AMM上线后Deez Nuts翻倍，用户可以做些什么？
On January 27, Solana ecological new token standard Tiny SPL launched AMM trading. Subsequently, the floor price of its token DN (Deez Nuts) increased by 185% in 24 hours, and was 0.004 SOL as of writing.
The community first noticed Tiny SPL because it was retweeted and pinned on the Twitter homepage by Solana co-founder Anatoly. BlockBeats published on January 5 Pinned on the tweet of Solana founder, new token standard Tiny What is SPL? Tiny SPL was introduced in the article.
Deez Nuts can be minted for free initially. After the minting is completed, the floor price of DN drops rapidly to less than 0.001 SOL after breaking through 0.2 SOL. Recently, with the launch of the AMM trading function, the liquidity of Deez Nuts has been activated, and Tiny SPL has once again attracted attention.
Tiny SPL introducing state compression method
What is special about Tiny SPL is the introduction of the state compression method, which allows users to hold tokens on Solana without paying storage rent.
Rent is a concept unique to the Solana account model. Rent is different from transaction fees, which are paid for processing instructions on the network. The rent is the cost of storing data on the Solana blockchain. Unlike Ethereum, Solana charges accounts on its network a fee, or rent, for storing data state. Rent is charged regularly based on the token balance stored in the account. If the account cannot pay the rent, the system will delete the account to reduce storage costs for data that is no longer maintained.
Asset management company VanEck in an articleValuation report for SolanaAs mentioned in , the rental storage fee on Solana is 0.00000348 SOL per byte, the wallet data size is 372 bytes, and each active wallet holder must reserve 0.0026 SOL. Likewise, applications and token smart contracts must maintain these storage fees. A program like Serum, which is about 340 KB in size, needs to keep a balance of 2.4 SOL in order to avoid paying rent.
The state compression method is a new method of storing data launched by Solana in April 2023. It can compress the verifiability of the Merkle tree into a hash, allowing developers to store small amounts of data on the chain and update it directly in the Solana ledger. , significantly reducing data storage costs while maintaining the security and decentralization of Solanas base layer. This is why Tiny SPLs logo is an upside-down tree.
Currently, the state compression method can significantly reduce the cost of NFT minting on Solana. According to the Solana Foundation, as of April 5, 2023, the cost of minting 1 million uncompressed NFTs on Solana exceeds $250,000. The cost of minting an NFT using state compression is approximately $110. Previously, the popular DePIN project Helium Mobile minted nearly 1 million NFTs when it migrated to Solana, and its minting cost was only $113.
Related Reading:Detailed explanation of the current popular DePIN projects: Honey, DIMO and Helium (Mobile)》
Therefore, through state compression, Solana can provide creators and brands with a way to make large amounts of NFTs available to a wider audience without incurring significant costs. Now, Tiny SPL applies state compression methods to token assets, and Tiny SPL tokens do not need to pay rent compared to tokens using the regular SPL standard. Additionally, Tiny SPL tokens will not appear in users’ wallet balances, but will only be visible in the NFT section. The token asset based on Tiny SPL is DN (Deez Nuts). Because the corresponding image is two peanuts, the Chinese community also calls it peanuts.
What can users do?
Currently, Tiny SPL’s liquidity pool has been launched to support Tiny SPL standard token transactions. Users enter https://tinys.pl/, link the wallet, and click Swap to enter the transaction interface. They only need to enter the amount to be traded and click Swap to trade.
Since Deez Nuts can be split or merged, only the Deez Nuts with the largest share held by users can be traded. Therefore, if you want to sell Deez Nuts, you can merge Deez Nuts in advance. The split and merger process of Deez Nuts was mentioned in Pushed to the top of Twitter by the founder of Solana. What is the new token standard Tiny SPL? 》Already introduced.
In addition to trading, users can also add their NUTS holdings to the AMM pool as LP. So far, more than 1,300 SOLs have been added to the AMM pool. Contributors will be locked in the LP pool for 1 month, after which the LP tokens earned will be returned to contributors in proportion. Initial LP contributors will earn the full 1% trading fee on the trading volume for the month the token is locked.
The “rebirth” of Deez Nuts is inseparable from the founder of Tiny SPLsol_idityAfter the launch of Deez Nuts, the founder developed batch synthesis and AMM trading functions while constantly calling on birdeye, the DEX aggregator on Solana, to add indexes to DN. Thanks to the joint efforts of the founders and the community, Deez Nuts achieved its fundraising goal of 800 SOL / 400, 000 NUTS within 24 hours after calling for funds on its official Twitter account on January 20.
According to the founders, the coming weeks will be spent creating new utilities for the Tiny SPL token, improving wallet support for the protocol, and open-sourcing the Tiny SPL standard. It should be reminded that on the one hand, as the state pledge technology shows greater application potential, Deez Nuts, as the first token protocol to adopt this technology, has ORDI on Solana in the eyes of optimistic investors. Such positioning. However, the current positioning of Deez Nuts is more like a combination of meme and NFT, and there is no practical application scenario yet. Investors need to carefully assess risks when making transactions.
