The ORE protocol, a Solana-based mining project, achieved a net supply reduction over the past week through consistent token buybacks. On-chain data shows 1,581 ORE tokens were burned against approximately 1,320 minted, pushing circulating supply below its prior close.
The protocol allocated $94,209 daily to buybacks throughout July, consuming 0.28 percent of total supply each day.
Since May 1, ORE has climbed 28 percent while SOL has dropped 11 percent.
The ORE development team permanently disabled the token's minting authority, capping maximum supply at 5 million tokens and fixing issuance at 1 ORE per minute. Despite ongoing issuance, protocol revenue funneled into the automatic buyback mechanism allows net supply to shift between inflation and deflation. Sufficient revenue pushes ORE into a deflationary phase, a state recently confirmed by Dune data.
Since the launch of ORE v3 ten months ago, over $27.3 million of ORE has been reacquired through open-market buybacks. Over 100,000 uORE and rORE tokens have been staked by miners since v3 launched, reducing available sell-side pressure. Protocol revenue peaked at $389,000 on Nov. 6, with all revenue allocated to buybacks.
ORE's roadmap includes an SDK release and a v4 protocol upgrade, both expected in 2026. The SDK targets wallet, DeFi and privacy protocol integrations to expand permissionless mining, staking pools and token utility across Solana.
A sustained 30-day net supply reduction remains the key on-chain metric to watch for the next catalyst.
