The Solana network faced congestion in April due to a spike in Ore mining transactions. During this period, the network rejected about 70% of non-vote transactions.
The team behind Ore, a proof-of-work cryptocurrency driven by Solana native technology, took home the “ Grand Prize” in a hackathon supported by the Solana Foundation. This is true even if the project last month disrupted the blockchain.
Ore’s involvement in the “Solana Renaissance Hackathon” on May 6 earned it $50,000 in USD Coin ( USDC). The goal of the hackathon was to identify Solana’s “next wave of high-impact projects.”.
The unexpected spike in Ore mining transactions and the memecoin frenzy were the root causes of Solana’s mid-April transaction failure issue. During this time, more than 70% of requests for non-vote transactions were first turned down.
The Solana Foundation clarified that a significant demand for block space was the source of network congestion. They reported waiting longer than expected to apply networking stack updates.
Solana developers hoped to address traffic problems by April 15. The Dune Analytics dashboard for scarn_eth shows that the non-vote transaction failure rate is at 62%.
The Ore team stopped mining thirteen days after the launch on April 16. They took this action to improve their system with a second version. Mining has resumed, according to Ore’s website information.
Ore Token Triumph: Revolutionizing Solana Mining on the Solana Network
Hardhat Chad, the project’s pseudonymous creator, expressed joy at winning the award. He recognized the need for significant progress. He wants to provide Solana users access to virtual money. The currency should be quick, cheap, private, and inflation-proof. He desires that everyone be able to mine it.
There was an 115% rise in the Ore (ORE) token. Its current value is $270.8. CoinMarketCap reports that this increase followed its victory announcement 12 hours ago.
The Ore codebase relies on the Bitcoin codebase. A Solana smart contract evolved out of it. Many miners can share block rewards with this setup. This was brought to light by Hardhat Chad in a presentation.
Hardhat Chad thinks mining will be more fun with Ore. It makes computation regular on laptops and lowers the entry hurdle for miners.
