Succinct will launch the PROVE token as the native asset of the ZK proof network

ChainCatcher news, according to The Block, Succinct, supported by Paradigm, announced the launch of the PROVE token as the native asset of its Ethereum-based zero-knowledge proof (ZKP) validator network. The network aims to build a decentralized marketplace connecting proof requesters with proof generators, supporting use cases such as blockchain validation, cross-chain bridges, and AI computation. The PROVE token will serve as the core payment medium and incentive security mechanism for the network, used to pay proof generators, collateralize staking economics, and participate in governance (such as adjusting network parameters). If a prover fails to submit proofs on time or acts maliciously, their staked tokens will be forfeited. Currently, the Succinct validator network is in the second phase of its testnet, with phase 2.5 set to launch soon in preparation for the mainnet launch.

In 2024, its core development team, Succinct Labs, completed a $55 million Series A funding round, led by Paradigm.