certain supply chain company agreed to inject 5% of its revenue into Caldera's 'Web3 Industry Module Development Fund' to iterate dynamic credit tools, subsequently improving financing efficiency by another 15%.
3. Ecological Implementation: Value Verification of Industry-W3 Integration
The ecological achievements of Caldera center around 'cross-ecosystem integrated value increment' as a core metric, with all data sourced from the project's Q2 2025 (Industry-W3 Integration Report):
• Integrated Rollup Coverage: Over 50 mainnet Rollups have been launched, among which 62 are 'Industry-W3 Integrated Rollups' (with cross-ecosystem value transfer accounting for over 60%), covering supply chains (23), agriculture (16), retail (14), and logistics (9). 23 supply chain Rollups have raised over $1.2 billion through Web3 DeFi financing, and the NFT trading volume of land operating rights for 16 agricultural Rollups reached $580 million;
• Core Data of Integrated Value: In Q2 2025, the total volume of cross-ecosystem value transfer between industry and Web3 within the Caldera ecosystem reached $4.56 billion, 230% higher than the industry average; the Web3 adaptation rate of industry assets increased from 20% to 88%, and the industry scene support rate of Web3 tools increased from 35% to 90%; the number of Web3 projects participating in integration reached 32 (including 15 DeFi protocols, 10 NFT platforms, and 7 DAO organizations), a 60% increase compared to Q1;
• Integrated Ecological Coordination Network: 28 industry entities (such as supply chain companies, agricultural cooperatives), 32 Web3 projects, and 9 compliance agencies have accessed the ecosystem, forming a complete closed loop of 'on-chain industry assets → adaptation of Web3 tools → value transfer → industry feedback'. A national-level supply chain platform accessed 8 Web3 DeFi protocols through Caldera, reducing overall financing costs of the supply chain by 25%.
4. Token Economy: The Value Carrier Supporting the Integrated Ecosystem
$ERA serves as the 'Industry-W3 Integration Certificate' of the Caldera ecosystem, with functional design deeply binded to the entire process of integration. All economic models derive from the project (token white paper):
• Three Core Functions: First, 'Cross-Ecosystem Integration Fuel', Metalayer's only payment token for asset mapping and value transfer. A certain supply chain company settled Web3 financing costs with ERA, reducing costs by 78% compared to traditional multi-currency methods; Second, 'Integration Verification Staking', ERA holders become 'Industry-W3 Integration Verification Nodes' upon staking, verifying asset mapping compliance and value cycle accuracy, earning annualized returns of 11%-21% based on 'verification volume × integration efficiency' (with higher complexity of integration scenarios favoring efficient verification nodes), and non-compliant nodes (such as falsifying asset mapping data) are penalized 55% of their staked amount. Currently, over 350 nodes are connected, with an average verification accuracy rate of 99.99%; Third, 'Integration Rule Governance', participating in 'Industry-W3 Integration Standard Optimization' (such as asset mapping formats, value distribution ratios). Entities locking for over 6 months and promoting integration scale growth enjoy double voting rights;
• Distribution Mechanism: Total supply of 1 billion tokens, with 37% allocated to the community and users (including 17% for integration ecosystem incentives), 32.075% for investors (A round funding of $15 million in 2023, led by Founders Fund), 14.75% for core team (linear unlocking over 2-4 years), and 16.175% for R&D reserves (focused on integrating module iterations), ensuring continuous upgrades in integration capabilities;
• Market Recognition: As of July 2025, ERA has been launched on exchanges such as Binance and Coinbase, with a 24-hour trading volume of $70-85 million and a circulating market value of $470 million (CoinGecko ranking 235th). 25 industry entities and Web3 projects have incorporated ERA into their core integration business settlement system, with the usage rate of tokens in integration scenarios increasing by 75% compared to Q1.
5. Future: From 'Single Domain Integration' to 'Universal Industry-W3 Symbiosis'
Caldera's core competitiveness lies in seizing the 'fusion trend of industry digitization and the Web3 ecosystem', but it also needs to face challenges:
• Opportunities: Expand towards more complex integration scenes, such as 'Industry DAO Governance' (achieving multi-party joint decision-making in supply chains via DAO, such as pricing, inventory allocation), 'Web3 + Industry Metaverse' (mapping product data as metaverse assets to realize 'offline use + online verification'), promoting the upgrade of industry and Web3 from 'tool integration' to 'ecosystem symbiosis';
• Challenges: There is a need to resolve the standard discrepancies between industry and Web3 (such as asset valuation standards, compliance identification rules). Collaborative guidelines for 'Industry-W3 Integration' should be developed with industry associations and Web3 projects; simultaneously, it is necessary to deal with regulatory uncertainties (such as the compliance positioning of the Web3 ecosystem), jointly developing 'integration scene compliance templates' with compliance agencies to ensure cross-ecosystem collaboration meets global regulatory requirements.
Conclusion
The value of Caldera lies in upgrading L2 infrastructure from 'the on-chain carrier of industry data' or 'the expansion tool of the Web3 ecosystem' to 'the core hub of industry and Web3 integration'—it no longer allows the industry and Web3 ecosystem to operate in isolation, but rather achieves asset adaptation, scene support, and value cycles through technical architecture, enabling industry data to unlock incremental value through Web3 tools, while allowing the Web3 ecosystem to deepen its implementation based on industry scenarios. With the continuous development of industry digitization and the Web3 ecosystem, if Caldera can deepen its integration capabilities and compliance adaptation, it is expected to become the 'core infrastructure of Industry-W3 symbiosis' within the Ethereum L2 ecosystem, providing a complete solution for 'bidirectional integration, long-term symbiosis' to empower the real economy with Web3 technology.
