Original author: TechFlow

The market has ups and downs.

The torturous market makes people recall the prosperity in the first half of the year. Bome, Slerf, various cats and dogs, and other Memecoins... The various memes of Solana alone have set off rounds of hot carnivals in the crypto market. Among the many hot spots, $ORE, which once paralyzed the entire Solana, may be the project that players who participated in the Solana carnival remember vividly.

Not impressed with this project? No problem, we have an introduction for you.

Ore v1: Mining until Solana crashes

Old mining new gameplay is very popular

In simple terms, Ore wants to play a new PoW mining trick on a 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 can do it with a mobile phone or computer.

Of course, all innovative narratives are ultimately intended to make the price more sexy. What attracted more people's attention at the time was the crazy trend of $ORE skyrocketing nearly 100 times within a few days of its launch.

The crazy price increase and the mechanism that anyone can mine, coupled with the enthusiastic Solana event at the time, resulted in the project becoming extremely popular soon after its launch. Every group was talking about it and everyone was mining. About three days after the launch, Ore mining users initiated nearly one million transaction requests per hour, which directly caused Solana to freeze, resulting in transaction loss and delays, and a mess.

A project affects the user experience of the entire chain. The last time this happened was when $XEN raised the Ethereum mainnet Gas in a "social experiment". Although the smooth Solana was complained about, black and red are still red, and for miners and speculators, it doesn't matter whether this project affects the use of the chain. Ore attracted market attention in a very short time. Within a few days, the number of $ORE on-chain currency addresses increased to more than 30,000, and the Memecoin whales on the Solana chain also entered the market.

Disadvantages occurred and mining was suspended

The good times did not last long. Under large-scale mining activities, the problems of the smart contract itself were gradually exposed: the mining mechanism originally designed to ensure fairness went wrong, and whoever could successfully submit a transaction would be considered to have successfully mined $ORE, which deviated from the team's original idea of ​​fair distribution.

Shortly after the bug appeared, Ore founder @HardhatChad announced the suspension of mining activities of the Ore project and stated that the project v2 version would be iterated as soon as possible.

In the following months, the Ore project gradually faded out of people's sight until recently, when Ore v2 was re-launched.

Ore v2 is now live

Token Upgrade

In Ore v1, there is no upper limit on the total amount of $ORE. After the update to v2, the new total amount of $ORE is limited to 21 million, and it is expected to be mined within 40 years.

It is worth noting that $ORE v1 and v2 are two different tokens. All $ORE v1 tokens will have relevant special marks in the future, and can be upgraded to $ORE v2 through the official website or Solana blink created by founder @HardhatChad before November 2, 2024.

Ore v2 Progress

According to the Ore project dashboard statistics on flipside and Dune platforms, the current Ore v2 mining activity is in full swing:

  • Currently, Ore v2 mining activities have occupied nearly 25% of the total computing units of the Solana network and used more than 50% of the used computing units.

  • Compared with Ore v1, the transaction success rate of version v2 has been greatly improved, reaching 95%.

  • Token Distribution

There are currently nearly 12,000 $ORE in circulation, with more than 3,600 addresses holding the tokens.

How to participate

Ore v2 continues the simple mining mode of v1. Enter the mining address: https://ore.supply/mine. After linking the wallet and paying the mining gas, mining can be automatically started.

Figure: Link wallet to pay Gas

Figure: Page dashboard after paying 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-EpCkQ 8 

Ore Project Dune Data Dashboard:

https://dune.com/0x ichigo/ore-v2-mining

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