Solana’s State Compression to Revolutionize NFT Minting Costs
Solana, the blockchain platform that has become a market leader due to its competitive rates, has announced a breakthrough that is set to make the cost of minting NFTs much cheaper. The breakthrough, known as state compression, was developed by teams from across the Solana ecosystem. It enables developers to utilize Merkle trees to store a limited amount of data on-chain. It will result in a considerable reduction in cost.
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.
Introducing state compression, a new way to store data on Solana that lowers cost significantly. https://t.co/0baMJ0vOn1
— Solana (@solana) April 6, 2023
Solana’s State Compression Enables Cheaper On-Chain Data Storage
The cost reduction is significant, with compressed NFTs costing between 2,400 – 24,000 times less to mint than uncompressed NFTs. For example, the cost to manufacture one million uncompressed NFTs on Solana is greater than $250,000. However, the cost to manufacture the same number of compressed NFTs is only $110.
State compression is an innovative technology primitive that makes use of Merkle trees. It was developed by programmers working at Solana Labs and Metaplex. It is fueled by RPC suppliers and indexers Helius, Triton, and SimpleHash. Moreover, it also receives support from Solflare, Phantom, and the Solana Foundation.
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The compression-friendly data format of state compression enables developers to keep a little piece of data on-chain. It upgrades immediately in the Solana ledger, reducing the cost of storing data while maintaining the level of safety and decentralization provided by Solana’s foundation layer.
Already, teams across the Solana ecosystem are making use of state compression. For example, the minting cost of NFT cards for thousands of users is covered by Saydialect through the usage of state reduction for compressed NFTs, while a tooling business specializing in NFT and API, crossmint, is leveraging state compression to facilitate integrations. It deepens client loyalty for businesses all across the world.
Solana State Compression Sets the Standard for Affordable Blockchain Solutions
Solana has been a pioneer in developing Web3 solutions at scale due to its exceptional speed, minimum environmental effect, composability, and inexpensive gas expenses. State compression is set to make developing user-first web3 apps even more affordable. It paves the way for more scalable and accessible applications to be developed on the Solana platform.
The introduction of state compression on the Solana platform is a significant development for the blockchain ecosystem, reducing the cost of minting NFTs. It makes it more affordable for developers to build scalable and user-friendly Web3 applications. The breakthrough is already being used by teams across the ecosystem. It is set to pave the way for more accessible and affordable blockchain solutions
