The Ore team, creators of a cryptocurrency for Solana called Ore, scored big at the recent Solana Renaissance Hackathon, winning the “Grand Prize” of $50,000 in USDC. Despite recent hiccups where Ore’s mining caused trouble for the Solana blockchain, the project stood out among others competing to find the next big thing for Solana.
Ore’s sudden surge in mining, coupled with the craze around memecoins, contributed to Solana’s congestion issues in mid-April. Over 70% of transactions were initially rejected due to the overload. This was partly because of the high demand for Solana block space and a failure to implement patches related to its networking stack.
On April 15, Solana developers aimed to solve congestion problems, but as of now, about 62% of the non-vote transactions are still failing, as per a Dune Analytics dashboard by scarn_eth.
Additionally, the Ore team paused mining just 13 days after starting on April 16 to improve their system with a second version. They’ve now resumed mining, as seen on Ore’s website.
The project’s creator, Hardhat Chad, is excited about the win but recognizes work still to be done. He aims to provide Solana users with a currency that’s fast, cheap, private, and immune to inflation—something everyone can mine.
Hardhat hopes that Ore aims to “make mining fun again” by enabling computation on ordinary laptops, thereby reducing the barrier to entry.
In short, Ore’s win at the hackathon marks a significant step towards a better future for cryptocurrency on Solana, despite some bumps along the way.
Also Read: New Solana Memecoin “Skinny Doge” Aims for Viral Success
