Popular layer-1 blockchain Solana has unveiled a new answer that will dramatically lower the value of storing records on-chain.
In a Thursday weblog put up, Solana Foundation tech lead Jon Wong said the “country compression” generation might convey down the price of minting 1 million non-fungible tokens (NFTs) at the community to around four SOL, or $one hundred ten.
In comparison, it currently prices roughly 1,two hundred SOL (greater than $24,000) to save 1 million NFTs on the Solana blockchain.
“After severa stages of development, adoption, and rollout, compressed NFTs are stay on Solana’s mainnet-beta and powering the following wave of novel on-chain product experiences,” Wong said.
He known as the kingdom compression technology a “proper go-environment attempt,” noting that it turned into built with the aid of builders at Solana Labs and Metaplex, with support from Phantom, Solflare, and the Solana Foundation. Furthermore, tasks like consumer-owned wi-fi network Helium, NFT distributor DRiP, and on-chain publisher Wordcel also are using the brand new solution to provide scalable offerings to customers of the blockchain.
Meanwhile, Solana’s local token SOL is presently trading at $20, largely flat over the past day. However, the coin is down through more than 92% as compared to its all-time high of $259 registered in November 2021. Solana, which was designed as an efficient and velocity-first platform and touted as an “Ethereum Killer,” had a tough 12 months in 2022, marked by means of outages and overloads.
However, many of the blockchain’s largest troubles last 12 months was its tremendous publicity to Sam Bankman-Fried’s FTX exchange, which failed miserably in November ultimate 12 months.
Reportedly, Bankman-Fried’s groups held nearly $1.2 billion well worth of SOL tokens in June. This brought about many investors dumping the coin after the implosion of FTX, which crashed the price of the token.
In another blow to the blockchain, of the largest NFT tasks constructed on Solana, DeGods and y00ts, left the network overdue closing year.
At the time, DeGods announced on Twitter that it would be migrating to Ethereum, while its sister challenge y00ts stated it became considering moving to Polygon, a popular Ethereum layer-2 answer.
“There’s an argument to be made that [DeGods] has capped out on Solana,” DeGods assignment leader and y00ts author, Rohun Vora, known as Frank, stated in a Twitter Spaces again then.