Should I store important data in a key value store?

Keep data you can rebuild there, like cache and sessions. Data you cannot lose belongs in PostgreSQL.

Is it Redis-compatible?

Yes. Connect with a standard Redis client using the REDIS_URL from the dashboard.

That depends on the eviction policy you choose for the store.

Guides for fast in-memory data next to your app: caching, sessions and queues on a Redis-compatible key value store, and connecting it to your service. See Voroa Key Value.

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Should I store important data in a key value store?: Keep data you can rebuild there, like cache and sessions. Data you cannot lose belongs in PostgreSQL.
Is it Redis-compatible?: Yes. Connect with a standard Redis client using the REDIS_URL from the dashboard.
What happens when memory is full?: That depends on the eviction policy you choose for the store.