Layer-1 blockchain Solana has released a new solution designed to drastically reduce the cost of on-chain storage. The technique, called state compression, promises to reduce the cost of minting 1 million non-fungible tokens (NFTs) on the network to nearly $110.
"After multiple development, adoption, and rollout phases, the compressed NFT is live on Solana's mainnet beta and is ready for the next wave of Novel on-chain product experience powered.” According to Wong, compressed NFTs with the same structure are “2,400-24,000 times cheaper” than their uncompressed “peers.” On Twitter, users categorized the state compression solution as a "game changer" and a path to "making Solana a more viable option for enterprise use cases."
According to Solana's tech lead, state compression relies on Merkle trees, "a data structure known for being able to 'compress' the verifiability of a tree of data into a 'hash' or 'fingerprint' of the tree's current state" "This compression-friendly data structure allows developers to store small amounts of data on-chain and update it directly in the Solana ledger, significantly reducing data storage costs while still using the security and decentralization of Solana's base layer," Wong said. pointed out.
Wong said the development is a "truly cross-ecosystem effort." The solution was built by developers at Solana Labs and Metaplex with support from Phantom and Solflare, and is powered by RPC node providers and indexers Helius, Triton, and SimpleHash. Dialect, Crossmint, Helium, and Wordcel are Solana ecosystem projects that already use state compression. The solutions they employ range from NFT minting to the integration of corporate loyalty programs to improving user experience.
