Solana Unveils State Compression Feature to Optimize Data Storage
Solana has recently introduced a new feature, State Compression, aimed at reducing the on-chain data load and enhancing long-term performance for the platform.
Jon Wong, Head of Engineering at Solana Foundation, has announced the rollout of State Compression to the ecosystem. This solution is designed to minimize on-chain data storage, thereby improving the platform's scalability and reducing storage costs.
1/ Solana's low fees have made it an industry leader. But thanks to a recent innovation from teams across the ecosystem, it's about to cost even less.
— Solana (@solana) April 6, 2023
Introducing state compression, a new way to store data on Solana that lowers cost significantly. https://t.co/0baMJ0vOn1
In its announcement, Solana highlighted that it costs approximately $10,000 to store 1 billion NFTs on its network. This figure is significantly lower compared to many other blockchain platforms like Ethereum or Polygon.
2/ The first use of state compression, compressed NFTs, reduces the cost of minting NFTs on Solana by 2,400-24,000x.
— Solana (@solana) April 6, 2023
As of April 5, minting 1 million uncompressed NFTs on Solana costs over $250,000.
Using compressed NFTs, it is around $110.
Notes: https://t.co/0baMJ0vOn1 pic.twitter.com/C9bt6xIUPT
“The primary application of State Compression is to compress data for NFTs, reducing the minting costs of NFTs on Solana by 2,400 to 24,000 times. As of April 5, minting 1 million NFTs (without data compression) on Solana costs around $250,000. With NFT compression technology, this figure drops to $110.”
Solana also mentioned that several NFT projects within its ecosystem, such as Dialect and Crossmint, have already implemented this mechanism to optimize their operations.
This move is seen as Solana’s latest effort to regain its appeal to NFT projects, which have been migrating to other networks. Notably, recent announcements from projects like DeGods and Y00ts reveal a shift from Solana to Polygon.
