Still FOMOing yesterday’s Ethereum on-chain hot project Slonk? Actually, a new narrative has arrived:

V4 Hook.

Over the past two weeks, Uniswap V4's Hook mechanism suddenly exploded in popularity. SATO leveraged the Hook to build an on-chain bonding curve, pushing its market cap to $40M. uPEG rode the viral story of being a scrapped Uniswap naming draft, reaching over $30M in just two weeks. Slonks stuffed AI models into smart contracts to imitate CryptoPunks, generating 586 ETH in trading volume within six days.

Though these three projects differ in gameplay, they all utilize Uniswap’s V4 mechanism.

Now comes the fourth.

The new project is called $UORE, launched yesterday. In one sentence: it bundles on-chain mining, token purchase raffles, pixel NFT generation, and deflationary burn mechanics—all into a single Uniswap V4 pool.

Because every transaction you make in this pool simultaneously executes all six actions behind the scenes, your gas cost is two to three times that of a standard swap...

Currently, opening CT reveals everyone complaining about the high gas fees.

On the token side, as of this writing, GMGN data shows $UORE surged to $1.2M market cap within hours of launch, then rapidly dropped to $440K. Pool liquidity sits at only $64K, yet 24-hour volume hit $1.2M—meaning the capital has rotated nearly twenty times.

Yet there are only 741 holders, with total supply under 10,000 tokens.

At first glance, the risk is extremely high. After a brief analysis, I personally believe this is the most complex mechanism within the V4 Hook ecosystem (this round of on-chain trends all tend to obfuscate mechanisms…).

It’s simultaneously a token, an NFT collectible, a staking farm, and a lottery system—four components welded together, not operating independently.

Four-in-One Farm

Most NFT projects treat tokens and NFTs as separate assets, bought and sold separately.

$UORE is not. Its NFT is called Oreling—a 32×32 pixel miner character embedded directly into the token. For every whole UORE held in your wallet, you automatically own one Oreling.

When you buy, the contract mints the Oreling; when you sell, it burns it; when you transfer, the Oreling travels with the token. You cannot buy an Oreling standalone, nor can you extract it from UORE.

Each Oreling’s attributes are determined by the hash of the next block at the moment of minting. This means you don’t know what kind of miner you’ll get when purchasing—and even validators can’t preview the result in advance.

The differences between these miners aren’t just aesthetic.

Each Oreling has a Class (rarity) and a Hash (a random number from 1 to 100). Their product determines Mining Power—the actual mining compute power.

The common Mortal class accounts for 60%, with a 1x multiplier; the rarest God class has only 1% chance, with a 5x multiplier. A lucky draw of a Hash 100 God yields 500 mining power—over ten times that of a regular miner.

So what’s mining power used for? Classic play: staking.

Stake your Oreling into the pool, and you start earning daily UORE releases proportional to your share of mining power. According to the official whitepaper, 1,000 UORE are released on day one, decaying by 1% daily thereafter, with a half-life of roughly 69 days. 80% of emissions go to stakers, 20% to the Motherlode prize pool.

This decay rate implies that 97% of total emissions will be released within a year. The earlier you stake, the larger your slice of the pie.

A noteworthy design in reward claiming: 10% "refined tax" is deducted and redistributed to all stakers who haven’t claimed yet. The whitepaper calls this refined-ore boost.

In plain terms: the later you claim, the more tax you receive from others. Early claimants effectively subsidize patient ones.

Then there’s Motherlode—translated as "mining vein jackpot."

Every time you buy ≥0.1 ETH of UORE via official channels, you automatically receive one lottery ticket. Winning odds scale with purchase amount: ~1/600 at 0.1 ETH, ~1/200 at 0.5 ETH, up to 1% at 1 ETH. Beyond 1 ETH, odds don’t increase—preventing whales from inflating probability.

If you win, the prize pool splits evenly: 50% goes directly to the buyer, 50% randomly distributed among stakers (weighted by mining power). As of this writing, only four wins have occurred historically, with the largest being 6.4 UORE.

Finally, the deflationary flywheel.

Buying incurs a 1% tax burned immediately; selling triggers a 1% tax funneled into a buyback treasury. Once the treasury accumulates 0.1 ETH, anyone can trigger an automatic buyback—any UORE purchased is instantly burned. As of this writing, 58 buybacks have been executed, burning 358 UORE in total.

Looking across the entire design: minor gameplay innovation, classic scarcity crafting, and another Ponzi-style economic model.

The code is forked, the mechanics are stitched together

$UORE wasn’t built from scratch.

Community members dug into the source code and discovered a folder named reference/unipeg-hook-source/. The founder Noah didn’t hide it—he openly stated on Twitter that $UORE’s contract is forked from uPEG and fixes two known issues in uPEG: NFT duplication and flash loan-based rarity manipulation attacks.

Checking the founder’s account, his bio reads “Ethereum dev & BAYC holder.” He posted his first tweet about $UORE on May 2nd, stating the project combines Solana’s ORE mining logic with uPEG’s V4 Hook architecture.

He also proactively @Unicurvefun and Openpeg, asking if they could support Orelings trading after their marketplace launches.

From these public signals, the lineage of $UORE is clear:

Solana ORE provided the “on-chain mining + raffle” gameplay template; uPEG offered the V4 Hook code skeleton; Noah improved and assembled both into this project.

Forking itself isn’t the issue. The real concern lies in:

And the whitepaper is telling: Read the contracts and understand the mechanics before deploying capital.

Translated into Chinese: “Understand it before coming in—don’t blame me if you don’t.”

Combining insights from previous Hook projects, we can observe: this wave of on-chain momentum thrives on complex mechanism design + massive information asymmetry—high alpha potential, but alpha shelf life keeps shrinking.

SATO gave one week, uPEG gave a few days, and now with $UORE, the window to understand the rules might be down to just a few hours...

By the time you fully grasp it, the rally may already be over.

Original: DeepFlow TechFlow