A long-lived quantum memory was developed based on light-compensated cold $^{87}$Rb atoms in a dipole trap. The lifetime of the quantum memory was improved by 40 folds, from 0.67 ms to 28 ms with the help of a compensation laser beam. Oscillations of
the memory efficiency due to the transverse mode breathing of the singly-excited spin wave have been clearly observed and clarified with a Monte-Carlo simulation procedure. With detailed analysis of the decoherence processes of the spin wave in cold atomic ensembles, this experiment provides a benchmark for the further development of high-quality quantum memories.
