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Origin of the Yellowstone Caldera. Caldera, which lies at the heart of Yellowstone National Park, is the tip of a huge volcano, which is in turn, bound to a hot spot.This is a fixed point within the earth's crust, where hot magma rises to the top. This accumulates below the earth's surface, thereby forming an underground magma chamber.aldera, which lies at the heart of Yellowstone National Park, is the tip of a huge volcano, which is in turn, bound to a hot spot. This is a fixed point within the earth's crust, where hot magma rises to the top.
A great example is Crater Lake located in Oregon. This is actually a caldera. Photo courtesy of Wikicommons. Photographer: unknown. The main difference between craters and calderas is how they are formed. Craters are caused by impacts from meteorites, and can range in size from very small to several hundred km across.According to the US Geological Survey, a caldera is a large (at least one km across), circular depression formed at the top of a volcano when the magma chamber collapses.hotographer: unknown. The main difference between craters and calderas is how they are formed. Craters are caused by impacts from meteorites, and can range in size from very small to several hundred km across.