{"id":"ore","hidden":false,"ipfs":"QmQGxeCUmuffyng8zDVcB2FjQqPz33W9TvBcYjQoy9JFYw","language":"en","transactionHash":"0xd233fb61b3898955ea2820d4d42a8ceec1710fada9d930734d4e8dde09589997","created":"2026-11-04T12:25:02.222Z","updated":"2026-11-04T12:25:02.222Z","title":"ORE","summary":"ORE is a mineable cryptocurrency on Solana that distributes tokens through proof-of-work mining and staking, and is designed as a store of value.","content":"**ORE** is a mineable [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) issued by a program on [Solana](https://iq.wiki/wiki/solana) and designed as a store of value. Pseudonymous developer Hardhat Chad and his team at Regolith Labs created it as an experimental hackathon project, and it was fair-launched in April 2024 without a pre-mine or insider allocation. ORE distributes tokens through [mining](https://iq.wiki/wiki/mining); its earlier [mining](https://iq.wiki/wiki/mining) designs used CPU-based proof of work, while the current protocol uses grid mining on [Solana](https://iq.wiki/wiki/solana).[[1]](#cite-id-dfodzin2pg)​[[2]](#cite-id-2td5tp3i2k)​[[3]](#cite-id-ji9mob6cah)​[[6]](#cite-id-9j0d85wz7c)​\n\nORE’s public-facing materials present it as a store of value and frame participation around mining, [staking](https://iq.wiki/wiki/staking), and trading.[[4]](#cite-id-gpwn7eojre) Its protocol comprises open-source [smart contracts](https://iq.wiki/wiki/smart-contract) on Solana; the project describes ORE as intended to address concerns including inflation, counterparty risk, liquidity, international distribution, privacy, scalability, and cryptographic security.[[2]](#cite-id-2td5tp3i2k)​\n\n## Overview\n\nORE is a Solana-native mineable [cryptocurrency](https://iq.wiki/wiki/cryptocurrency). Its original designs used CPU-based proof of work, while the current protocol uses grid [mining](https://iq.wiki/wiki/mining).[[2]](#cite-id-2td5tp3i2k)[[6]](#cite-id-9j0d85wz7c) It was fair-launched without a pre-mine or insider allocation, and its current mint program has a maximum supply of 3,000,000 ORE.[[6]](#cite-id-9j0d85wz7c)[[10]](#cite-id-uxrsqa2m4g)[[9]](#cite-id-qgm15vz4cy)\n\nMining distributes ORE, while holders can stake to receive [staking](https://iq.wiki/wiki/staking) distributions, including a share of ORE acquired through protocol-funded buybacks.[[6]](#cite-id-9j0d85wz7c)[[8]](#cite-id-41k6v7gamo) The project presents ORE as a store of value.[[4]](#cite-id-gpwn7eojre)[[2]](#cite-id-2td5tp3i2k)\n\n## History\n\n### Launch and Mining Congestion\n\nORE’s initial [mining](https://iq.wiki/wiki/mining) program, later called Ore v1, distributed tokens through proof-of-work mining. [Helius](https://iq.wiki/wiki/helius) described the program as a [Bitcoin](https://iq.wiki/wiki/bitcoin)-like peer-to-peer currency project intended to make mining accessible to casual participants, and its author characterized proof-of-work tokens issued on existing [blockchains](https://iq.wiki/wiki/blockchain) as a possible new distribution mechanism.[\\[3\\]](#cite-id-ji9mob6cah)​\n\nThe v1 mining algorithm was vulnerable to gaming, according to [Helius](https://iq.wiki/wiki/helius). Mining activity generated substantial transaction spam on [Solana](https://iq.wiki/wiki/solana), gave some miners a systematic advantage, and contributed to miners claiming and immediately selling rewards. Some observers blamed ORE for congesting or “breaking” Solana. Hardhat Chad paused mining on April 16, 2024.[\\[3\\]](#cite-id-ji9mob6cah)​\n\n​[Helius](https://iq.wiki/wiki/helius) reported that [Solana](https://iq.wiki/wiki/solana) congestion later cleared in part after the fast-tracked Solana 1.18 upgrade, which it said was introduced in response to ORE-related congestion.[\\[3\\]](#cite-id-ji9mob6cah)​\n\n### Ore v2\n\nAfter [mining](https://iq.wiki/wiki/mining) was paused, the team developed Ore v2 to reduce algorithmic gameability and spam and to change incentives by rewarding [staking](https://iq.wiki/wiki/staking). Ore v2 was released in August 2024 as a [hard fork](https://iq.wiki/wiki/hard-fork) of v1, with the stated aim of improving functionality and security.[\\[3\\]](#cite-id-ji9mob6cah)​[\\[1\\]](#cite-id-dfodzin2pg)​\n\n​[Helius](https://iq.wiki/wiki/helius) reported that contract audits were underway and that results were expected before the v2 launch.