ORE Solana Native Hard Money

Cryptocurrency has always thrived on innovation, and ORE (Open Resource Exchange) is no exception. As the first Proof of Work (PoW) token built on the Solana blockchain, ORE combines the foundational principles of Bitcoin with the high-performance capabilities of Solana. But does ORE have the potential to become the “Bitcoin of Solana”? Let’s explore its journey, impact, and future potential.

What is ORE?

Launched during a hackathon in April 2024, ORE was designed to emulate Bitcoin’s decentralized nature while taking advantage of Solana’s speed and scalability. With its proof-of-work mining algorithm, users can mine ORE directly from their phones or computers, making it accessible to a broad audience.

While initially experimental, ORE quickly became the most transacted program on Solana by June 2024, contributing to 22.3% of daily transactions—a near match for the combined activity of Radium and Jupiter, two major Solana dApps.

Impact on Solana Network

ORE’s popularity revealed critical limitations in Solana’s infrastructure. Its mining activity generated hundreds of thousands of daily transactions, leading to:

• Network congestion: Transaction ping times spiked to 100%, causing delays.
• Bug identification: ORE’s activity exposed inefficiencies, prompting Solana to release v1.17.31, a major upgrade improving peak load handling.

While some blamed ORE for the congestion, its contributions have ultimately helped fortify Solana for future decentralized applications.

Mining ORE

Mining ORE is straightforward:

1. Visit ORE.supply and connect your wallet (consider creating a dedicated wallet for security).
2. Fund your wallet with a small amount of SOL for gas fees.
3. Start mining by clicking “Resume Mining” and adjusting your priority fee (micro lamports) to improve transaction success during busy periods.

ORE’s mining process uses personalized computational challenges, ensuring fair distribution. Unlike traditional winner-take-all mining models, ORE guarantees rewards for all valid solutions, fostering inclusivity.

Tokenomics and Governance

ORE originally aimed for a Bitcoin-like max supply of 21 million tokens over 40 years. However, community governance via MetaDAO recently approved a new cap of 5 million tokens with a 10% annual emission reduction over 30 years.

Current stats:

• Supply: 162,948 tokens
• Holders: Over 10,000
• Inflation Rate: ~0.884%

ORE holders actively shape the ecosystem through governance proposals, making it a truly decentralized project.

Learn more:

• Token Distribution on Dune
• Governance Proposals on MetaDAO

Boosting Mining Rewards

ORE introduced Boosts, an innovative feature enabling miners to stake select tokens and earn reward multipliers:

• ORE-SOL LP (4x)
• ORE-ISC LP (4x)
• ORE (2x)

This feature enhances mining efficiency and incentivizes ecosystem participation. Future plans include expanding boosts to additional tokens like HNT.

What’s Next for ORE?

The ORE team has ambitious plans, including:

1. Website redesign to improve onboarding and user experience.
2. A desktop app for mining, staking, and trading ORE in one place.
3. Continued expansion of governance features and ecosystem incentives.

Mining: A New Perspective on Currency

ORE challenges traditional finance with its fair mining algorithm, allowing anyone to participate and earn. Its proof-of-work mechanism ties token creation to real-world energy costs, making it a decentralized alternative to central banking.

Final Thoughts

Is ORE the next Bitcoin on Solana? While it may not replicate Bitcoin’s exact journey, ORE is carving out its own space in the crypto world. Its innovative mining model, community-driven governance, and integration with Solana’s cutting-edge technology make it a project worth watching.

To stay updated, join the conversation on Discord and explore the future of decentralized finance with ORE.

Official Links

Home

• https://ore.supply/

Mint address oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp 

Twitter

• https://x.com/OREsupply
• https://x.com/HardhatChad

Screeners

• CoinGecko
• CoinMarketCap
• DexScreener

Docs

• https://ore.supply/what-is-mining
• https://ore.supply/ore-tokenomics
• https://ore.supply/download

Stats

• https://dune.com/hardhatchad/ore

Github

• https://github.com/regolith-labs/ore
• https://github.com/regolith-labs/ore-app
• https://github.com/regolith-labs/ore-cli

Boost pools

• ORE-SOL (Kamino) (8x)
• ORE-SOL (Meteora) (16x)

ORE-ISC (16x)