Aiming to be a proven game-changer, Solana, the top blockchain network, introduced “state compression” to enhance the on-chain data storage experience in a cost-effective way.
The state compression makes use of the prevalent data structure while ensuring that Merkle Trees remain at the system’s center.
Solana claimed in the Twitter thread that in the trial run of state compression, they were successful in reducing the cost of minting NFTs by 2,400 to 24,000 times.
At the moment, the cost of minting one million uncompressed NFTs on Solana is approximately $250,000; however, after using compressed NFTs, this cost is expected to be reduced to $110.
The state compression feature provides developers with assistance when implementing the Merkle tree strategy for the purpose of storing a minimal amount of data on the Solana blockchain and modifying it on the spot within the ledger. With the help of this method, developers are able to cut down on the costs associated with data storage.
Multiple platforms on Solana are currently conducting preliminary tests on the state compression capabilities of their services and product offerings. This includes Dialect, a blockchain-based messaging service that is utilizing state compression for compressed NFTs in order to cover the minting cost of NFT stickers for thousands of users. Dialect.
Crossmint, a company that specializes in NFT and API tools, is developing connections for global companies that aim to increase their customers’ loyalty by making use of state compression. Other projects based on the Solana blockchain, such as Helium, DRiP, and Wordcel, are also integrating state compression into their platforms in order to improve the user experience.
Solana has worked in conjunction with Metaplex, Helius, Triton, SimpleHash, Phantom, and Solflare to incorporate the new feature.
Compiled by Coinbold