[\\[3\\]](#cite-id-ji9mob6cah) CertiK’s project page says ORE is not audited by [CertiK](https://iq.wiki/wiki/certik) and lists one third-party audit; it does not identify that audit as the pre-launch v2 audit.[\\[7\\]](#cite-id-54e2j0msmw)​\n\nIn discussing comparisons with [Bitcoin](https://iq.wiki/wiki/bitcoin), [Helius](https://iq.wiki/wiki/helius) noted criticism of ORE’s upgradeability and contrasted it with Bitcoin’s history of changes, including a 2010 bug that created 184 billion bitcoins and later additions of opcodes by Bitcoin Core developers. Helius also noted that ORE uses 11 decimal places, compared with Bitcoin’s eight.[\\[3\\]](#cite-id-ji9mob6cah)​\n\nThe team behind ORE won the inaugural Renaissance hackathon. [Helius](https://iq.wiki/wiki/helius) reported that the win made the team eligible for consideration for the Colosseum accelerator program, which could connect it with participants in the [Solana](https://iq.wiki/wiki/solana) ecosystem.[\\[3\\]](#cite-id-ji9mob6cah)​\n\n### Grid Mining\n\nORE later shifted from the DrillX and CPU-based proof-of-work design to grid-based [mining](https://iq.wiki/wiki/mining). Blockworks documents that V4 ended pari-mutuel redistribution of SOL from losing squares to winners on August 13, 2026; under V4, SOL from losing squares is returned to the miners who placed it.[\\[8\\]](#cite-id-41k6v7gamo)​\n\n## Mining and Incentives\n\nORE’s earlier [mining](https://iq.wiki/wiki/mining) designs used proof of work to distribute tokens. The project aimed to allow participation from laptops, phones, and other everyday devices, rather than making specialized hardware a prerequisite. The project describes its [smart contract](https://iq.wiki/wiki/smart-contract) as frozen and open-source: the code can be inspected publicly, and the frozen contract is intended to prevent tampering or removal.[\\[1\\]](#cite-id-dfodzin2pg)​[\\[2\\]](#cite-id-2td5tp3i2k)​\n\nOre v2 introduced DrillX, a [mining](https://iq.wiki/wiki/mining) algorithm developed by Hardhat and the team with inspiration from Equix, an algorithm used by the Tor protocol. [Helius](https://iq.wiki/wiki/helius) described DrillX as using BLAKE3 hashing and dynamic mining difficulty to mitigate v1’s gameability and spam. It also characterized DrillX as memory-hard and more CPU-oriented than algorithms such as SHA-256, with the aim of keeping mining accessible on inexpensive devices even if more powerful processors or specialized chips entered the market. [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) likewise described DrillX as more efficient than its predecessor and as reducing the computational power required to mine. These were v2-era design features; the current mining system uses grid mining.[\\[3\\]](#cite-id-ji9mob6cah)​[\\[1\\]](#cite-id-dfodzin2pg)​[\\[6\\]](#cite-id-9j0d85wz7c)​\n\nOre v2 also introduced stake-weighted mining rewards: [staking](https://iq.wiki/wiki/staking) ORE was intended to increase a miner’s rewards and encourage holding rather than immediately selling newly mined tokens. [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) describes the v2 project as combining proof-of-work mining with staking, which it presents as contributing to network security and stability. [Helius](https://iq.wiki/wiki/helius) treated the effects of staking on sell pressure as uncertain, noting that miners might hold or buy ORE to increase the value of their mining rewards, but could also sell their rewards.[\\[1\\]](#cite-id-dfodzin2pg)​[\\[3\\]](#cite-id-ji9mob6cah)​\n\nIn the current system, ORE holders stake to receive their share of staking distributions. Protocol fees fund market buybacks; 90% of ORE acquired through buybacks is buried and 10% is distributed to stakers. A separate 10% refining fee on unrefined mining claims is redistributed to miners holding unrefined balances.[\\[6\\]](#cite-id-9j0d85wz7c)​[\\[8\\]](#cite-id-41k6v7gamo)​\n\n## Supply and Monetary Design\n\n​[Helius](https://iq.wiki/wiki/helius)’s account of the planned Ore v2 described a 21 million cap and linear issuance of 1 ORE per minute. It projected that half of that supply would be mined by the late 2030s and estimated that daily marginal inflation would fall to 0.26% one year after [mining](https://iq.wiki/wiki/mining) restarted; these figures described the planned v2 model.