Solana core development team Anza: Testnet enables SIMD-0437 Phase 1, storage costs are ultimately expected to be reduced by 90%

The core development team of Solana, Anza, announced that the Solana testnet has enabled the first phase of the SIMD-0437 proposal, and the account rent reduction mechanism has begun testing. This proposal includes a total of 5 functional gates, with only the first functional gate currently activated, and all adjustments have not yet been completed and deployed to the mainnet.

Once all 5 phases are completed, the storage cost parameter lamportsperbyte for Solana will be reduced from 6960 to 696, resulting in an overall reduction of 90%. For example, in the case of token accounts, the deposit required to maintain an account in a rent-exempt state is expected to decrease from approximately $0.16 to $0.016, thereby lowering the costs of account creation and application deployment.