Log compaction is not possible in the same way.
Log compaction is not possible on an event source queue because you need the full history of events on an object to know its state. When recording effects on an event queue you can compress a series of modifications to its last state and no information would be lost. In the other caseyou dont really have an actual state to derive from the intents stored on the log. Different services might interpret those events differently. So you have to keep the whole sequence to recreate each service state.
