Succinct Launches PROVE Token and Prover Network

Succinct, a blockchain infrastructure project, has officially launched the Succinct Prover Network on its mainnet and introduced the native PROVE token. This decentralized marketplace on Ethereum allows applications to submit zero-knowledge proof requests while independent provers compete to verify them. The goal is to facilitate the use of zero-knowledge technology (ZK) for developers without requiring complex setups, thus simplifying the creation of secure, transparent, and scalable crypto infrastructures. The network supports a variety of operations, from Ethereum, which prioritizes ZK technology, to high-speed rollups that handle tens of thousands of transactions per second for demanding applications like trading and artificial intelligence, as stated in a release shared with The Block. “Our initial objective was to make proving infrastructure scalable to the internet level,” stated John Guibas, CTO of Succinct Labs. “Achieving a live mainnet within eight months from our whitepaper demonstrates the potential that emerges when engineering expertise meets cryptographic innovation.” The architecture of the network relies on off-chain execution coupled with on-chain settlement, akin to Layer 2 solutions. Proofs are submitted periodically to Ethereum, allowing any user to independently validate transactions. Users engage with off-chain components for improved performance, while on-chain settlement ensures compliance. The PROVE token functions as the network's currency and is vital to its incentive and security framework. According to the project, “The PROVE token creates the economic basis for compensating provers and securing the network, establishing a universal payment system for all ZK-enabled infrastructures.” Token holders can also have a say in governance, influencing network parameters like emissions, auction formats, and fee structures. “With the mainnet now operational, Succinct is equipped to support the next wave of applications that need verifiable computation,” remarked Uma Roy, CEO of Succinct Labs. “We firmly believe that zero-knowledge proofs will set the standard for integrating crypto with the larger internet, and we are excited to spearhead this transition.” The network currently supports over 35 protocols, including Polygon, Mantle, Celestia, and Lido, having successfully processed more than five million proofs from 1,700 programs and securing over $4 billion in assets. In May, Succinct revealed SP1 Hypercube, a next-gen zkVM created for real-time Ethereum proving, complementing Ethereum's roadmap that prioritizes scaling via ZK without compromising on decentralization. The subsequent month saw the completion of a zk proving pilot on World Chain's mainnet, paving the way for the Layer 2 to ultimately become a ZK rollup. In 2024, Succinct Labs secured $55 million in Series A funding led by Paradigm.