Note: The original text comes from a long tweet posted by @wangfeng_0128.
In the community that updates/is optimistic about Solana’s new ecological narrative, someone must have noticed the Tiny SPL new asset protocol. At present, this market window period is not too late at all. Many friends told me that the last time I felt such excitement was probably when I saw Ordi in April last year. Yes, the first Token of Tiny SPL is Peanuts (NUTS), which is based on the two-way circulation of NFT and Token. , will lead to another new MEME paradigm shift, and I have no worries about the co-construction motivation and ability of active developers in the Solana ecosystem.
I have seen a lot of tweet introductions, including a long introduction from LK Venture team partner @leodeng08 the day before yesterday. You can read:
https://twitter.com/leodeng08/status/1752351174043558125…
I'd better write one myself.
This article briefly explains why Tiny SPL? It is necessary to understand what state compression is and the bidirectional mechanism of cNFT and Token implemented around the new protocol.
Let’s look at the important time clues first:
On January 3, Anatoly Yakovenko, co-founder of Solana, which popularized Silly, retweeted and pinned the introduction of the “Tiny SPL” protocol to the top of Twitter.
On January 20, Deez Nuts completed fundraising of 800 SOL / 400, 000 NUTS.
On January 27, Tiny SPL, the new token standard of Solana ecosystem, launched AMM trading.
On February 2, the transaction volume in the past 24 days exceeded 30,000 SOL. As of my tweet, I currently hold 8,592 addresses.
What’s special about Tiny SPL?
The core value lies in the introduction of the "state compression" method, which allows users to hold tokens on Solana without paying storage rent. This formal compression process makes this new protocol asset have two-way characteristics such as the equivalence and free exchange of cNFT (compressed NFT) and Token.
Storage rental? Yes, unlike Ethereum’s Gas mechanism, the Solana account model uses the concept of “Rent” to charge its network account a fee for storing data state. If an account cannot pay the rent, the system will delete the account. , to reduce storage costs for data that is no longer maintained.
State compression method?
This compression method was launched by Solana in April 2023. The technical implementation principle is actually to compress the verifiability of Merkle Tree into a Hash, allowing developers to store a small amount of data on the chain and update it directly in the Solana ledger, significantly reducing data storage costs while maintaining the security and safety of Solana's base layer. Decentralization.
cost revolution
The problem is that with SOL prices rising rapidly, rental costs are becoming more and more expensive. Tiny SPL sees this pain point and uses state compression on Solana to allow users to own tokens without paying rent. Through the Tiny SPL protocol, the cost of deploying NFT on Solana is negligible, and the MEME airdrop season can achieve the greatest cost savings.
According to the Solana Foundation, as of April 5, 2023, minting 1 million uncompressed NFTs on Solana costs more than $250,000. If state compression is used, the minting cost of these NFTs is approximately $110,
The Tiny SPL protocol is more of a technical experiment
Its application scenario may also be for project parties with huge demand for token issuance. The current positioning of its token Deez Nutz is more like a combination of meme and NFT.
Realize two-way free flow of NFT and Token
Equivalent exchange can be achieved through the Tiny SPL protocol, NUTS token ($NUTS) and cNFT (DEEZ NUTS is the name of NFT). On the newly opened AMM Swap, if you sell NUTS cNFT, you will cast the NUTS token into the pool through routing and exchange it for SOL. When you buy NUT through its Swap, the tokens in the pool will be automatically destroyed and a cNFT of the same number of NUTS will be minted for you.
This innovation solves the liquidity problem that has long plagued NFT. All cNFT project parties can use the Tiny spl protocol standard to convert them into tokens, which can be IP-enabled and can be swapped directly to cNFTs.
About the Token Value of Peanuts (NUTS)
$NUTS is the first token of the Tiny SPL protocol
Using fair random distribution of freemint, random function mint, 100-1000, the total supply of NUTS is 21 million.
About the founder of Tiny SPL
@sol_idity
A full-stack engineer of Web3 payment infrastructure Sphere, after launching the Tiny SPL protocol, while developing batch synthesis and AMM transaction functions, he constantly called on birdeye, the DEX aggregator on Solana, to add indexes to DN. Currently, the founders and the community are working together to
Therefore, the Tiny SPL protocol creates a new infrastructure for Solana. Indeed, looking at it so far, NFT-FT is probably just the tip of the iceberg. This new asset protocol in the Solana ecosystem has broken a lot of inertia and stagnation in the past. After launching the Bitcoin ecological revolution on Ordinal, Tiny SPL has become a storage paradigm innovation on the Solana network.
Application access:
https://tinys.pl
You can pay attention to the NFT market:
https://magiceden.io/marketplace/deez_nuts*Deez…
The transaction process of Nutz is more complicated than that of ordinary meme coins.
*The interface is very GEEK, retro style, similar to Windows 3.0 that just came out of DOS.
*After connecting to the wallet, the page will detect the number of Neez Nutz owned and display it (if any). The icon of Neez Nutz is two peanuts (NUTS)
*Tiny SPL’s logo is interesting, why is it an upside-down tree.
*Currently the protocol is not open source. Legend has it that it will have to wait until the end of February.
