Here’s why Caldera’s ERA soared over 120% today

Caldera’s native token ERA staged a strong rally after securing listings on multiple exchanges, including Binance and Coinbase.

According to data from crypto.news, Caldera (ERA) shot up 121% to reach an intraday high of $1.88 on Friday, July 18, pushing its market capitalization to approximately $278 million.

The token rallied amid investor optimism after it secured listings on Binance, Coinbase, and Upbit. Binance remains the world’s largest cryptocurrency exchange by volume, Coinbase leads the market in the United States, and Upbit holds the top spot in South Korea.

Bybit, KuCoin, Gate, MEXC, Bitget, and Bithumb are some other premier exchanges that also added support for the token.

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The token generation event held yesterday, July 17, established a total supply of 1 billion ERA tokens with a total circulating supply of 148.5 million ERA, or 14.85% of the total supply.

Notably, 20 million ERA tokens were airdropped to eligible Binance users through the platform’s airdrop program.

Separately, 7% of the total ERA token supply was earmarked for a community airdrop managed by the Caldera Foundation, with the pre-claim phase having begun on July 10 for early supporters and ecosystem contributors.

It is typical for a cryptocurrency’s price to spike following an exchange listing. However, most of these tokens tend to crash soon after, as the hype fades, and early investors offload their airdropped tokens to cash in their profits.

For instance, last month, Newton Protocol’s NEWT token surged more than 65% within hours of being listed on Binance and Coinbase. However, the rally was short-lived, with the price dropping 44% soon after, likely due to airdrop recipients cashing in their profits.

What is Caldera?

For those unfamiliar, Caldera is a blockchain infrastructure provider known for offering “Rollup-as-a-Service”, a solution that makes it easy for teams to create their own Layer-2 or Layer-3 blockchains without handling all the technical complexity themselves.

Caldera has already played a pivotal infrastructure role by powering projects like Manta Network’s Manta Pacific, ApeChain, Plume Network, and many other custom rollups built on its platform.

The ERA token will power the Caldera ecosystem by supporting features like gas payments across chains, validator staking, and community-led governance.

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