Introducing: Steel
Steel is a new modular framework for building smart contracts on Solana. Write programs with minimum boilerplate and maximum flexibility.
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I have decided to pause all mining, effective immediately.
I believe this action to be in the best interests of Solana, Ore holders, and the fastest path forward to v2.
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ORE v2 Release Notes
Today I’m excited share more about ORE v2 and dive into the various features that will be rolling out over the days and weeks ahead.
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Gonna make ore money or die trying
⛏️ Put your hard hats on and start mining. PoW is now on Solana.
🪨 Beginning today, merchants can opt to settle transactions in $ORE through any Sphere-powered checkout.
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An update on the development of ORE v2...
ORE will have a total maximum supply cap of 21 million tokens.
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As we get ready to mine again, I want to take a minute to recap the origins of ORE and how we got to where we are today.
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Upgrading ORE
Starting today, you can now upgrade OREv1 tokens to v2.
Read on to learn how.
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In 6 months, our two person dev team has launched:
- A groundbreaking proof-of-work mining system
- A cpu-friendly hash function
- A wallet adapter for rust-based web apps
- A web app for miners
- A command line interface for miners
- A modular solana smart contract framework
- Open infrastructure for operating mining pools
- (Soon) An innovative staking and incentive system
You can literally just do things anon. Don't be intimidated by big ideas. Just start building, and ship!
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I've published a new version of the CLI that 10x's the delay between tx retries to 2 seconds.
Goal is to give the validators and rpcs that keep solana running breathing room to make the changes that are needed.
If you care about solana, please upgrade!
crates.io/crates/ore-cli
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Introducing Drillx: a new proof-of-work algorithm for smart-contract based cryptocurrency mining
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github.com/HardhatChad/drill…
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An update on Ore supply distribution.
One of my primary goals for the launch has been to get the token into as many hands as possible. To this end, Ore had no pre-mined supply nor insider allocation. The launch was designed to be as fair as possible, with supply starting at zero, and the best way to acquire the token being to mine.
Five days in, ~6000 tokens have been mined and there are ~25,000 unique holders spread across the globe. It's hard to estimate exactly how many people are behind all these accounts, but the on-chain data helps give some ballpark sense of the size of the community.
The top account in the leaderboards (FTap) – which Birdeye has flagged as "Creator" – is actually the Ore Treasury account. This is a special program account which holds onto all of the mined, yet-to-be-claimed Ore. Its token balance today stands at ~1.3k, meaning ~21.8% of the mined supply has yet to enter circulation.
3 of the 4 next largest holders are Meteora DLMM pools. In other words, these are tokens that have been deposited into liquidity pools for trading.
So the largest individual holder today appears to be 7h3F who has a balance of 150 ORE or approximately ~2.5% of the supply. Following them is a smooth distribution with a *verrry* long tail. This is exactly was I hoping to see out of the launch.
Despite the numerous issues affecting both the Ore app and Solana this week, a lot of people appear to have been able to mine and are now holding the token. I believe the launch has gone about as fairly as I ever possibly could have hoped for.
There's still obviously a ton of work to do to ensure everyone has access to the chain and equal opportunity to mine. Solana networking issues need to be addressed, I have a bunch a bugs to squash, and we need to ship working native apps for Mac, Windows, Android, etc.
But suffice to say, Ore appears to be one of the fastest growing token launches in crypto history and we're very well setup to begin thinking about the next phases of the mission: making Ore a practical and spendable digital currency.
Mine on! ⛏️
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Ore exists for one reason: to provide the world with a fast, cheap, private, inflation-proof digital currency everyone can mine.
There's a long way to go to make this vision a reality, but wins like these are important and we get one step closer everyday
2/ 🏆 The Renaissance Hackathon Grand Champion and recipient of the $50,000 USDC prize is @ore, a new digital currency that enables anyone to mine using a novel proof-of-work algorithm on Solana.
See you in Singapore at @SolanaConf Sept. 20-21!
arena.colosseum.org/projects…
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Okay.. took a minute, but contract is deployed.
