What is ORE (ORE)? Reasons for Minting Authority Activation on Solana

What is ORE (ORE)?

ORE is a reward token for a mining game that operates on Solana. Instead of using hash calculations or specialized equipment, participants place SOL on a 25-square board. At the end of each round, a winning square is determined through an on-chain lottery, and newly issued ORE is distributed to the corresponding participants.

The freeze authority for ORE is not set, and the minting authority is active. However, this authority is managed by a program that does not have upgrade authority, rather than by a wallet. The program defines constraints such as limiting a single mint to a maximum of 2 ORE, rejecting re-mints within 150 Solana slots, and ensuring that the total supply does not exceed 3,000,000 ORE. These are constraints in the code and do not guarantee investment safety or future prices.

Overview of ORE

Reasons for Active Minting Authority of ORE

Since the game issues rewards each round, the minting authority has not been disabled. The minting authority for ORE points to a program-owned account, which does not have upgrade authority. The code deployed on December 9, 2025, includes constraints regarding issuance volume and intervals.

Upon checking the mint account on the Solana mainnet on September 12, 2026, it was confirmed to have 11 decimal places, no freeze authority, active mint authority, and a base unit of 49,073,703,958,776,294. It follows the 82-byte structure of Classic SPL Token, with no confirmed transfer fees or hooks.

In ORE, one token is divided into 10 billion base units. The main constraints of the mint program are a maximum supply of 3,000,000 ORE, a mint limit of 2 ORE per transaction, and a mint interval of at least 150 slots. Additionally, requests from signers other than the ORE treasury are rejected. These are explanations of the program's behavior and do not eliminate risks from code changes or surrounding systems.

Mining on Solana without Hash Calculations

Participants place lamps on any of the 25 squares, and the round continues for a set number of slots. After that, the program selects a winning square from a source of randomness on-chain. In about half of the rounds, ORE is distributed among participants who selected the winning square, while in the remaining rounds, one participant receives the entire amount. An additional 0.2 ORE goes into a jackpot pool, which is said to be paid out approximately once every 500 rounds.

Each square incurs a 1% management fee on the placed SOL. An additional 10% from the remaining balance of losing squares goes into the protocol's vault, and this additional burden does not apply to the winning squares. The SOL in the vault is used for buying back ORE, with 10% of the received ORE distributed to stakers and the remaining 90% burned. Since new issuance and burning occur simultaneously, the supply on the data feed reflects the net value at the time of confirmation.

Points to Consider When Looking at ORE Prices and Supply

ORE fluctuated from a closing price of $55.44 on September 10, 2026, to $78.13 on September 11, 2026. Records from CoinGecko show changes of 29.28% over 7 sessions and 19.22% over 30 sessions. Past price fluctuations do not indicate future prices.

As of the chain confirmation on September 12, 2026, the issued supply was 490,737.04 ORE, which was 16.36% of the cap. ORE was traded in 30 Solana pairs, with total pool liquidity of $1,174,757. The top 3 pools accounted for $902,749, or 76.8% of the total, indicating that in a thin market, orders may affect displayed prices.

Using the supply and the closing price on September 11, the market capitalization is approximately $38,340,933. The figure based on the same closing price from CoinGecko was $38,326,255, showing a discrepancy in supply. CoinPaprika displayed a market cap of zero and no circulating supply. Due to differences in figures from data providers, it is necessary to verify the confirmation time and calculation methods.

Risks of ORE

The same wallet holds the upgrade authority for the mining program and the update authority for Metaplex metadata. The metadata is in a modifiable state, and changes to the token name, symbol, and image are possible. Additionally, the length of rounds and downtime are managed by a set account and may change in the future.

ORE has 11 decimal places. Tools that assume 6 or 9 decimal places may misrepresent balance displays, so please check the decimal places on-chain when confirming balances. The ticker ORE may have multiple assets, and to avoid confusion with wrapped versions or old mints displayed as "Ore OLD," it is necessary to verify the contract address.

The distribution of holders could not be confirmed due to request failures to Solana nodes caused by rate limiting. ORE markets were not confirmed on Phemex, and the prices presented are based on public data feeds and on-chain pools.

How to Verify the ORE Contract Address

Check the decimal places, supply, mint authority, and freeze authority from the mint account. In the metadata account, check for similar characters (homoglyphs) or invisible characters. If there is an active mint authority, investigate whether the owner is a program or a wallet. Finally, compare multiple price data and check the assumptions or update times if there are discrepancies.

For ORE, the on-chain name and symbol are ASCII characters of 3 letters, and no invisible whitespace was found. The metadata pointer also pointed to a 201-byte file containing the same name and symbol. However, this does not guarantee price, liquidity, or future operations.

Related Academy articles: Audit of New Cryptocurrency Contracts, PoW and Network Security, Market Makers and Market Takers. For information on how to calculate market capitalization, see the calculation methods for cryptocurrency market capitalization, and for position sizes in derivatives, refer to risk management in cryptocurrency derivatives trading.

This article is for informational purposes only and does not constitute financial advice. Trading in cryptocurrencies carries significant risks. Please conduct thorough research before making any decisions.