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SOL token price increases by 50% by end of 2024?
5
Light Protocol•Helius Labs•ZK Compression•Solana•Zero Knowledge•Anatoly Yakovenko•Solana L1•Ethereum
Resolution / Starting Odds
Yes • 50%
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Story
Light Protocol and Helius Labs Introduce ZK Compression on Solana with 99.99% Cost Reduction
Jun 23, 2024, 09:30 AM
Light Protocol and Helius Labs have introduced a new feature called ZK Compression on the Solana blockchain network. This technology leverages Zero Knowledge (ZK) proofs to significantly reduce data storage costs by 99.99%, making it a more efficient solution for scaling blockchain applications. Unlike traditional zk-Rollups, ZK Compression keeps transactions on-chain while reducing data size, eliminating the need for external sequencers and governance tokens. Solana co-founder Anatoly Yakovenko highlighted that this approach does not require users to switch chain IDs or bridge assets, simplifying the user experience on Solana L1. Despite some criticism and confusion from the Ethereum community, proponents argue that ZK Compression offers the benefits of roll-ups without their downsides, such as bridging and fragmentation. Stateless validation is also part of Ethereum's roadmap, although it may take years to deploy.
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