Recently, an upstream technology project @ Calderaxyz, which provides underlying technology supply services for hundreds of L2 and L3 chains, also announced its TGE plan. Although RaaS has been influenced by the demand side of the Rollup market, according to disclosed data, Caldera's To B business model has been quite successful (with revenue reaching seven figures). How should we view it? 1) Many people are unfamiliar with Caldera, only knowing that it has already raised 25M and has a strong portfolio of investment institutions, including well-known VC firms such as Dragonfly, Sequoia Capital, Founders Fund, etc. But in terms of its business, the underlying development technologies such as Manta Pacific, ApeChain, Kinto, etc. all come from Caldera, and Layer 2's major core commercial stacking paradigms OP Stack, ZK Stack, Arbitrarum Orbit, etc. have been rapidly deployed by many new chains through Caldera. Simply put, it is similar to @ alt_1ayer and can be considered a Rollup As A Service commercial stack service platform. 2) According to Caldera's disclosed data, it has served 30 L2+L3 chains that have been launched, with a transaction processing volume of over 370 million and a user coverage of over 10 million. Its locked TVL has also reached 600M, and its projects have achieved revenue exceeding seven digits. From a data perspective, at least in the B2B direction, it can be considered a project with relatively healthy customer application landing and commercial monetization capabilities. So how should we understand its B2B business? What is the operation and maintenance mode of 'Rollup As A Service'? We all know that Arbitrarum supports technology stacks such as Orbit, Optimism supports OP Stack, zkSync supports ZK Stack, etc. These well-known layer 2 abstracted stack solutions can be considered as the first layer L2 solutions. If some new projects want to quickly build their own customized chains based on OP Stack and other chains, they also need a lot of technical development and operation support, such as node Infra building and maintenance, API interface docking, performance optimization and adjustment, data backup, Sequencer operation and maintenance, and so on. For these L2 and L3 chains, it is only necessary to focus on the development and operation of the application layer, and which underlying technical infrastructure services only need to be handled by RaaS service providers. 3) Caldera is favored by some project parties because its core competitive advantage comes from its Metalayer technology architecture. Firstly, Metalayer supports different rollup schemes through pre configured modular components that can be plugged and combined, allowing multiple L2/L3 to reuse a set of infrastructure and reducing deployment costs; Secondly, it achieves the separation of data processing and business logic, with an efficient proof generation and verification mechanism, and efficient inter chain communication, which can greatly improve the operational efficiency of the project; In short, Metalayer essentially provides an abstraction and integration solution on the L2 technology stack to solve the problems of redundant construction, complex operation and maintenance, and low resource utilization in the implementation of RaaS business model. 4) The question is, what new value can TGE bring to a project with customers, technical pain point solutions, and mature commercial monetization capabilities? On the surface, these upstream technology service providers may not need to issue coins, but currently, from Ethereum to Bitcoin, the layer2 strategy is basically used as the scalability axis, and there will always be expansion needs based on modular thinking around the main chain, such as stacking L3 on top of L2, or making specific customized application chain requirements around application needs, etc. No matter how the market demand changes, the pain points for RaaS upstream technology services will only increase. Obviously, for Caldera, after TGE, it can further expand and consolidate its ecological niche through ecological incentive activities such as token incentives and income distribution, and continuously consolidate its technological moat. The expectation of simply being an upstream 'outsourcing' service team clearly cannot support its true commercial value.