Hardhat Chad, the mysterious person who made the Ore project, has chosen to stop all mining to make the Solana blockchain network less crowded.
Ore is a new blockchain project created on top of the SOL program. Its goal was to find fresh ways to use a proof-of-work (PoW) method to distribute tokens. The project aimed to combine PoW’s strong security features with Solana’s lightning-fast transaction speeds.
But since it began, Ore’s huge growth has made network congestion worse, which has caused schedule issues and a scary rise in failed transactions. The main reason for this is the new buzz around meme coins on the SOL network.
“In pausing our operations at this juncture, I aim to utilize this opportunity to meticulously analyze the data, assemble a proficient team, and channel our collective efforts towards perfecting v2,” Chad said in a recent message.
Solana-Driven Token Surge and Subsequent Stability
The decision to stop mining came right after Ore tokens skyrocketed from about $93 to over $300. This happened after the news that the token supply would be temporarily removed. But finally, the excitement died down, and CoinGecko data shows that the token’s value was around $175.
Another cryptocurrency, Solana (SOL), has seen its value drop. Its value has dropped 3% in just the last 24 hours. Currently, it’s staying around $133, and this drop shows that the market is generally negative.
Solana has been praised for its unique proof-of-history and proof-of-stake agreement mechanisms and its ability to handle huge amounts of transactions with very low fees. This system is very different from Bitcoin’s PoW process, which uses much energy. Ore had tried to copy this model on the Solana network at first.
Shortly, the Ore project plans to release a new version of its token that will include structural benefits meant to encourage long-term holding. At the same time, Solana will release updates that will improve its speed and ease network congestion. This could be a sign that Ore and the Solana ecosystem are on the rise again.
