Mining project Ore explodes and cripples the network, after a 1700% surge in 3 days, all gains are given back

The public blockchain Solana has recently experienced severe congestion, with many user-initiated transactions unable to complete. According to data from Dune Analytics, the percentage of failed non-voting transactions on the Solana network skyrocketed to over 75% on the 4th, marking the highest failure rate on record. One of the main causes of the congestion on the Solana network is related to the emergence of the Solana ecosystem mining project "Ore."

Image Source: Dune Analytics

Introduction to Ore

ORE is a mineable token that adopts a core concept similar to PoW mining, allowing users to mine ORE at home and on their mobile phones.

ORE's feature is that the project provides each miner with a personalized computational challenge. As long as a miner provides a solution that is valid for their individual challenge, the protocol ensures that they receive a portion of the supply.

Miners can first deposit SOL into the mining smart contract, and then, based on the number of mathematical problems they solve, receive 1 ORE reward per minute. The supply of ORE is expected to reach 21 million coins after 42 years, but there is no maximum supply limit.

After deploying on Solana on April 2nd, despite frequent user reports of errors, Ore still sparked a craze. According to Dune Analytics data, currently, as much as 14.2% of Solana transactions are related to Ore, making it one of the top 3 most used applications on Solana, even higher than the decentralized exchange Jupiter Exchange's 6.3%.

Image Source: Dune Analytics

ORE mining has attracted a large number of users. According to official website data, as of now, 7,747 ORE coins have been mined, of which 621 have been claimed, and the ORE treasury holds 1536 ORE, with over 35,000 token holders.

ORE Price Surges and Plunges

According to DEX Screener data, since ORE launched on April 2nd, the price started soaring from a low of $260 on the 4th, reaching a peak of $4,703 on the 5th, with a maximum increase of over 1700%.

However, ORE subsequently continued to decline, dropping to $288 at 9 a.m. this morning, a decrease of over 93% from its all-time high. It has since slightly rebounded to $349.

Ore to Release Native Apps on Mac, Windows, and Android

Despite the extreme price volatility, Ore's core developer Hardhat Chad still hopes to ensure that everyone has equal mining opportunities. The Solana network issues need to be addressed, and there are still many bugs to fix. The project will release usable native applications for Mac, Windows, Android, and others.

Hardhat Chad announced earlier today the release of a new command-line interface (CLI) version for the project, which will help further reduce failed transaction fees and reduce spam on the network.