Quick Take

Succinct announced it will launch the PROVE token as the native token of its prover network — a decentralized protocol on Ethereum for zero-knowledge proofs.

Succinct is planned as a decentralized marketplace to connect those who request proofs with entities that generate them. The project's goal is to create infrastructure for ZKPs, supporting use cases like blockchain validation, cross-chain bridges, AI workloads, and more.

Once live, the network's architecture will have a separate execution (off-chain) from settlement (on-chain) — similar to Layer 2 designs. Proofs are posted periodically to Ethereum, enabling independent validation by any user. Users interact directly with off-chain components for performance, while settlement is enforced on-chain.

In this architecture, the PROVE token serves as the medium of exchange and the backbone of the network's incentive and security model. "The PROVE token enables payments, secures the network, and incentivizes provers," the project noted.

The token would be used to pay provers to generate proofs, and provers would stake it as economic collateral, the team explains. If a prover fails to deliver a proof on time or acts maliciously, a portion of their stake would be slashed. Token holders would also participate in governance, deciding on network parameters such as emissions, auction design, and fee structures.

Currently, Succinct's prover network operates in stage 2 of its testnet, with stage 2.5 expected soon to pave the way for a mainnet launch.

In 2024, Succinct Labs, the project's core developer, raised $55 million in a Series A round led by Paradigm.