Solana announced the launch of "State Compression", a new technology for data storage. It utilizes Merkle trees, allows developers to store a small bit of data on-chain and updates directly in the Solana ledger, thus lowers cost significantly.
The first use of State Compression is "compressed NFTs", which reduce the cost of minting NFTs on Solana by 2,400-24,000x. According to Solana, previously, the cost of minting 1 million NFTs on Solana is over $250,000. Using compressed NFTs, it is around $113.
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