I'm not sure what version of Redis you were using, but depending on the data you're storing, 2.2 uses significantly less space than previous versions.
Some data from GitHub: http://technoweenie-ruby-onales.heroku.com/#34
Some data from GitHub: http://technoweenie-ruby-onales.heroku.com/#34
It looks like this lib uses Sets of the actual event data. It won't be able to take advantage of the same optimizations.