Clogged Solana, attracted WIF whales, and mining project Ore experienced a roller-coaster ride
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Clogged Solana, attracted WIF whales, and mining project Ore experienced a roller-coaster ride
This mining project on Solana is attracting growing attention in the market.
Navigating Web3 tides with focused insightsBy Weilin
Since its launch on April 2, ORE's price surged to as high as $3,785 on April 5 according to DEX Screener data. Although ORE has since pulled back below $1,000 at the time of writing, this mining project on Solana is drawing increasing market attention.
Ore aims to allow users to mine ORE anytime from home or via their smartphones, with some users jokingly referring to it as "mining BTC on the Solana network." While the project experienced several bugs at launch, causing frequent errors during mining, after gradual bug fixes more users joined, leading to a sharp spike in trading volume and contributing to recent major congestion on the Solana network. As the project gained broader recognition, Ore also attracted whale participation from the meme coin WIF.
Surge in Trading Volume Causes Solana Network Congestion
According to official documentation, Ore is a cryptocurrency that users can mine from home or mobile devices. The project utilizes a novel proof-of-work algorithm. Similar to other mining projects, Ore’s core concept involves miners maintaining the network by solving cryptographic puzzles and earning cryptocurrency in return.
Ore’s key innovation, as claimed by the team, lies in offering non-exclusive mining rewards. This means one miner finding a valid solution does not prevent others from also finding valid solutions. Instead of setting every miner against each other in an all-or-nothing competition, Ore assigns each miner a personalized computational challenge. As long as a miner provides a valid solution to their individual challenge, the protocol guarantees they will receive a portion of the supply. Since no miner can be censored by the network and valid solutions are non-exclusive, the system avoids mining starvation.
Ore is designed to protect holders from supply inflation. Regardless of how many miners are active worldwide, supply growth is strictly capped within the rate of 0 ≤ R ≤ 2 ORE/min—linear growth. The mining reward rate (the amount paid to miners per valid solution) is dynamically adjusted every 60 seconds to maintain an average supply growth of 1 ORE/min. This level was chosen because it is simple, scalable, and strikes a balance between exponential inflation and stagnating deflation.
In Ore, miners first deposit SOL into the mining smart contract and then share in a 1 ORE reward per minute based on the number of puzzles they solve. The total supply of ORE is projected to reach 21 million tokens after 42 years, with no maximum supply cap.
From the official website and other channels, little information about the founding team has been disclosed so far. Only the activity of core developer Hardhat Chad has been revealed on Twitter.
After launching on April 2, Ore initially suffered numerous bugs, resulting in errors during mining. Despite this, the project still attracted significant attention. As bugs were progressively fixed, more users joined. By the morning of April 5, Ore had become one of the top three most-used programs on Solana, even surpassing Jupiter Exchange.
On the afternoon of April 5, 12.1% of all Solana transactions were related to Ore. However, this partly occurred because Solana was experiencing network paralysis, with most other activities stalled. Nevertheless, even amid network issues, Ore’s growth did not stop.
Attracts Whale Participation from WIF
On April 7, user @RHBcrypto noticed that whale buyers were entering the market. A major WIF meme coin whale, EoN2ef1hPAT9WCw6gjkgp6922WvagdCcjkJGkXqB33aW, had begun aggressively buying into @OreSupply via dollar-cost averaging (DCA), which can be verified on Solscan.
According to official data, by 2:00 PM on April 7, over 6,530 ORE tokens had been mined, with nearly 5,099 already claimed. The Ore treasury holds 1,431 ORE, while some top accounts hold as much as 150 ORE. The total number of token holders stands at 27,929.
This surge in popularity also led to a sharp rise in the token price. According to DEX Screener, $ORE reached a peak of $3,785 on April 5. However, by 3:00 PM on April 7, ORE had significantly retreated, falling below $900 to $884.3, representing a nearly 80% drop from its all-time high.
Currently, Ore’s core developer Hardhat Chad is working intensively. He stated, “Clearly, we still have a lot of work to do to ensure everyone can access the chain and have equal mining opportunities. Solana network issues need to be addressed, and I still have a pile of bugs to fix.” Hardhat Chad added that native applications for Mac, Windows, Android, and other platforms will be released soon.
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