Mining is not enabled.
Next step will be to enable upgrades.
Announcement tomorrow
explorer.solana.com/address/…
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Rust Wallet Adapter
Today, I'm excited to open source our Solana wallet adapter for Rust frontend web apps.
If you want to make the leap to fullstack Rust on Solana, now is your chance.
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github.com/regolith-labs/dio…
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Update: in preparation for Ore v2, I have officially burned the v1 admin authority.
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Self sovereignty.
Financial privacy.
Censorship resistance.
Freedom from fiat.
These things matter.
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Full disclosure, ORE has to date:
- No market maker deals
- No paid KOLs
- No CEX listings
Solana is the home of retail
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Team has worked incredibly hard, putting out fires and solving scaling challenges over last two weeks. Shifting focus now back to feature development and blockers for contract freeze.
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TLDR
- No admin functions
- 21m total supply
- Stake for a multiplier
- New hash function
- Sybil disincentive
- Better clients
- After freezing, immutable forever
- Upgrades coming soon
ORE v2 Release Notes
Today I’m excited share more about ORE v2 and dive into the various features that will be rolling out over the days and weeks ahead.
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I have the opportunity to do the funniest thing possible
While @solana is getting busted by @ore, head over to @flow_blockchain where you can have smooth transactions without failure 😎 Flow’s multi-node architecture fixes that #FlowFixesThat #OnFlow
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Bullish on teams that will rewrite the entire solana dev stack just to see the vision through
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Every single time I have to interact with a bank, I'm reminded of why the world needs crypto
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By far, the most important design decision I made while working on ORE was to not build it as a new L1/L2 blockchain.
Building at the application layer on Solana unlocks:
- Fast and cheap transactions
- Wide and fair token distribution
- True contract immutability
Ore — the project that broke Solana — is a leveraged bet on the network’s success
Learn about @ore, the upsides and the downsides, with @kelxyz_’s guest thesis on the Helius blog: helius.dev/blog/solana-build…
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All I will say is this…
ORE broke totally new ground with the “PoW on PoS” meta. If you thought we would stop here, you’re in for a wild surprise
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Company filed. Bank account opened. Agreements signed. Mondays are for paperwork...
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New version of the web app rolling out now. Main changes include:
1. An import key feature to recover prior sessions (much requested)
2. An impossibly-too-large-to-ignore reminder to back up your keypair
3. Errors submitting txs should no longer require manual restart
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Solana has @elmnts_ (oil), @uraniumdigital_ (uranium), @orogoldapp (gold), and @AgriDexPlatform (agriculture).
Who else is bringing commodity markets onchain?
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I hope you've enjoyed the peace, because I'm going to be insufferable once we start shipping stuff
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CLI v2.0.0
I've just published v2.0.0 of the ore-cli. You can upgrade today by running the following command:
cargo install ore-cli
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Just deployed the latest build of ORE v2 to solana devnet for public testing. To install the pre-release version of the CLI, please use this command:
cargo install ore-cli@1.0.0-alpha
crates.io/crates/ore-cli/1.0…
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There is an assumption in crypto that only L1 tokens can be digital SoV. This thesis is wrong.
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Weekend updates: v2 is now live on devnet for public testing and cuda implementation is open source
Join the discord to provide feedback and help shape v2
discord.gg/W47GCDv5
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Pools
To improve the web app experience and reduce costs for miners across the chain, we will be rolling out a number of changes to the web app over the coming days and weeks.
Starting with pools.
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V1 Token Tag
In preparation of the launch of ORE v2, today we will add a “v1” tag to the metadata all existing v1 tokens.
This tag will help distinguish legacy v1 tokens from the new v2 token, which will inherit the ORE image, name, and ticker symbol going forward.
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Just released a new version of the CLI (0.4.10) with two primary upgrades:
- A safety check to avoid the 0x3 error
- Smarter confirmation checks for retried txs
These changes should help further reduce failed txs fees and spam on the network
crates.io/crates/ore-cli
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2024 was a big year.
