ORE, an altcoin project, has come to the fore recently. Cryptocurrency has increased by 259 percent in the last 24 hours. Meanwhile, some comments and decisions of the founder of the project attracted attention. Here’s what happened…
Altcoin project is flying
The altcoin ORE project running on the Solana Blockchain has surpassed $300, reaching a price level of $325, with an incredible 259% increase in the last 24 hours. This indicates an extremely rapid rise of the project and attracts the attention of investors. However, this sudden rise was also followed by a sudden decline. ORE price decreased from $325 to $192.46. Despite this decline, the token still later rebounded to $325.
The reason behind these fluctuations is the decision taken by the project regarding the mining mechanism. ORE, which works similar to Bitcoin, decided to stop all mining activities. This decision was announced by @HardhatChad, the anonymous designer of the project. The designer said, “I have decided to stop all mining activities with immediate effect. “I believe this action is in the best interest of Solana, the ORE owners, and the fastest path to v2 of the project.” said.
Decision to stop mining on behalf of Solana
The main reason behind this decision is the congestion problems in the Solana network. Launched as an experimental hackathon project just two weeks ago, ORE quickly caught the attention of the Solana community. The rapid increase in interest and subsequent mining activity flooded the Solana network with transactions and contributed to significant congestion issues. Hardhat Chad said in a post that if the Solana blockchain platform wants to encourage users to participate in testnet activities such as testing new features or protocols, the Solana Foundation should provide an incentive in the form of SOL.
At the same time, Solana was also struggling with increased transactions initiated by bots and new memecoins. This led to an increase in demand for block space, significantly slowing down the speed of the network. Solana released a patch update to alleviate the congestion. HardhatChad noted that ORE has become the most used application on Solana by number of transactions since its launch, generating more mainnet traffic load than any smart contract in blockchain history.
What will the future of ORE be?
With mining activities halted, the future of ORE remains uncertain. “The latest challenge updates have conclusively shown that a new contract design is needed,” the project founder said. The community’s response to Hardhat Chad’s proposal was divided. Some supported it while others opposed it. A user named TheSoftwareJedi disagreed and advised Chad to focus on building his project first and show goodwill to the foundation.
This strategic move is also in line with the project’s roadmap to develop the second version (v2) of Ore, emphasizing the commitment to long-term sustainability. Ore’s activity has significantly contributed to Solana’s network congestion since its launch, affecting transaction scheduling and leading to a high rate of failed transactions, particularly due to the memecoin craze on the network.
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