Buyback Radar

ORE Protocol ORE

Cheap & growingRank#4▼1Score60

1.0× vs 20.2× for all tokens, revenue +37% over 30 days.

Gamified Mining, Solana, 192 days of data,

Active signals 1

  • New in top 20held since Oct 30

    Ranked #4 on Nov 11, down from #3 the day before.

Market cap

$51.7M

price $99.42 · 7d −34.3% · 30d −10.6%

FDV $51.5M (1.0× market cap)

source defillama

Buyback revenue / year

$52.0M

holders revenue of the last 30 days, $4.3M, × 365 ÷ 30

Buyback + burnbuyback share 99%

DefiLlama books 99% of ore-protocol's revenue as holders revenue; the project itself says 85% of its revenue. See How the buyback really works.

Buys back 101% of its market cap a year, using 99¢ of every $1 it earns.

Multiple

1.0×

median of all tokens 20.2×, against 1.0× here

Run-rate

1.2×

last 7 days $850k × 52 = $44.2M a year

last week's payout in line with the 30-day pace

What we checked

  1. Valuation

    Multiple 1.0×, 20.4× cheaper than the median of all tokens (20.2×; its category is too small for a peer group). The group's largest earner Hyperliquid trades at 20.2×: 20.4× cheaper per dollar returned to holders. On total revenue: 1.0×, in line with the revenue peer median.

  2. Distribution

    Buyback + burn: Revenue buys the token on the market and the bought tokens are burned. Holders got $4.3M of $4.3M revenue in 30 days → buyback share 99%. DefiLlama: “99% of ORE fees are used to buyback and burn ORE and distributed to ORE stakers.”

  3. Sustainability

    Holders were paid on 30 of 30 days (100%); largest single day 6% of the month's holders revenue; paid to holders this week: 69% of the best week in 90 days. Revenue −30% over 7 days and +37% over 30 days, price −11% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

  • Small peer group51 peers in universe; median taken from the universe level

How the buyback really works

Researched Nov 1, 2026 · 5 wallets: 5 high confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerPartly automatic, partly up to the team
  3. The tokensBought tokens are burned

The project says 85% of its revenue goes to buybacks; DefiLlama books 99% of ore-protocol's revenue as holders revenue.

On-chain: not measurable with our sources (the treasury ORE account moves about 2,000 times a day; paging that through Helius does not fit in one run).

Method: not measurable: the treasury ORE account moves about 2,000 times a day; paging that through Helius does not fit in one run. Checked November 12, 2026.

Red flags 5

  • Since September 2026 a growing share of treasury SOL goes to LIQ_MANAGER instead of the buyback. According to the commits on wrap.rs: 2026-09-08 'liq', 2026-09-10 2%, 2026-09-14 5%, 2026-09-25 10%, 2026-10-02 15% (confirmed via the GitHub API).
  • DefiLlama's calculation (fees/ore) still applies 99% holders and 1% protocol to SOL inflow into the treasury and ignores the LIQ_MANAGER deduction; the buyback is therefore overstated by ~15%.
  • Timing, amount (max 100 SOL per wrap) and swap route are determined by a single team key (BURY_AUTHORITY), and the program is upgradeable. The 90/10 split is in the code (buyback.rs: shared = total/10).
  • Burns make room for new emissions up to MAX_SUPPLY and are therefore not necessarily net deflationary.
  • Official docs could not be read. The claims come from the source code, and GitHub code is not automatically the same as the deployed program.
Buyback wallets 5
Sources 6

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Each buyback is a transaction of the ORE program (oreV3EG1i9BEgiAJ8b177Z2S2rMarzak4NMv1kULvWv, declare_id in api/src/lib.rs), signed by BURY_AUTHORITY HNWh.... Parse the BuryEvent (disc=1: ore_buried, ore_shared, sol_amount) and the LiqEvent (disc=3: sol_amount to LIQ_MANAGER), or the log lines 'Sent X SOL to liq manager', 'Shared' and 'Buried'. Over 30 days: Helius getSignaturesForAddress(HNWh...) with pagination and getTransaction, or Dune (tokens_solana.transfers action='burn' on the ORE mint with the treasury as authority). Compare SOL inflow to the treasury PDA (the DefiLlama method: solana.account_activity) against SOL to LIQ_MANAGER to calculate the actual percentage.

Holders revenue / revenue (30d)
$4.3M / $4.3M
last 30 closed days
To holders
Buys back 101% of its market cap a year
FDV / dilution
$51.5M / 1.0×
FDV ÷ market cap
Price 7d / 30d
−34.3% / −10.6%
Revenue growth 7d / 30d
−30% / +37%
versus the period before
Divergence
0.43
revenue growth minus price growth, 30d
DEX liquidity
$1.8M
DexScreener, representative pools
24h volume
$876k
all markets, CoinGecko
Unlocks 30d
—
DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple
1.0×
market cap ÷ revenue per year
Fee multiple
1.0×
market cap ÷ fees per year
Distance to peak
69%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 1.0× (scored) · peer median 20.2×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
DateSignalPrice thenAfter 7dAfter 30dSinceOutcome
October 30, 2026New in top 20active$142.63−13%—−30%not counted

