Summary
TLDR: The Ore project on Solana suspends mining activities due to network congestion issues. Ore’s price tripled before settling down. The project aimed to implement a proof-of-work mechanism on Solana, but high transaction volume led to inefficiencies. A new version of Ore is being developed to optimize the system and align with Solana’s upgrades.
Key Points
1. One key driver behind Solana’s current congestion issues is giving the network a break.
2. Hardhat Chad, the pseudonymous creator of the Ore project, has announced the project will suspend all mining activities, effective immediately. This decision comes just weeks after Ore’s launch, amid growing pains for the Solana network that have included severe congestion issues and network instability.
3. Ore’s price more than tripled on news that the token’s supply would be paused, from around $93 before the announcement to over $300 shortly after, before drawing down to around $215, according to CoinGecko. Solana extended its bearish week even further, falling roughly from $131 to $127.