Solana announces state compression, a new way to store data, built by developers at Solana Labs and Metaplex, powered by RPC providers and indexers Helius, Triton, and SimpleHash, and supported by Phantom, Solflare, and the Solana Foundation. State compression allows developers to store small amounts of data on-chain using Merkle trees and update directly in the Solana ledger, reducing data storage costs while still using the security and decentralization of the Solana base layer. Teams in the Solana ecosystem are already using state compaction. Solana says that when state compression is used to compress NFTs, the cost of minting 1 million NFTs on Solana will drop from $250,000 to about $110.