Ore Fever In Solana, Users Spend Billions Of Rupiah For This Token

Ore Fever in Solana, users spend billions of rupiah for this token (Photo; Doc. Co-invest)

JAKARTA - Solana users are currently competing for the'mining' of the Ore token, a digital asset that is of great interest due to its unique distribution mechanism. Ore, which is designed to be similar to a proof-of-work (PoW) mechanism like Bitcoin, uses a computational puzzle as a distribution method. However, in contrast to Bitcoin, Ore is actually an ordinary token on the Solana network.

Since the launch of its latest version on Tuesday, Ore has recorded more than 4 million transactions within 17 hours, accounting for up to 16% of total transactions on Solana's network at its peak. This phenomenon not only describes the enthusiasm of the crypto community, but also shows how gaming can encourage rapid adoption of blockchain technology.

However, this enthusiasm comes at a price that is not cheap. The Ore miners are willing to spend thousands of dollars in SOL tokens, Solana's native currency, just to ensure their transactions are processed and they get a share of Ore's supply. Some miners have even made thousands of dollars from Ore's sales, which are currently trading around 450 US Dollars (around Rp7.2 million) per token on decentralized exchanges.

Behind this euphoria, problems also arise for some users. About 8% of all Ore mining transactions are reported to have failed, indicating technical challenges in the process. Even so, this is not the first time Ore has caused a commotion on the Solana network. When it was first launched in April 2024, the spike in Ore transactions overwhelmed Solana's network, delaying other transaction processes. However, this problem appears to have been addressed in this launch.

According to DL News information, Ore, led by a pseudonym developer named Hardhat Chad, has a maximum supply of 21 million tokens, similar to Bitcoin. Without venture capital support, Ore won Solana Renaissance Hackathon last May and brought home a prize of 50,000 US Dollars (Rp806 million).

Although Ore is predicted to be an internet-based original money, the biggest challenge may come from competitors such as a USDC stablecoin that has already been established in the market. Solana users are expected to remain alert to the risks and costs that may arise from this Ore mining activity, given the high technical challenges and market volatility.

According to a report from CoinDesk, Ore has attracted the attention of international investors, with some of them coming from the United States and Europe. They are interested in potential profits that can be obtained from Ore mining and trading. In addition, data from CoinMarketCap shows that Ore's trading volume has reached 10 million US Dollars (approximately IDR 161 billion) in the last 24 hours, placing it among the top tokens on the Solana network.