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

BlockBeats News, August 28th, Solana development company Anza announced that the Solana testnet has enabled the first phase of Proposal SIMD-0437, and the Account Rent Exemption mechanism has officially begun testing. The proposal consists of 5 feature gates, with only the first gate currently activated, and not all adjustments have been completed or deployed to the mainnet.

Once all 5 phases are completed, the Solana cost per byte storage parameter, lamports_per_byte, will be reduced from 6960 to 696, a 90% overall decrease. For token accounts, the deposit required to maintain an account rent-free is expected to decrease from about $0.16 to $0.016, thereby reducing the cost of account creation and application deployment.