- Launched ORE
- Congested the chain
- Paused mining
- Won Colosseum hackathon
- Founded Regolith Labs
- Raised seed round
- Hired @bigtimetapin and @neil_shahani
- Launched ORE v2
- Launched @STEELnew
- Launched ORE pools
- Launched ORE boosts
No doubt, 2025 will be even bigger
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New website is now live.
Currently configured for devnet mining (you will need devnet SOL). Will update for mainnet when we go live with v2
ore.supply
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I’m pretty confident if we get the v2 incentives right, it will be by far the most interesting game in crypto
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Spent this weekend designing an asic resistant hashing algo for the solana runtime.
Any cryptography folks out there who want to try and break it?
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First audit report delivered. Small changes suggested and implemented. Expecting second independent report soon. Will publish both to github
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Imho if solana wants to incentivize testnet spam, foundation should offer a SOL incentive
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"De Moneta" is a medieval treatise on sound money, written in 1355 by French philosopher Nicholas Oresme.
The lore runs deep.
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I want to tell you a secret... I did not wake up yesterday with a plan to ship Steel.
Around noon, @bigtimetapin complained to me that there was a dependency hell issue using ore-utils between the ore and ore-boost programs. The solution was simply to pull out the utils module it's own repo.
I'd had an idea for a while that I wanted to turn this module into a new framework, and so I started optimistically looking for a new package name on crates io. It took about 20 minutes to find "steel" was still available. As soon as we saw that, we thought "fuck it, today's the day".
It was probably only 7-8h from initial convo to publishing the code and posting the launch thread. I spent a few more hours today improving the account validation logic, and... voila! A solution to one of the biggest pain points for developers on solana.
Don't overthink it anon. Just start building and ship!
nitter.app/HardhatChad/status/183…
Introducing: Steel
Steel is a new modular framework for building smart contracts on Solana. Write programs with minimum boilerplate and maximum flexibility.
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Important to note that I do not control the ORE mint authority. That is managed by the contract.
And once frozen, the contract will be immutable forever. Harder to change than even bitcoin
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Between mining on solana, rust on the frontend, and a new smart contract framework, I think we've proven we're not afraid to shake things up a little bit. And we have a lot more we want to do...
Hmu if you're looking for work
github.com/regolith-labs/ste…
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Bitcoin hard forked.
Ethereum hard forked.
Solana never hard forked.
That’s undervalued.
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Our team is growing and we really want to talk to mobile engineers. If you have experience shipping Android/iOS apps to production, hmu
Introducing: Regolith Labs
We have started a company and raised $3m to accelerate the development of the ORE ecosystem. Our mission will be to onboard millions of net new users to crypto through new proof-of-work mining primitives and liquidity networks on Solana.
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DEVS WANTED
for hazardous journey, small wages, bitter cold, long months of complete darkness, constant danger, safe return doubtful, honor and recognition in case of success
airtable.com/appfEPxnsDaZg2M…
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Will be @formacity next month to talk about mining, the fair-launch problem, and how ORE can onboard millions of people crypto
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The single most requested feature for the ORE web app was native wallet support.
With v2, you no longer need to worry about backing up or importing keypairs. You can connect any existing Solana wallet to secure your stake and claim mining rewards
New website is now live.
Currently configured for devnet mining (you will need devnet SOL). Will update for mainnet when we go live with v2
ore.supply
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The goal isn't to copycat bitcoin. The goal is to lower the barriers to entry so we can onboard millions of new users to crypto
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Guy who buys an NFT and makes it his entire personality
The floor price for hard hat chads is currently 19.26 SOL on @tensor_hq
Do what you will with that information...
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CLI v2.3.0
I've just merged a number of new community PRs and published ORE CLI v2.3.0 with support for:
- Jito tips
- Blockhash retries
- Default dynamic fee strategy
- Recovery from 0x0 error
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CLI v2.2.0
The PRs keep rolling in.
I’ve just published ORE CLI version 2.2.0 which includes a number of small changes to improve the user experience of the CLI.
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