[\\[3\\]](#cite-id-ji9mob6cah)​\n\nThe later and current maximum supply is 3,000,000 ORE, fixed in the mint program. Colosseum reported that the program was frozen on December 12, 2025, and that it enforces issuance of no more than 2 ORE per minute. This is a maximum-rate limit; the documented current grid-mining emissions are 1 ORE to the winning square and 0.2 ORE added to the Motherlode per round.[\\[9\\]](#cite-id-qgm15vz4cy)​[\\[8\\]](#cite-id-41k6v7gamo)​\n\nORE’s fair launch had no pre-mine or insider allocation. Blockworks reports no team or investor allocation and no vesting; initial distribution was through [mining](https://iq.wiki/wiki/mining), including legacy boost programs.[\\[6\\]](#cite-id-9j0d85wz7c)​[\\[10\\]](#cite-id-uxrsqa2m4g)​\n\nThe project’s learning page states a maximum supply of 3 million tokens, enforced by immutable on-chain code, and [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) lists the same maximum. CoinMarketCap’s displayed circulating and total supply figures were each 496,830 ORE; this is a source snapshot, not a live supply figure.[\\[2\\]](#cite-id-2td5tp3i2k)​[\\[1\\]](#cite-id-dfodzin2pg)​\n\nMarket buybacks can bury ORE and reduce [circulating supply](https://iq.wiki/wiki/circulating-supply); Blockworks notes buried tokens may be reissued if circulating supply is below the cap.[\\[6\\]](#cite-id-9j0d85wz7c) In a May 4, 2026 advocacy post, author Madhatt3r claimed that ORE’s supply inflates when production cost is below market price and deflates when production cost exceeds market price. That claim is the author’s account, distinct from the fixed 3 million cap and the documented emissions limits and per-round [mining](https://iq.wiki/wiki/mining) emissions.[\\[5\\]](#cite-id-7d645uygmp)​[\\[9\\]](#cite-id-qgm15vz4cy)​[\\[8\\]](#cite-id-41k6v7gamo)​\n\n​[Helius](https://iq.wiki/wiki/helius) identified high initial inflation and the possibility that miners would sell all their rewards as risks to the proposed v2 design. It also listed renewed [Solana](https://iq.wiki/wiki/solana) congestion, weak demand for ORE as a store of value, fragmented or illiquid ORE pools, broader cryptocurrency-market declines, founder risk, and smart-contract exploits among potential risks.[\\[3\\]](#cite-id-ji9mob6cah)​\n\n## Solana Integration and Proposed Uses\n\nORE’s [mining](https://iq.wiki/wiki/mining) program operates on [Solana](https://iq.wiki/wiki/solana), whose transaction speed and low costs are described by [CoinMarketCap](https://iq.wiki/wiki/coinmarketcap) as supporting the [cryptocurrency](https://iq.wiki/wiki/cryptocurrency)’s operation. CoinMarketCap identifies decentralized finance and everyday transactions as potential applications. [Helius](https://iq.wiki/wiki/helius) argued that Solana’s speed and transaction costs could make ORE more usable for payments than [Bitcoin](https://iq.wiki/wiki/bitcoin), but presented this as an assessment rather than an established outcome.[\\[1\\]](#cite-id-dfodzin2pg)​[\\[3\\]](#cite-id-ji9mob6cah)​\n\n​[Helius](https://iq.wiki/wiki/helius) also speculated that CPU resources attracted by ORE [mining](https://iq.wiki/wiki/mining) might eventually support other uses, such as providing full or partial security for [Solana](https://iq.wiki/wiki/solana) virtual-machine [layer-2](https://iq.wiki/wiki/layer-2) networks or other [proof-of-work](https://iq.wiki/wiki/proof-of-work-pow) tokens. It raised the possibility that miners could sell access to blockspace, given ORE v1’s substantial use of Solana blockspace. The article characterized these uses as uncertain and hypothetical.