This paper studies the design of a key-value (KV) store that can take full advantage of modern storage hardware with built-in transparent compression capability. Many modern storage appliances/drives implement hardware-based data compression, transparent to OS and applications. Moreover, the growing deployment of hardware-based compression in Cloud infrastructure leads to the imminent arrival of Cloud-based storage hardware with built-in transparent compression. By decoupling the logical storage space utilization efficiency from the true physical storage usage, transparent compression allows data management software to purposely waste logical storage space in return for simpler data structures and algorithms, leading to lower implementation complexity and higher performance. This work proposes a table-less hash-based KV store, where the basic idea is to hash the key space directly onto the logical storage space without using a hash table at all. With a substantially simplified data structure, this approach is subject to significant logical storage space under-utilization, which can be seamlessly mitigated by storage hardware with transparent compression. This paper presents the basic KV store architecture, and develops mathematical formulations to assist its configuration and analysis. We implemented such a KV store KallaxDB and carried out experiments on a commercial SSD with built-in transparent compression. The results show that, while consuming very little memory resource, it compares favorably with the other modern KV stores in terms of throughput, latency, and CPU usage.