Ore Reporter⛏️

Do people realise that solana:oreoU2P8bN6jkk3jbaiVxYnG1dCXcYxwhwyK9jSybcp won @colosseum's first ever hackathon ⛏️ Two and a half years later it's a $44M hard money protocol on @solana, and the design is still the most interesting thing on the chain. Here's how it actually works 👇 The mine is a 5×5 grid. 1. Every round, miners deploy SOL onto the squares they like, and one square wins. The randomness comes from a seed committed before the round, mixed with a Solana slot hash nobody can know in advance. 2. The winning square takes back its SOL plus everything on the other 24, minus a 1% fee and a 10% protocol cut of the losing SOL. 3. Every round also mints +1 ORE to the winning square. Some rounds it's split across everyone on it. Other rounds one miner takes the lot, picked by weight of SOL. 4. Then there's the Motherlode. Another +0.2 ORE goes into the pot every round, and it only hits 1 in 500 rounds. When it does, the whole pot pays out. Where the SOL goes: 1. The protocol cut buys ORE off the market through @JupiterExchange. 90% of every buyback gets buried, burned forever, and 10% goes to stakers. 2. In the first half of September alone that was $1.26M of buybacks and ~18.5k ORE buried. My favourite detail is refining. Claim your mined ORE and you pay a 10% fee. That fee goes to the miners who haven't claimed yet. Paper hands literally pay diamond hands, onchain. Supply: The hard cap is 3M and ~497k is circulating. Max 1.2 ORE is minted per round, and the burns eat into it. At the 30-day net pace, max supply is 7,138 days away. That's over 19 years. On top of that: 1. The ORE Reserve parks protocol-owned liquidity below the market, so buybacks are already bidding when price dips. It had $39k+ deployed before it was two weeks old. 2. ORE paired memecoins can lock supply in a vault whose upgrade authority is frozen. Every ORE fee it earns gets buried. Dashboard by @dchapman and @GRAMS_OF_ORE. 3. $40M in revenue in 11 months of V3, per @Blockworks data. 4. And the Colosseum loop is closing. @ORE just put up an extra $30k at the @solanamobile CLOCK IN hackathon run by @RadiantsDAO, for the top build that integrates ORE. Team seem based: @HardhatChad @Theptilla @treybuckingham Go deeper: @zinnresearch's MineShaft Weekly and @networkstate001's GRID Magazine NFA. DYOR obv