Caldera
ERA
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ERA (Caldera) is a Rollup-as-a-Service infrastructure protocol built to deploy and connect custom modular chains. While the project achieved notable institutional backing from major venture funds (Sequoia Capital, Dragonfly, Founders Fund) and documented initial traction through mid-2025, overall fundamentals have significantly deteriorated. Active development has largely stalled over the past 12 months with no codebase progress verified, and social/community participation is declining. Tokenomics present a severe headwind: circulating supply is just 14.85% of the 1 billion max supply, insider/team allocations represent roughly 72%, and massive upcoming unlocks pose substantial dilution pressure against weak organic demand. Market capitalization has fallen to ~$8.3M–$10.0M amid a ~97% price drawdown from all-time highs. Note that the Security and Audit History section suffered from a complete data gap (scored -1.0) due to search cross-contamination with unrelated software, and was excluded from the weighted average. No qualifying red-flag events or fraudulent mechanics were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Caldera (ERA)
ERA is the native utility and governance token of Caldera, a Rollup-as-a-Service (RaaS) and modular blockchain infrastructure protocol. The platform provides infrastructure components, including its Rollup Engine and Metalayer framework, designed to deploy, run, and interconnect custom blockchain rollups. ERA operates as a multi-chain ERC-20 token available on Ethereum mainnet, BNB Chain, Base, and Arbitrum One.
Within the Caldera architecture, the ERA token is designed for omnichain gas fee settlements, validator staking, and protocol governance over parameter changes, fee structures, and treasury allocations. The token features a fixed maximum supply of 1 billion ERA with no programmatic inflation. The protocol secured institutional funding from venture firms including Sequoia Capital, Dragonfly, and Founders Fund.
Following its initial deployment and growth metrics through mid-2025, the project has faced operational slowdowns and tokenomics headwinds. Technical progress stalled over a subsequent 12-month period with no verifiable codebase updates, alongside declining transfer activity and community engagement. ERA has experienced a severe price crash of approximately 95% to 97% from its July 2025 all-time high of $1.73 down to roughly $0.057, lowering its market capitalization to between $8.3 million and $10.0 million. The token also carries significant supply overhang risks, with roughly 72% of the supply allocated to insiders and the core team, and only approximately 14.85% in circulating supply.