Ore Wins $50K at Solana Hackathon Despite Being its Congestion Culprit

Solana-based proof-of-work crypto, Ore, obtained the top prize at a recent Hackathon backed by the Solana Foundation. Notably, an unexpected spike in Ore mining activities was among the main causes of Solana’s April network congestion. 

However, despite being the major culprit behind the network disruption, Ore won the Solana Hackathon. The project will bag a $50,000 reward in USD Coin.

Detailing Ore’s Solana Hackathon Victory

The Solana Foundation attributed its April network congestion to the high demand for block space and delays in implementing necessary patches. As a result, over 70% of non-vote transaction requests were initially rejected.

Most of this traffic came from a spike in Ore mining transactions during the April Solana-based meme coin frenzy. Ore’s development team managed the traffic by temporarily halting mining operations to optimize their system.

Ore allows miners to benefit from its unique codebase, inspired by Bitcoin but tailored for Solana’s smart contract. It enables multiple miners to share block rewards to promote a more decentralized mining ecosystem for both new and existing miners.

Besides that, Ore also focuses on revolutionizing mining by making it accessible and enjoyable for individuals using standard laptops. This removes the need for costly equipment required in conventional crypto mining operations and is the primary driver of Ore’s increased mining activities in April.

Despite significantly disrupting network operations, Ore won the grand prize of $50,000 in the just-concluded hackathon. 

Hardhat Chad, the pseudonymous creator of Ore, expressed satisfaction with the project’s hackathon victory. Chad emphasized Ore’s goal of providing Solana with a fast, affordable, secure, and inflation-proof digital currency accessible to everyone.

However, he acknowledged that there are more hurdles in the journey ahead and that the project still has a long way to go before it can bring its vision to reality.

Upon announcing the hackathon victory, Ore token surged 115%, raising its price to $270.8. While the price has receded with an over 5% decline in the last 24 hours, ORE still maintains a 112% price gain in the last seven days.

Interestingly, an unprecedented number of participants participated during the Solana Renaissance Hackathon, marking the largest online participation in the event’s history.

Over 8,300 contestants from around the globe showcased their creativity and technical prowess, presenting 1,071 final projects.

The hackathon’s success was made possible by the support of several prominent sponsors, including Symmetry, Solana Mobile, Phantom, Pyth, Orca, Squads, IO.NET, and Brave.

These industry leaders partnered with the Solana Foundation to provide a fertile ground for crypto founders to kickstart their entrepreneurial journeys.

Dan Albert, a key figure at the Solana Foundation, praised the hackathon’s achievements, emphasizing its key role in driving innovation within the ecosystem.

He also highlighted the emergence of a new generation of exceptionally talented developers and founders poised to move crypto toward mainstream acceptance with their groundbreaking products.

Essentially, the hackathon showcased participants’ technical capabilities and catalyzed collaboration and knowledge exchange within the crypto community.