Versus peers

universe (whole universe) · 52 tokens (51 with a multiple) · median multiple 20.2× · Hyperliquid is valued 327.9× higher. Per dollar that counts for holders, ORE Protocol is 20.4× cheaper.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
PaperStrategyBuyback + burn0.2×0.1×42%$780k$1.9M+17%
Pharaoh Exchangeve / bribes0.3×0.2×100%$1.3M$2.6M−52%
OTCBuyback + burn0.5×0.2×43%$292k$1.9M+111%
RamsesXMixed0.7×0.5×97%$368k$2.2M+8%
nestDistribution0.8×0.4×100%$869k$4.4M+32%
SaplingBuyback + burn0.9×0.7×82%$100k$1.1M−30%
ORE Protocolthis tokenBuyback + burn1.0×1.0×99%$4.3M$51.7M+37%
StonkFunBuyback + burn1.7×1.0×60%$1.7M$34.5M−88%
upve / bribes2.0×1.0×100%$313k$3.9M−68%
Fake World AssetsBuyback + burn2.4×1.7×80%$149k$3.9M−70%
THORSwapMixed3.7×2.1×75%$312k$10.4M+55%
MarinadeBuyback5.1×2.5×50%$193k$11.9M−13%
ChainflipBuyback + burn5.4×5.4×100%$520k$34.4M+59%
PonsBuyback + burn5.7×5.7×118%$1.7M$99.8M−84%
PumpBuyback5.8×2.6×44%$21.9M$1.54B−24%
UsualMixed6.3×3.3×70%$378k$21.6M+80%
Aerove / bribes8.7×4.0×96%$7.4M$372.0M−6%
Tornado CashMixed9.6×7.2×100%$278k$24.4M−21%
SSV NetworkMixed12.4×9.3×100%$275k$31.1M−10%
SparkBuyback13.0×3.7×29%$340k$53.8M+133%
LighterBuyback14.6×11.8×81%$4.4M$775.1M+14%
edgeXBuyback16.0×7.0×44%$622k$120.8M−43%
LidoBuyback18.6×6.2×34%$0$255.2M+6%
GeodnetBuyback + burn18.8×15.1×80%$744k$170.5M0%
PancakeSwapBuyback + burn19.5×12.8×65%$2.4M$563.6M−29%
HyperliquidleaderBuyback + burn20.2×20.2×100%$68.8M$16.94B−3%
BankrDistribution20.3×8.8×86%$237k$25.1M−85%
deBridgeBuyback20.8×15.6×75%$340k$86.1M−13%
ApeX ProtocolMixed21.2×15.9×100%$145k$28.2M−21%
Yield Basisve / bribes22.1×7.8×100%$148k$14.0M41.0×
SkyMixed26.7×8.4×42%$5.5M$1.34B−3%
RaydiumBuyback27.1×16.8×62%$1.3M$425.4M−65%
Curve Financeve / bribes29.3×11.1×94%$2.6M$374.4M+44%
Collector CryptBuyback + burn35.3×0.9×3%$392k$168.2M−5%
GMXDistribution37.0×13.5×73%$354k$79.6M+15%
Maple FinanceBuyback37.2×7.4×20%$326k$147.5M+14%
UniswapBuyback + burn37.3×37.3×100%$8.2M$3.71B−20%
Convex Financeve / bribes47.5×13.8×95%$881k$155.5M0%
OrcaBuyback47.8×7.9×16%$130k$75.6M−36%
AsterBuyback + burn50.2×∞—$2.8M$1.69B—
JupiterBuyback50.2×15.9×32%$1.4M$856.4M−32%
dYdXDistribution51.6×25.8×100%$240k$75.2M−15%
VeniceBuyback + burn68.7×68.7×100%$1.1M$941.4M+22%
KinetiqMixed84.8×37.3×59%$133k$103.2M−37%
RailgunDistribution86.5×28.1×66%$202k$116.7M−9%
Pendleve / bribes104×37.2×72%$411k$260.0M+39%
Render Network BMEBurn122×86.6×95%$751k$832.8M+240%
ChainlinkBuyback152×147×100%$4.3M$7.66B−2%
MeteoraDistribution180×5.2×18%$458k$161.9M−60%
NEAR ProtocolBuyback206×194×94%$1.8M$4.51B−18%
LiquityDistribution1.2k×8.2×80%$128k$15.8M+409%
BONK.funMixed∞11.7×95%$1.5M$233.7M−67%
Score build-up60 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

60of 100#4▼1top 6%
Valuation 26.7Momentum 9.3Divergence 5.7Quality 17.8= 59.6
Valuation35%
76Valuation 76.4: HR half 100.0 (multiple 0.99×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 52.8 (revenue peer value 1.06×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%
37Momentum 37.2: m = 0.5·g7 −0.353 + 0.3·(ln(day jump 0.80) clamped ±1.5 = −0.219) + 0.2·g30 0.316 = −0.179; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%
29Divergence 28.5: d = g30 − p30 = 0.428; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
89Quality 89.0: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 6% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.69 → 67.1 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from
Revenue source
1 active child
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
not measurable
checked Nov 12
Protocols behind this token1 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

  • ORE Protocol
    Gamified Mining · Solana
    type buyback-burn · source text
    “99% of ORE fees are used to buyback and burn ORE and distributed to ORE stakers.”

    99% of ORE fees are used to buyback and burn ORE and distributed to ORE stakers.

    adapter on GitHub ↗