The Solana Core Team Anza Activates SIMD-0437 Phase 1, Aiming to Reduce Storage Costs by 90%

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The Solana core team, Anza, has activated the first phase of SIMD-0437 on testnet, introducing a rent reduction mechanism for accounts. The proposal includes five feature gates, with the first now live. Once all phases are completed, storage costs will decrease by 90%, from 6,960 to 696 lamports per byte. Token accounts will see a significant reduction in rent-exempt deposits, from $0.16 to $0.016. This update could facilitate new token listings and accelerate token launches, as developers encounter lower deployment costs.

Huo Xing Finance reports that Solana’s core development team, Anza, has announced that Phase 1 of the SIMD-0437 proposal has been activated on the Solana testnet, initiating testing of the account rent reduction mechanism. The proposal comprises five functional gates; currently, only the first gate has been activated, and full adjustments have not yet been deployed to mainnet. Once all five phases are completed, the Solana storage cost parameter, lamports_per_byte, will be reduced from 6960 to 696—a 90% overall decrease. For example, the deposit required to maintain a token account in a rent-exempt state is expected to drop from approximately $0.16 to $0.016, lowering the costs of account creation and application deployment.

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