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Caldera

20 pieces · May 2023 to Jul 2025 · 1 flagship

Sectors

L1/L219 ZK5 Market structure3 AI2 Ethereum2 Other1

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Coverage per year

32023

42024

132025

Price and coverage

Caldera $ERA

Calls: None yet
Since listing: −95%
vs BTC: −93%
Now: $0.0778

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Caldera

Explainer28 Jun 2024Optimism Superchain explained: OP Stack, shared sequencing and RaaSExplains the OP Superchain: shared governance, sequencer revenue sharing and atomic cross-chain interop via a shared sequencer, plus the role of Rollup-as-a-Service providers. Argues OP is a multichain ecosystem, not just OP Mainnet, despite a 60% drawdown from its ATH.Map28 Sep 2024Celestia ecosystem Q4 2024: rollups and infra launching mainnets and tokensLists the Celestia-based rollups, frameworks and interop projects set for Q4 mainnet and token launches. Argues this turns Celestia, which has no smart contracts, into a cohesive app ecosystem and adds utility for TIA as its backbone asset.Breakdown11 Jul 2023Manta Pacific launch: OP Stack rollup with Celestia DA and universal ZK circuitsBreaks down Manta Pacific, a modular OP Stack rollup using Celestia DA to cut rollup cost and universal circuits 2.0 so Solidity developers can build ZK apps, plus the existing Manta user base.

Timeline · every piece, newest first

2025 13

21 Jul 2025Espresso and shared sequencing: Kaito launchpad hype versus modular token recordShared sequencing has been a tough narrative since few chains outsource ordering and block building, and modular infra token launches have often disappointed as VC cashouts. Still, being first on the Kaito launchpad plus >$63M raised could drive hype and a high initial FDV, as with Caldera's ERA.Market takeL1/L2Market structure

07 Jul 2025Modular infra teams worth backing: Union, Boundless, Fluent, Caldera, AnomaAfter criticizing extractive modular launches, names teams the author thinks will last because of top tier tech and genuine care for communities: Union, Boundless, Fluent, Caldera, Anoma, Succinct, with MegaETH added.Market takeL1/L2ZK

04 Jul 2025Pre-TGE infra protocols with Kaito leaderboards: ZK, compute, AI and rollupsA list of nine pre-TGE infra protocols with Kaito leaderboards, each with a one-line role, spanning ZK proving, ML networks, interop, compute, real-time EVM, intents, AI training and RaaS.MapZKAIL1/L2

26 Jun 2025Infra season: major projects nearing mainnet and TGE to watchLists nine infrastructure projects approaching mainnet or TGE with one-line descriptions: intents, ZK proving marketplaces, AI data chains, shared compute, predictive intelligence, real-time EVM and rollup-as-a-service.MapL1/L2ZKAI

26 Jun 2025Counter-takes on infra winners and losers: ZK, RaaS, intents, restakingPartly agrees that Hyperliquid reset standards but pushes back project by project on a list of supposedly dead infra: Zama, RISC Zero, Caldera and Anoma. Agrees shared sequencing and EigenLayer copycats are in tough spots, and adds Fluent, Sovereign Labs and zkML as alive.Market takeZKL1/L2Market structure

13 Jun 2025What is wrong with Kaito and InfoFi: engagement farming crowds out researchAudits the Caldera Kaito leaderboard and argues InfoFi in its current form pays engagement farmers and timeline spam, not original research, letting projects show inflated vanity metrics. Warns this will hurt both CT and the projects.Market takeMarket structureOther

10 Jun 2025Caldera: appchain season and the internet of app-specific rollupsPositions Caldera as the infrastructure for launching app-specific rollups in a few clicks, citing 100+ live chains and over $437M TVL.ThesisL1/L2

09 Jun 2025Caldera and the case for magic internet chainsArgues launching an L2 on Caldera is nearly as easy as a memecoin on pump.fun and that individuals and corporations will spin up custom verifiable chains, citing 100+ Caldera chains across DeFi, gaming and general-purpose EVMs.ThesisL1/L2

