Mining old, new gameplay.
Author: Deep Tide TechFlow
The market fluctuates, with ups and downs.
The tormenting market inevitably reminds people of the prosperity in the first half of the year. Bome, Slerf, various meme coins such as cats and dogs… The various meme coins on the Solana chain have sparked one hot trend after another in the cryptocurrency market. Among many hot trends, $ORE, which once paralyzed the entire Solana chain, may still be a fresh memory for players who participated in the Solana frenzy.
No impression of this project? No problem, we have prepared an introduction for you.
Ore v1: Mining until Solana crashes
Old mining, new gameplay, popularity at its peak
Simply put, Ore wants to play a new type of PoW mining on the fast PoS chain like Solana. Miners only need to deposit $SOL into the mining smart contract, and then share 1 $ORE reward per minute based on the number of problems they solve. The "deposit mining" mechanism allows any user to participate in mining, and it can be done with a mobile phone or computer.
Of course, any innovative narrative is ultimately to make the price more attractive. At that time, the most attractive point was the crazy trend of $ORE, which surged nearly a hundredfold within a few days of its launch.
With the crazy price increase and the mechanism that everyone can mine, coupled with the enthusiastic situation of Solana at that time, the result was that this project became extremely popular shortly after its launch, with every group discussing it and everyone mining. About three days after its launch, Ore mining users initiated nearly a million transactions per hour, directly causing Solana to crash, with transactions lost and delayed, a mess.
A project affecting the user experience of an entire chain. I remember the last time this happened was during the "social experiment" of $XEN raising the gas fee on the Ethereum mainnet. Although it made the smooth Solana full of complaints, but red is still red. Moreover, whether this project affects the use of the chain is not important at all for miners and speculators. Ore quickly attracted market attention, and within a few days, the number of on-chain $ORE addresses increased to over 30,000, and the giant whales of Memecoin on Solana also entered the market one after another.
Drawbacks emerge, mining suspended
The good times didn't last long. Under the large-scale mining activities, the problems with the smart contract itself gradually surfaced: the mining mechanism originally designed to ensure fairness went wrong, turning into whoever can successfully submit a transaction will be considered to have successfully mined $ORE, deviating from the team's initial idea of fair distribution.
Shortly after the bug appeared, Ore founder @HardhatChad announced the suspension of Ore's mining activities and stated that the project v2 version would be iterated as soon as possible.
In the following months, this project gradually faded from people's sight, until recently, Ore v2 was relaunched.
Ore v2 launch
Token upgrade
In Ore v1, the total supply of $ORE was unlimited. After the update to the v2 version, the new total supply of $ORE is limited to 21 million, expected to be mined within 40 years.
It is worth noting that $ORE in v1 and v2 are two different tokens. All $OREv1 tokens will have special markings and can be upgraded to $OREv2 through the official website or Solana blink created by founder @HardhatChad before November 2, 2024.
Performance of Ore v2
According to the data statistics on the Ore project dashboard on flipside and Dune platforms, the mining activity of Ore v2 is currently in full swing:
- The current mining activity of Ore v2 has occupied nearly 25% of the total computing units of the Solana network, using over 50% of the used computing units.
- Compared to Ore v1, the success rate of v2 transactions has significantly increased, reaching 95%.
- Token distribution
There are currently close to 12,000 $ORE in circulation, with over 3600 holding addresses.
How to participate
Ore v2 continues the simple mining mode of v1. Enter the mining address: https://ore.supply/mine. After linking the wallet to pay for mining gas, mining will start automatically.
Image: Link wallet to pay for gas
Image: Dashboard after paying for mining gas
Related links
Ore project official website: https://ore.supply/
Ore official Twitter: https://x.com/OREsupply
Ore project flipside data dashboard: https://flipsidecrypto.xyz/pine/ore-v2-metrics-EpCkQ8
Ore project Dune data dashboard: https://dune.com/0xichigo/ore-v2-mining
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