Brand-New Ethereum Ecosystem Altcoin Rips by Over 80% on First Day of Trading After Coinbase and Binance Listings

A brand-new Ethereum (ETH) ecosystem altcoin is skyrocketing after immediately securing listings on Binance and Coinbase.

Caldera (ERA) is an application that allows the development of ETH-based layer-2 scaling solutions.

The new ERA token launched on Thursday surged over 80% in just hours before continuing its rally to an all-time high of $2. ERA has given up some of its gains and is trading at $1.56 at time of writing.

Coinbase listed the asset with an experimental label on Thursday. The top US crypto exchange uses the experimental label for tokens that pose certain risks, such as price swings and canceled orders, because of lower trading volume and availability.

Binance, the largest crypto exchange platform in the world, had already announced the day before that it would support the asset via its HODLer Airdrops program.

The HODLer Airdrops program, launched in 2024, rewards investors holding BNB with crypto assets based on previous snapshots of their balances.

Caldera, which refers to itself as “the internet of rollups,” says on its official website that its metalayer enables developers to launch interoperable rollups – layer-2 blockchains designed to scale Ethereum by batching and compressing transactions off-chain before finalizing them on Ethereum.

Caldera’s market cap has already surged past $263 million on its first day of trading.

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Generated Image: Midjourney