Key Points:
Solana, a blockchain platform, has announced its ecological team’s release of a state compression function. This innovative technology, which can be used to store any data on the chain, is expected to revolutionize the world of blockchain. The first use of this technology is to compress NFTs, and it is already being used by teams across the ecosystem to power large, user-friendly experiences.
Compressed NFTs are just like regular NFTs, only drastically cheaper. The cost of minting 100 million compressed NFTs is only 1193 US dollars, compared to ◎1.2mm for their uncompressed counterpart. In fact, every incremental compressed NFT is solely a modification of an existing tree, which means the cost of an NFT on Solana is now as little as the cost of a single transaction (◎0.000005)!
State compression makes elegant use of a well-known data structure and brings it to bear at the speed of Solana, once again proving Solana is the best place to build scalable, user-first web3 products. Although state compression can be used to store any data on-chain, the first use of this innovative technology is compressed NFTs.
State compression is a true cross-ecosystem effort built by developers at Solana Labs and Metaplex, powered by RPC providers and indexers Helius, Triton, and SimpleHash, and with support from Phantom, Solflare, and the Solana Foundation.
This compression-friendly data structure allows developers to store a small bit of data on-chain and updates directly in the Solana ledger, cutting the data storage cost down dramatically while still using the security and decentralization of its base layer.
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