ORE Up 105% Ahead of Relaunch - What’s New in Ore V2 and is the Solana Blockchain Ready?

After causing significant congestion issues across the Solana network in April, the ORE mining protocol returns to “revive the long lost dream of crypto as p2p electronic cash.”

Finn Miller

Published: Jul 31, 2024 at 16:30
Edited: Jul 31, 2024 at 16:35

Love it or hate it, Proof-of-Work crypto mining is returning to Solana. ORE, the wildly popular mining protocol that besieged the Solana blockchain in April is returning, promising a revised and more egalitarian approach to distribution.

With ORE price climbing over 100% in anticipation of the relaunch, the question needs to be asked: What will be different this time around?

ORE v2: What’s Different?

Pseudonymous founder HardHatChad launched ORE as an experimental Solana hackathon project in April 2024. Leveraging a Proof-of-Work mining concept on a high throughput Proof-of-Stake blockchain, HardHatChad aimed to create a truly fair token launch.

In a matter of days, the Ore protocol objectively became the most used program in the Solana ecosystem at the time, generating over 12M transactions between 124k+ users.

However, due to flaws within the project’s model and network congestion issues caused by the ORE mining, HardHatChad opted to pause mining to focus on redevelopment. Despite the chaos, OreSupply took home the grand prize at the Solana Renaissance Hackathon.

After months of development work behind the scenes, HardHatChad has teased the relaunch of ORE v2. Courtesy of several key changes, the passionate founder renews his mission to “revive the long lost dream of crypto as p2p electronic cash.”

Here’s what to expect:

No Admin Variables - The revised protocol will rely on open-source algorithms to manage all program variables, such as mining difficulty.
Mining Multipliers - Staking ORE tokens gives miners a rewards multiplier of up to 100%, based on their proportional stake. This only applies to miners submitting valid hashes and cannot be abused through flash-loans.
Fixed supply - Like Bitcoin, ORE has a fixed maximum supply of 21M. One ORE will be issued per minute, projecting a fully emitted supply by 2064.
Sybil Protection - In the relaunched protocol, miners will maximize rewards by submitting the most difficult hash possible. This is expected to discourage sybil miners and mitigate network congestion.
Accessible Hash Function - A new hash function closes the performance gap between high-end hardware and consumer devices, lowering ORE mining’s barrier to entry.
Client Software - OreSupply has revamped its software to improve performance and reliability. HardHatChad also promised to launch client software that will be compatible with the Solana Saga mobile device.
Immutable Contract - Once mining dynamics have stabilized, the OreSupply contract will be permanently frozen, meaning that no further changes can be implemented to its code.

The OreSupply team hopes that by implementing these changes, the protocol will be better suited to wider adoption within the Solana ecosystem.

But will the network be ready?

Is Solana Prepared?

The last time OreSupply launched its creative crypto-mining protocol, the Solana blockchain was caught largely unaware. Users across the network struggled to land transactions, with the network being pushed to its operational limits.

HardHatChad theorizes that measures like sybil discouragement, a new CPU-friendly hash function, and improved client software will mitigate congestion issues.

Combined with updates specifically designed to counteract OreSupply congestion issues in Solana Version 1.17.31, hopes are high that the Ore relaunch will go ahead without a hitch.

SolanaFloor engaged OreSupply for comment, but did not receive a response.

ORE Surges Ahead of Relaunch

Since HardHatChad officially announced the relaunch of ORE v2 and outlined the expected changes and release notes, traders have returned to the market in full force.

Trading as low as $499 in the week before the announcement, ORE spiked as high as $1,372 before consolidating. At press time, ORE is exchanging hands at $1,026, based on Step Finance data.

A timeline for the full relaunch has yet to be announced. However, HardHatChad has indicated that existing ORE v1 tokens will be redeemable for v2 tokens at a 1:1 ratio for a period of three months.