[\\[3\\]](#cite-id-ji9mob6cah)​","recentActivity":null,"operator":{"id":"0xd5893989b9952c6568a99f854795acc5ae480d56"},"categories":[{"id":"cryptoassets","title":"Cryptoassets"}],"tags":[{"id":"Solana"},{"id":"Token"}],"images":[{"id":"QmboKcS2WrWBjvehtKAReBJkSxr4kiApCGnnxEn3rEDkLF","type":"image/jpeg, image/png"}],"media":[{"name":"66b2bbe73b97551d8b3779bb_ORE (1).png","id":"QmeVqC4AqZTe469tcLS9dbx7FDkyBogovEfQfRXWnpBE4m","size":null,"type":null,"source":"IPFS_IMG"},{"name":"images (1).jpeg","id":"QmUY9wq1YAf5jY9azChgUdusawcpvM5Kc1bU88inoC7CCj","size":null,"type":null,"source":"IPFS_IMG"},{"name":"SLC9z8of_400x400.jpg","id":"QmP8A3c2BEa7vUa1qCWpphrCzNR8H6XiM7j1PTeAUZfAC6","size":null,"type":null,"source":"IPFS_IMG"}],"linkedWikis":{"founders":["hardhat-chad"],"blockchains":["solana"],"speakers":[]},"events":[{"id":"a04dd51f-482f-4c2f-bd3f-80df965f66b6","type":"DEFAULT","date":"2024-04-01","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"ORE mining paused","description":"Lead developer Hardhat Chad paused mining on the initial Ore program.","link":"https://www.helius.dev/blog/how-to-mine-ore-a-beginner-friendly-guide"},{"id":"4d8cfef7-2576-4916-ac4b-c198ed127a8d","type":"CREATED","date":"2024-04-02","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"ORE fair-launched","description":"ORE launched as a fair-launched Solana mining token.","link":"https://www.helius.dev/blog/how-to-mine-ore-a-beginner-friendly-guide"},{"id":"207749e5-99ca-41f9-a22d-920cd27bfb62","type":"DEFAULT","date":"2024-05-01","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"ORE team won the inaugural Renaissance hackathon","description":"ORE was named Grand Champion of the Solana Renaissance hackathon.","link":"https://blog.colosseum.com/announcing-the-winners-of-the-solana-renaissance-hackathon/"},{"id":"31699c44-4f56-4686-9feb-a839b9fbda1f","type":"DEFAULT","date":"2024-08-01","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"Ore v2 released","description":"Ore v2 launched with the DrillX mining algorithm and revised mining incentives.","link":"https://www.helius.dev/blog/how-to-mine-ore-a-beginner-friendly-guide"}],"founderWikis":[],"blockchainWikis":[{"id":"solana","title":"Solana"}],"metadata":[{"id":"rootdata_profile","value":"https://www.rootdata.com/Projects/detail/Ore?k=MTIyNDI="},{"id":"website","value":"https://ore.supply/"},{"id":"twitter_profile","value":"https://x.com/ORE"},{"id":"github_profile","value":"https://github.com/hardhatchad/ore"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/30498/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/ore"},{"id":"references","value":"[{\"id\":\"dfodzin2pg\",\"url\":\"https://coinmarketcap.com/currencies/ore-new/\",\"description\":\"CoinMarketCap overview\",\"timestamp\":1793794495364},{\"id\":\"2td5tp3i2k\",\"url\":\"https://ore.com/learn/what-is-ore\",\"description\":\"ORE learning page\",\"timestamp\":1793794495364},{\"id\":\"ji9mob6cah\",\"url\":\"https://www.helius.dev/blog/solana-builders---ore-a-new-international-money\",\"description\":\"Helius account of ORE\",\"timestamp\":1793794495364},{\"id\":\"gpwn7eojre\",\"url\":\"https://ore.com/\",\"description\":\"ORE project website\",\"timestamp\":1793794495364},{\"id\":\"7d645uygmp\",\"url\":\"https://x.com/pokerchessman/status/2051371747752976486\",\"description\":\"“Why Ore?” article on X\",\"timestamp\":1793794495364},{\"id\":\"9j0d85wz7c\",\"url\":\"https://blockworks.com/insights/ore-dashboard-primer\",\"description\":\"Blockworks ORE dashboard primer\",\"timestamp\":1793794710043},{\"id\":\"54e2j0msmw\",\"url\":\"https://skynet.certik.com/projects/ore\",\"description\":\"CertiK ORE project page\",\"timestamp\":1793794710043},{\"id\":\"41k6v7gamo\",\"url\":\"https://blockworks.com/analytics/ore/ore-mining-activity\",\"description\":\"Blockworks ORE mining activity documentation\",\"timestamp\":1793794710043},{\"id\":\"qgm15vz4cy\",\"url\":\"https://blog.colosseum.com/ore-mint-freeze-trepa-live-solflare-shield/\",\"description\":\"Colosseum mint freeze report\",\"timestamp\":1793794710043},{\"id\":\"uxrsqa2m4g\",\"url\":\"https://app.blockworks.com/projects/ore/disclosures\",\"description\":\"Blockworks ORE token transparency filing\",\"timestamp\":1793794710043}]"},{"id":"main-image-origin","value":"{\"imageId\":\"QmboKcS2WrWBjvehtKAReBJkSxr4kiApCGnnxEn3rEDkLF\",\"originalId\":\"QmboKcS2WrWBjvehtKAReBJkSxr4kiApCGnnxEn3rEDkLF\"}"},{"id":"previous_cid","value":"QmQGxeCUmuffyng8zDVcB2FjQqPz33W9TvBcYjQoy9JFYw"},{"id":"commit-message","value":"Make minor edits to the ORE wiki"},{"id":"previous_cid","value":"QmQGxeCUmuffyng8zDVcB2FjQqPz33W9TvBcYjQoy9JFYw"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0xd5893989b9952c6568a99f854795acc5ae480d56"},"views":4}