Publicly available blockchain data and transaction records for Solana

Solana Introduces ZK Compression on L1, Achieving 10,000x Scalability and Trillions in Daily Volume

Jun 21, 2024, 08:31 PM

Solana has introduced ZK compression directly on its Layer 1 (L1) blockchain, eliminating the need for Layer 2 (L2) solutions. This innovation significantly enhances Solana's scalability, providing a 10,000x improvement in onchain state compression. The new technology allows for more onchain blockspace at reduced costs and light speed, enabling the Solana network to handle trillions in daily transaction volume. This development is expected to unlock new potential use cases for developers, who no longer need to worry about the size of their program-derived accounts (PDA) states. The roadmap for Solana's future includes the #Firedancer project, further boosting the network's capabilities. This is considered a huge step forward for Solana and the cryptocurrency industry, making transactions not only fast but also cheap.