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Solana Introduces ZK Compression with 99.99% Cost Reduction and 1,305 Rollups

Jun 22, 2024, 04:19 PM

Solana has introduced a new technology called ZK Compression, developed in collaboration with Light Protocol and Helius Labs. This innovation aims to significantly reduce the cost of on-chain account storage and enable native zero-knowledge (ZK) compute on Solana. ZK Compression is being touted as a game-changer for scaling Layer 1 (L1) blockchains without the need for Layer 2 (L2) solutions. The technology allows for more on-chain blockspace at a lower cost and has the potential to increase transaction volumes from billions to trillions daily at Solana light speed. It also boasts a 99.99% reduction in cost and already supports 1,305 validity rollups. However, there has been some controversy and debate within the crypto community regarding the terminology and actual functionality of ZK Compression, with some critics arguing that it is essentially a rebranded L2 solution. Despite the debate, ZK Compression is seen as a significant step forward in blockchain scalability and efficiency.