​Solana launches a compression feature for storing any data on the network

What’s new? The Solana network has launched a new state compression feature that allows any type of data to be compressed for further storage on the blockchain. One of the first uses of the new feature was to compress non-fungible tokens (NFTs), which can reduce the cost of storing 100 000 NFTs from 1200 to 4,22 native tokens SOL (~$25 000/$88). A piece describing the new functionality was presented by Jon Wong, technical lead on the ecosystem engineering team at the Solana Foundation.

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Details on the new feature. According to Wong, with the launch of the compression feature, creating user-first Web 3.0 projects will become even cheaper. Several companies already use this feature. For example, the messenger Dialect uses compression to cover the cost of creating NFT stickers for thousands of users. And Crossmint, an NFT and API tooling company, uses the tool to create integrations that provide customer loyalty for companies around the world.

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As Wong noted, while compression can be used to store any data on the network, the first application of the technology is compressed NFTs. It costs about 50 SOL tokens to release and store 100 million compressed NFTs, compared to 1,2 million SOL for classic NFTs.

The new feature takes advantage of Merkle trees. It allows developers to store a small amount of data on the blockchain and update it directly in the Solana ledger, significantly reducing costs while maintaining the security and decentralization of the Solana base layer. Thus, using the Merkle tree feature summarizes a large volume of data into a so-called footprint, after which a condensed version of it is placed on the network. The full one can be accessed off-chain using remote procedure call (RPC) providers.

Merkle trees organize data (such as transactions in smart contracts or transfers between accounts) into hashes arranged as a series of parent and child nodes.

Nothing changes for consumers, Wong noted. Assets can also be stored in a wallet, transferred, used in smart contracts, and placed on marketplaces.

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Earlier, Ethereum co-founder Vitalik Buterin said that “an earnest smart developer community” has gathered around Solana, and the project has prospects for development because “the awful opportunistic money people” are no longer involved. He was probably referring to the bankrupt FTX Group, which was one of Solana’s biggest investors.

In January 2023, Solana Mobile announced the shipping of the Web 3.0-focused smartphone Saga in 33 countries. The pre-order price of the device was $1000. The company noted that the smartphone will allow one to “trade tokens while waiting in line for coffee, mint NFTs on your morning commute, and have instant access to the dApps you love most, anywhere, anytime.”