pngquant
Tool for lossy compression of PNG images
pngquant is a command-line utility and a library for lossy compression of PNG images. The conversion reduces file sizes by converting images to 1/2/4/8-bit paletted PNG format with alpha channel (often 60-80% smaller than 24/32-bit PNG files). Generated images are compatible with all modern web browsers, and have better fallback in IE6 than 24-bit PNGs.
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