$ORE Down 80% From Highs as Forks Eclipse Revenue

Solana’s favorite Store-of-Value is having a hard time storing its value, with $ORE price plummeting over 80% in the past three weeks.

Adding insult to injury, vampire attacks from identical Ore Supply forks are currently generating more daily revenue than the original mining protocol, calling into question the defensibility of the protocol’s moat.

In the face of $ORE’s decline, Ore Supply founder HardHatChat reaffirmed the protocol’s vision, hinting at a potential shift to futarchic governance.

$ORE’s Decline Continues

Just three weeks ago, Ore Supply was the darling of Solana DeFi, peaking at over $1M in daily revenue and soaring to its highest price in over a year. Since then, $ORE prices have cratered by over 85%, with over $210M evaporating from its market capitalization.

Outside a wider market decline, ORE’s woes have been exacerbated by its issuance model. Previously, Ore’s buyback and burn mechanism outpaced $ORE emissions, rendering its tokenomics deflationary and creating a perceived supply crunch. 

As Ore Supply’s revenue has diminished, $ORE’s net emission rate has skewed inflationary, creating a token supply surplus and magnifying sell pressure from miners.

This manner of explosive price action is not new to $ORE. During the protocol’s v1 mining operation in 2025, $ORE surged as high as $1,451 before violently crashing.

GODL Flips ORE in Daily Revenue

As if rubbing salt in the wounds, low-effort forks are now eclipsing Ore Supply’s revenue. Piggybacking off the original’s success, replicas like GODL have appropriated the Ore Supply mining protocol in what can only be described as a vampire-attack for those who missed the initial $ORE run.

Despite its lack of innovation, GODL is currently generating more daily revenue than the original Ore Supply, based on DefiLlama data.

While there’s nothing to suggest that GODL Protocol won’t suffer the same boom-and-bust attention cycle, its temporary success exemplifies a recurring trend across the crypto industry. Open-source protocols, while a fundamental part of the crypto ethos, have a far less defensible moat than their closed-source equivalents.

For better or worse, the rise of AI coding tools and assistants has made it easier than ever for non-technical users to fork and deploy contracts and applications. 

Ore Supply Founder Hints at Futarchic Governance

Amidst the decline, Ore Supply founder HardHat Chad published a manifesto outlining his long-term vision for $ORE as a non-sovereign store of value. 

According to the article, the Ore Supply protocol is still subject to several singular chokepoints. Certain contractual aspects, like the upgrade and admin authorities, and the frontend app, need to be properly decentralized if $ORE is to realize its intended purpose.

With this in mind, Ore Supply is actively exploring decentralized governance mechanics. While nothing has been confirmed, Hardhat Chad has acknowledged that methods like MetaDAO’s futarchic decision markets as a “powerful system” for managing oversight of Ore Supply’s more centralized aspects.

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