Solana, a popular layer-1 blockchain, has recently unveiled a new solution that could drastically decrease the cost of storing data on-chain. This exciting development comes in the form of “state compression” technology that will bring down the cost of minting 1 million non-fungible tokens (NFTs) on the network to around 4 SOL or $110.
Solana Foundation tech lead, Jon Wong, notes that the compression-friendly data structure allows developers to store a small bit of data on-chain, drastically reducing the data storage cost, while still using the security and decentralization of Solana’s base layer. Some projects built on the Solana ecosystem are already using state compression to cut costs, including Dialect and Crossmint, among others.
This development is a true cross-ecosystem effort and was built by developers at Solana Labs and Metaplex, with support from Phantom, Solflare, and the Solana Foundation.
Despite facing some setbacks in 2022, Solana’s native token SOL is currently trading at $20, and the new state compression technology is expected to make a big impact on the blockchain.