Solana is congested, attracting WIF whales to enter the market, and the mining project Ore is experiencing a roller coaster行情
According to data from DEX Screener, the price of ORE surged to $3785 on April 5. As of the time of writing, ORE has fallen below $1,000. This mining project on Solana is attracting increasing attention in the market.Author: Weilin, PANews
Since its launch on April 2, according to data from DEX Screener, the price of ORE surged to $3,785 on April 5. Although as of the time of writing, ORE has fallen below $1,000, this mining project on Solana is attracting increasing attention in the market.
Ore aims to allow users to mine ORE anytime at home or on their phones, with some users joking that "it's like mining BTC on the Solana network." Although the project initially faced some bugs that caused frequent errors during mining, as these bugs were gradually fixed, more users joined in, leading to a surge in trading volume and causing significant congestion on the Solana network. As the project gained traction, Ore also attracted the entry of the Meme coin WIF whale.
Surge in Trading Volume Causes Solana Congestion
According to official information, Ore is a digital currency that users can mine at home or on their phones. The project employs a novel proof-of-work algorithm. The core concept of Ore is similar to that of other mining projects, where miners maintain the network and earn cryptocurrency by solving cryptographic puzzles.
The official statement claims that Ore's main innovation lies in providing non-exclusive mining rewards. This means that when one miner finds a valid solution, it does not prevent another miner from finding one as well. Unlike setting each miner in a zero-sum competition against each other, Ore offers each miner a personalized computational challenge. As long as a miner provides a valid solution to their individual challenge, the protocol guarantees that they will receive a portion of the supply. Since no miner can be censored by the network and valid solutions are also non-exclusive, it avoids the phenomenon of mining starvation.
Ore aims to protect holders from the effects of supply inflation. Regardless of how many miners are active in the world, supply growth is strictly limited to a rate of 0 ≤ R ≤ 2 ORE/min. In other words, it is linear. The mining reward rate (the amount paid to miners for each 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 straightforward, scale-agnostic, and balances between exponential inflation and stagnant deflation.
In Ore, miners can first deposit SOL into the mining smart contract, and then share 1 ORE reward per minute based on the number of puzzles they solve. The supply of ORE is expected to reach 2.1 million coins after 42 years, with no maximum supply limit.
From the official website and other sources, currently, Ore has not publicly disclosed more information about the founding team, only sharing updates from core developer Hardhat Chad on Twitter.
After its launch on April 2, Ore initially encountered many bugs, causing errors during user mining. Nevertheless, Ore still attracted considerable attention. As bugs were continuously fixed, more users joined, and 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 was partly due to Solana being paralyzed, with most other activities coming to a halt. Nonetheless, even with issues on the Solana network, Ore's growth did not stop.
Attracting WIF Whales to Enter
On April 7, user @RHBcrypto discovered that whale buyers were entering the market. The Meme coin WIF whale EoN2ef1hPAT9WCw6gjkgp6922WvagdCcjkJGkXqB33aW has made significant purchases on @OreSupply through DCA (Dollar-Cost Averaging), which can be seen on the Solscan website.
According to official data, as of 2 PM on April 7, the Ore project had mined over 6,530 ORE, with nearly 5,099 tokens already claimed. The Ore treasury holds 1,431 ORE, while other top accounts even hold up to 150 ORE. The total number of token holders is 27,929.
Such enthusiasm has also led to a significant price increase. According to DEX Screener data, the price of $ORE surged to $3,785 on April 5. However, by 3 PM on April 7, ORE had significantly dropped, falling below $900, with a quote of $884.3, nearly an 80% decline from its historical peak.
Currently, Ore's core developer Hardhat Chad is working diligently, stating, "Clearly, we have a lot of work to do to ensure everyone can access the chain and have equal mining opportunities. The issues with the Solana network need to be resolved, and I have a bunch of bugs to fix." Hardhat Chad indicated that native applications for Mac, Windows, Android, etc., will be released.
