The V8 JavaScript engine team has been working on a project called V8 Lite, aimed at reducing memory usage. The team found that many of the memory optimizations made for V8 Lite could be applied to the regular V8 engine, benefiting all users. The optimizations include lazy feedback allocation, lazy source positions, and bytecode flushing. These changes have resulted in an 18% reduction in V8's heap size across typical web pages.