ORE surpasses 3 million SOL deployed for mining since V3 launch
ORE, the Solana-native mining protocol built by pseudonymous developer HardhatChad, has now attracted more than 3 million SOL deployed for mining activities.
For a project that literally broke the Solana network during its first version in early 2024, the trajectory from network menace to serious DeFi primitive has been remarkably fast.
How ORE’s grid mining actually works
ORE V3 operates on a 5×5 grid system where participants place their SOL stakes strategically across positions. Players deploy SOL into grid positions, and winners collect portions of the losing stakes along with freshly minted ORE token rewards. The protocol takes a 10% fee on these transactions.
The road from V1 to V3
The original version launched in early 2024 with a proof-of-work model that caused notable congestion on the Solana network.
Version 2 arrived on October 22, 2025, marking the pivot from proof-of-work to the grid-based mining model. That transition resulted in a surge in protocol revenue, with peak daily earnings hitting hundreds of thousands of dollars.
V3 followed as a refinement of the V2 economics, introducing buyback mechanisms designed to support token value over time and deliver more stable reward payouts.
The protocol maintains a capped supply model for the ORE token, drawing inspiration from Bitcoin’s 21 million cap. Linear issuance characterized the earliest designs. The fair-launch approach, with no pre-allocations, mirrors Bitcoin’s ethos of equal access.
Why 3 million SOL matters
The revenue figures reinforce engagement levels. Hundreds of thousands of dollars flowing through the protocol daily means active, engaged participants. The 10% protocol fee on winning transactions creates a sustainable revenue stream for the project itself.
The buyback mechanism introduced in V3 uses protocol revenue to purchase ORE tokens from the open market, creating structural buying pressure that could support token valuations during periods of broader market weakness.
A grid-based system where winners take from losers has inherent zero-sum dynamics. The 10% protocol fee means the aggregate pool of participant capital shrinks over time, requiring a constant inflow of new capital and new players to sustain reward levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Key Developments in Anthropic IPO: Plans to Allow Existing Shareholders to "Cash Out," Potential Lockup Extension, Expected Listing as Early as Late September
According to reports, Anthropic is considering allowing existing shareholders to sell a portion of their shares in the IPO while also exploring a lock-up period longer than 180 days. This aims to meet some liquidity needs of early investors and employees, while controlling the supply and price volatility of shares after the listing. The company plans to publicly disclose its prospectus after the US Labor Day on September 7, and hold an Investor Day in mid-September. Prediction markets indicate that the probability of the company completing its IPO before October has risen to 86%.
"New Federal Reserve News Agency": Bessent's frequent interventions test the boundaries of Federal Reserve independence
According to The Wall Street Journal reporter Nick Timiraos, U.S. Treasury Secretary Yellen is gradually intervening in the Federal Reserve’s traditional policy domain by expanding long-term Treasury buybacks and suppressing yields, sparking concerns about central bank independence. The timing of these moves is abrupt and has been criticized as "price management," adding pressure to the existing interest rate disagreements within the Federal Reserve. This approach also undermines Fed Chair Powell’s policy framework, which relies on obtaining real signals from market prices.
Polygon loses 12% amid intense selling pressure: Can POL redeem itself?
Goldman Sachs’ non-AI S&P 500 index outperforms regular index since June
Crypto prices
More
