Solana Testnet Launches SIMD-0437 Phase 1, Aims to Reduce Storage Costs by 90%

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On-chain news from Solana’s testnet reveals the activation of SIMD-0437 Phase 1 on August 28 (UTC+8), aimed at reducing storage costs. Anza, Solana’s development team, has enabled the first of five feature gates, with the lamports_per_byte parameter set to decrease from 6960 to 696 upon full deployment. This change will lower the rent-exempt deposit for token accounts from $0.16 to $0.016. The update could encourage new token listings by making account creation and deployment more cost-effective.

ME News reports that on August 28 (UTC+8), Anza, the development company behind Solana, announced that Phase One 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 stages; currently, only the first stage 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 6,960 to 696—a 90% 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. (Source: ODAILY)

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