Solana launches state compression, reducing the cost of minting 1 million NFTs to about $110

2023-04-06 22:10:53

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ChainCatcher news, Solana has announced the launch of state compression, a new method for storing data on Solana that significantly reduces costs. The first use of state compression, compressing NFTs, has reduced the cost of minting NFTs on Solana by 2,400 to 24,000 times. As of April 5, the cost of minting 1 million uncompressed NFTs on Solana exceeded $250,000.

In contrast, the minting cost of NFTs using state compression is approximately $110. State compression allows developers to store a small amount of data on-chain using Merkle trees and update directly on the Solana ledger, thereby reducing data storage costs while still leveraging the security and decentralization of the Solana base layer. Teams in the Solana ecosystem are already utilizing state compression. (source link)

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