V2 of the Ore Protocol Drives 14% of Solana Network Transactions
According to Top Ledger data, Ore, the Bitcoin-like mining protocol on the Solana blockchain, accounts for about 14% of all transactions on the network.
Ore has seen a significant increase in mining activity since the release of its updated version 2 (V2) on August 6th, similar to the congestion seen on the Solana network when it first launched in April.
ore
Originally, Ore was designed as an experiment to test the integration of Proof of Work (PoW) with Solana’s fast transaction capabilities. The project sought to combine the security and distribution of PoW with the efficiency of Solana.
Ore markets itself as a PoW asset, but does not directly validate transactions. Instead, its PoW-like puzzles act as a gamified airdrop mechanism to reward participants.
The mineral soon became one of the most important. Popular Protocols Solana inadvertently exposed several vulnerabilities in its network infrastructure. Hardhat Chad, the pseudonymous creator, had to stop mining to develop a more efficient V2 contract.
V2
V2 aims to improve the original design, address inefficiencies, and incentivize miners to hold tokens. Hardhat Chad also open-sourced the project and invited more community contributions.
He wrote:
“ORE CLI is open source and contains many public contributions. If you have modified a minor change and think the community would benefit from your change, please open a PR and DM/tag me for review.”
Data from Dune Analytics shows a significant increase in miner activity following the V2 launch. Over 30,000 ORE miners were active in less than two days, paying a total of 1,498 SOL, or approximately $230,000 in fees.
Top Ledger also noted that the V2 upgrade significantly improved transaction success rates compared to the original version. It stated:
“Unlike v1, where transactions failed very frequently, v2’s success rate has improved significantly to less than 5%, demonstrating improved mining efficiency and a better user experience.”
The current ORE value is $185.62, with 14,286 tokens mined. The platform estimates that the total token supply of 21 million will be fully mined by 2064.
