Google originally brought Data Saver to their Chrome browser to, you know, save you a little bit of data. Websites would use less, which would be a little less strain on your device and network, and the naming made sense.
Since then, though, Google has really prioritized “lite” modes and Go versions of their apps to better suit devices that don't have a ton of power to spare on networks that don't offer all-you-can-eat data, so a name change for something like Data Saver makes sense.
That feature is now being called Lite mode for Chrome, while still retaining all of the old functionality that uses less data and processing power, is easier on your battery, and helps you load websites as fast as ever. If you're currently using Data Saver, this name change will carry over past the update, but if you're not you'll be able to easily toggle Lite mode on in the settings of your mobile Chrome browser. Additionally, Chrome will start to intelligently use Lite mode if it can tell that a website will take more than 5 seconds to load. Instead of lagging down Chrome will load up the specialized Lite version of a website for you so you can keep on browsing.
Unfortunately, Lite mode is only going to be available for mobile users. The desktop extension for Data Saver will be deprecated in the next few months, so keep that in mind.
source: Chromium Blog