04 Jun 2025Why Caldera matters: app-specific rollups over general-purpose chainsArgues most apps will not stay sustainable on general-purpose chains and that HyperCore succeeds because it is application-specific. Caldera makes running an L2 appchain a few clicks, giving control of stack, UX, fee revenue and blockspace while inheriting Ethereum security.ThesisL1/L2Hyperliquid

30 May 2025Caldera's track record in RaaS and app-specific rollupsRecounts working two years earlier on an app-specific perp DEX rollup and talking to every RaaS provider, arguing Caldera has shipped for years and dominated the RaaS narrative before it mattered, maturing into an ecosystem of composable appchains.ThesisL1/L2

26 May 2025Caldera Metalayer: intent-based cross-chain interop built on HyperlaneExplains the Metalayer, an intent engine on Hyperlane that gives every Caldera chain native interop, with 1-to-1 messaging and many-to-1 reads. Offers soft finality (about 10s) or finalized mode with a 7-day dispute window.ExplainerL1/L2DeFi

06 May 2025Caldera RaaS explained: stack-agnostic rollups, DA options and MetalayerExplains Caldera as a stack-agnostic RaaS supporting OP Stack, Arbitrum Nitro and ZK Stack, with a choice of settlement and DA layers, integrated tooling and the Hyperlane-powered Metalayer making its chains composable.ExplainerL1/L2

02 May 2025Caldera ecosystem map: dozens of appchains and rollupsMaps the Caldera ecosystem with over 30 chains by category: gaming and NFT L3s, memechains, DePIN, AI, RWA and modular exchanges, all natively interoperable through the Metalayer.MapL1/L2

2024 4

28 Sep 2024Celestia ecosystem Q4 2024: rollups and infra launching mainnets and tokensLists the Celestia-based rollups, frameworks and interop projects set for Q4 mainnet and token launches. Argues this turns Celestia, which has no smart contracts, into a cohesive app ecosystem and adds utility for TIA as its backbone asset.MapL1/L2

28 Jun 2024Optimism Superchain explained: OP Stack, shared sequencing and RaaSExplains the OP Superchain: shared governance, sequencer revenue sharing and atomic cross-chain interop via a shared sequencer, plus the role of Rollup-as-a-Service providers. Argues OP is a multichain ecosystem, not just OP Mainnet, despite a 60% drawdown from its ATH.ExplainerL1/L2

29 Mar 2024OP Superchain plus RaaS: why app-specific rollups will launch on the OP StackArgues no-code RaaS deployment on the OP Stack will drive a wave of app-specific rollups joining the Superchain, naming Caldera, Conduit, AltLayer, Ankr and Gelato as OP-supporting providers.ThesisL1/L2Ethereum

21 Mar 2024Rollup-as-a-Service as the endgame of the modular narrativeExplains rollup SDKs and RaaS providers, listing SDKs (Orbit, OP Stack, ZK Stack, CDK) and RaaS firms, and argues stack wars will make RaaS a key distribution channel. Cites AltLayer's $5B FDV as early evidence.ExplainerL1/L2Tooling

2023 3

16 Aug 2023OP Stack Superchain: shared sequencing and atomic cross-rollup composabilityExplains how a shared sequencer across OP Stack chains can guarantee atomic cross-rollup transactions, making the Superchain feel like one logical chain. Notes limits since the sequencer does not execute transactions, and points to Shared Validity Sequencing.ExplainerL1/L2

11 Jul 2023Manta Pacific launch: OP Stack rollup with Celestia DA and universal ZK circuitsBreaks down Manta Pacific, a modular OP Stack rollup using Celestia DA to cut rollup cost and universal circuits 2.0 so Solidity developers can build ZK apps, plus the existing Manta user base.BreakdownPrivacyL1/L2ZK

25 May 2023App-specific rollups: VM in a container versus app as state machineDistinguishes app-specific rollups that run an app inside a dedicated VM (Vistara, Caldera) from those where the app is its own state machine (Stackr). Concludes neither is better: the first is easier and general, the second allows more customization and performance.ThesisL1/L2Ethereum

Often covered with

Boundless42 Anoma33 Celestia145 Optimism61 Kaito46 Union36 MegaETH46 Conduit6

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