Recent studies have shown the promise of directly processing compressed graphs. However, its benefits have been limited by high peak-memory usage and unbearably long compression time. In this paper, we introduce Laconic, a novel rule-based graph processing solution that overcomes the challenges of restricted memory and impractical compression time faced by existing approaches. Laconic, for the first time, ensures minimal memory overhead during compression and significantly reduces graph sizes, thus reducing peak memory demand during computations. By employing an efficient parallel compression algorithm, Laconic achieves a remarkable reduction in compression time. In our experiments, we compare Laconic with state-of-the-art solutions. The results demonstrate that Laconic outperforms other methods, reducing peak memory consumption by an average of 70% during compression and 66% during computation. Additionally, Laconic reduces rule compression time by an average of 93% compared to traditional rule-based compression, achieving a 2.47× higher compression ratio, and providing a 2.12× performance speedup.