To be even clearer:
The color of a particle in Krakatoa, as well as its Density, can come from various places. Understanding where it comes from and how it moves through the pipe is vital!
When a PRT Loader is reading a PRT sequence, that sequence might contain a Color channel. If it does, the data is loaded. If it does not, the Color of the PRT Loader’s object (wireframe color in Max viewport) will be used when rendering, but that value does NOT flow through the stack. So Magma modifiers will not see it, only the Renderer will do the substitution.
A PRT Volume base object will only have a valid Color channel on its stack if the source mesh has a valid Vertex Color channel painted directly in it or via a Vertex Paint modifier. Otherwise, the PRT Volume will behave like a PRT Loader without an explicit Color channel - the Wirecolor or Material color will be used by the Krakatoa Renderer, but the Modifiers on the stack or objects like Frost will find no Color channel…
A Magma modifier can SET the Color channel to some value based on other channels, inputs etc. This creates a valid Color channel above that Magma modifier. If there was no valid Color channel below the Magma, other Magma modifiers below it will see no color and show the error you saw.
A Standard Material assigned to the PRT Loader will OVERWRITE any color coming up the stack when rendering, but will not affect Frost which will be looking for the VertexColor channel. The Diffuce color channel / map will be evaluated. If the incoming color is desired to be preserved within the Standard Material, a Vertex Color Map can be used in the Diffuse map tree to evaluate the incoming Color channel (if it actually exists) and insert in the shader.
A Krakatoa Material can optionally override the incoming Color channel at render time - it has a checkbox to set the Color, or pass through the incoming one. It is technically a Magma flow under the hood, just hard-coded and run via a Material object.
The Krakatoa Global Channel Overrides can provide a Color channel for all scene particles at render time only.
The Krakatoa Global Color Override can set the Color of all particles in the scene to a single value at render, killing anything created prior to that point.
Hope this helps.