State Compression Technique to Reduce On-chain Storage Costs

Solana has launched State Compression, a technique that reduces on-chain storage costs. This technique utilizes Merkle trees, which compresses data and updates it directly in the Solana Ledger, resulting in reduced storage costs while maintaining security and decentralization. State Compression can potentially reduce the cost of minting 1 million NFT coins on the network by up to $110. This solution was developed by Solana Labs and Metaplex, and some projects within the Solana ecosystem have already been using it.