Optimize React Dashboard Socket.io Bandwidth

My production dashboard is built with React (hooks + functional components) and streams a constant flow of live data through socket.io. Under sustained traffic the feed works, but the amount of data pushed to each client is far higher than it needs to be, quickly eating bandwidth and raising infrastructure costs.

The task is to upgrade the existing code-base so that real-time updates remain smooth while the actual bytes sent per second drop significantly. You will be free to refactor the current socket.io layer, introduce message compression or batching, trim redundant events, fine-tune server-client acknowledgement logic—whatever combination proves most effective—so long as the end result is a measurable bandwidth reduction without sacrificing accuracy or latency.

Deliverables
• Refactored socket.io implementation merged into our React project repo
• Before / after metrics that clearly show bandwidth savings and unchanged (or faster) update latency
• A concise technical note explaining the key changes, settings, and any follow-up recommendations

All work happens in our existing GitHub flow (feature branch + PR). I’ll run the load tests and review metrics with you in real time, so please be comfortable profiling network traffic with Chrome DevTools, socket.io server logs, and similar tooling.

Please review the attached project on your side and let's discuss in more detail
Our project is using old version of Node, you can find the version on the Readme file.