On the 20th day after BN alpha's big ERA crash last month, the token has recently pulled back above $1, which is a bit surprising because not only BN alpha is smashing the market, but also dozens of airdrop users who have received five figure airdrops and hundreds of airdrop users who have received thousands of units are smashing. I used to think that it would make those who receive tokens for free spit out their free quota and then sell them. I think there are two main reasons for the rise of tokens: Firstly, the token TGE only released 11.5%, which is the lowest TGE release in the past month; The second reason is that the project party has activated a pledge mechanism, which not only allows for the airdrop of ecological projects, but also generates pledge income, allowing for more profits with one fish. The first factor puts ERA in a limited supply environment, while the second factor drives an increase in market demand, and users who understand Caldera's narrative begin to identify with the project. ✅ What narratives does Caldera have? In other words, why are you optimistic about Caldera? （1） Caldera Introduction Caldera is a Rollup-as-a-Service (RaaS) platform that addresses the fragmentation of the Rollup ecosystem, complex cross chain interactions, and high gas costs. Developers can easily deploy Rollup infrastructure using technologies such as OP Stack, Arbitrarum Nitro, or ZK Stack through Caldera's Rollup Engine, without the need for a deep technical foundation. Caldera provides ultra-low gas fees, 99.99% runtime, and comprehensive online support to manage infrastructure and validators. Since April 2023, Caldera has helped launch over 100 Rollup projects, accounting for nearly 25% of Ethereum Rollup, making it one of the largest and fastest-growing application level Rollup networks on Ethereum. （2） Caldera background I have been researching the gameplay of Pendle recently and have found that Caldera and Pendle are an incubation institution called Alliance DAO. This institution has been managing high-quality, high-tech, and real-world solution projects. The starting price of PENDLE was 0.78, later dropped to 0.465, then soared 16 times to 7.50, and now stabilizes at 4. Compared to PENDLE's 1.21 billion FDV, ERA's current 100 million FDV still has a lot of room for improvement. From the perspective of investors, in addition to Sequoia Capital, Caldera is backed by Sequoia and Founders Fund (VC lock up for one year). Founders Fund (Peter Thiel's venture capital): Operated by Peter Thiel, who is also one of the co founders of Palantir, the only publicly traded company to surpass Bitcoin since going public in 2021. Since 2013, there have been only 66 cryptocurrency transactions. Sequoia has invested in relatively few projects, with only 112 cryptocurrency investments since 2017. ✅ summarize Caldera addresses the core pain points of Web3 fragmentation, as Ethereum's "Ten Thousand Rollup Flying Together" leads to dispersed liquidity and complex cross chain operations, low efficiency of official bridges, and frequent security risks of third-party bridges. Caldera uses "Internet Rollup" technology to solve the current pain points, accumulating 1.7 million independent wallets, $800 million TVL, and 59 million transactions from the moment it was launched. The ecosystem covers AI, DeFi, and gaming, with an estimated TVL of $2 billion. Ordinary users can obtain airdrop opportunities through staking ERA.