In the developer's own words: The extension sends all HTTP (but not HTTPS) traffic through Chrome Data Compression Proxy server, which uses SPDY protocol to speed up Web browsing. When enabled, it sends all non-secure traffic through Google's servers to compress the pages in an effort to load pages faster. Green means it's enabled, and red mean it's disabled. The Data Compression Proxy extension installs a button to the right of Chrome's URL bar, which you can click to disable and enable the extension.
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