That Altcoin Has Increased Tremendously: Surprising Decision From The Founder!

ORE, a altcoin project, has been on the agenda recently. Crypto money has experienced a rise of 259 percent in the last 24 hours At this time, some comments and decision of the founder of the project attracted attention. Here's what happened...

Altcoin project is flying

The altcoin ORE project running on the Solana Blockchain has surpassed $300 to reach a price level of $325, an incredible increase of 259% in the last 24 hours. This indicates an extremely rapid rise of the project and attracts the attention of investors. However, this sudden rise was also followed by a sudden decline. The price of ORE fell from $325 to $192.46. Despite this decline, the token still later rebounded to $325.

Decision to stop mining on behalf of Solana

The main reason behind this decision is the congestion problems in the Solana network. Launched just two weeks ago as an experimental hackathon project, ORE quickly caught the attention of the Solana community. The rapid increase in interest and subsequent mining activities flooded the Solana network with transactions and contributed to significant congestion issues. In a post, Hardhat Chad said that the Solana Foundation should provide an incentive in the form of SOL if Solana blockchain platform wants to incentivize users to participate in testnet activities, such as testing new features or protocols.

Imho if solana wants to incentivize testnet spam, foundation should offer a SOL incentive

— Hardhat Chad (@HardhatChad) April 17, 2024

At the same time, Solana was also struggling with increased trades initiated by bots and new memecoin. This led to an increase in demand for block space, significantly slowing down the speed of the network. Solana has released a patch update to ease the congestion. HardhatChad noted that ORE has become the most used application in Solana by the number of transactions since its launch, generating more mainnet traffic overhead than any smart contract in the history of the blockchain.

What will be the future of ORE?

With the halt to mining operations, the future of ORE remains uncertain. The founder of the project said that "recent difficulty updates have conclusively demonstrated the need for a new contract design." The community's response to Hardhat Chad's proposal was divided. Some supported it, while others opposed it. A user named TheSoftwareJedi disagreed and advised Chad to focus on building his project first and show goodwill to the foundation.

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