Succinct Labs Launches PROVE Token for Decentralized Prover Network

Succinct Labs is advancing zero-knowledge infrastructure with the upcoming launch of the PROVE token for the decentralized prover network.

In the burgeoning landscape of Web3 technology, zero-knowledge (ZK) proofs are emerging as a transformative force. These cryptographic techniques enable efficient and verifiable computation, opening possibilities for scalable cross-chain bridges, advanced privacy-preserving AI models, and novel decentralized applications. However, realizing the full potential of ZK technology requires a robust decentralized infrastructure.

Enter Succinct Labs, a startup that has developed a high-throughput prover network and a marketplace to connect requesters with provers. The protocol is designed to be a foundational layer for scalable ZK systems, similar to how Layer 2 rollups expand the capabilities of Bitcoin and Ethereum.

Now, in anticipation of the network’s mainnet launch, Succinct Labs is introducing the PROVE token for a decentralized prover network as the native asset of its ecosystem.

The PROVE token will serve as the primary means of payment and economic coordination within Succinct’s decentralized prover network. The token will be used by requesters to pay provers for generating proofs, and it will also be subject to staking by provers, who will be required to maintain a certain amount of PROVE as collateral.

This staking mechanism is crucial for securing the network against malicious actors. If a prover underperforms or acts in bad faith, their stake may be slashed, deterring them from engaging in such activities. Moreover, the token will grant holders the right to participate in on-chain governance.

This will involve voting on crucial network parameters, such as emissions schedules, auction formats, and fee structures. Such governance powers will ensure that the network evolves in a balanced manner, taking into account the collective wisdom of the community.

Through the combination of economic incentives and decentralized oversight, Succinct aims to foster a trustless and efficient environment for scalable proof generation.

In essence, the PROVE token will be the backbone of this open-source protocol, aligning the economic interest of participants with the growth of the broader ZK-proof ecosystem.

Scalability and Decentralization: Key Pillars of Succinct’s Protocol

In an interview with TokenInsight, Frederik Gregaard, co-founder of Succinct Labs, highlighted the importance of scalability and decentralization in achieving optimal performance with ZK technology.

“We started thinking about how to build a prover network that could be used by anyone. We wanted to make sure that it was scalable, decentralized, and efficient,” Gregaard said.

According to Gregaard, the architecture of Succinct’s prover network is inspired by that of Layer 2 rollups, where execution is separated from settlement for increased speed.

Off-chain components will handle real-time interactions between provers and requesters, while on-chain Ethereum settlement ensures finality and security. This hybrid design allows any third party to independently verify all proofs posted to Ethereum.

“We believe that this approach, combining the speed of off-chain computation with the trustless finality of on-chain settlement, provides the best balance for developers building next-generation Web3 applications,” Gregaard added.

This novel framework, he noted, can support various use cases, from cross-chain bridges and verifiable AI to advanced decentralized applications. As the demand for scalable ZK systems continues to rise, the PROVE token will become central to how this high-throughput ecosystem is organized.

Incremental Testnet Releases Culminate in Mainnet Launch

Currently, Succinct is operating its prover network in Stage 2 of testnet, and it will soon transition to Stage 2.5 of testnet before launching mainnet. This incremental release strategy allows for a smooth rollout and optimization of the protocol.

At Stage 2.5, the focus will be on testing the PROVE token economics in a simulated environment. A specialized client will be used to simulate requesters performing tasks such as cross-chain messaging or verifiable computation, and they will pay provers in the simulated PROVE token.

Meanwhile, provers will be required to stake the token and may face slashing if they underperform or act maliciously. This will create a complete loop of the token economics, enabling the team to observe how users respond to different incentive mechanisms.

“We are also working with a group of early testers who are experimenting with real use cases and building applications on top of Succinct’s prover network,” Gregaard said.

Earlier this year, Succinct Labs announced the completion of a Series A funding round of $55 million, with Paradigm leading the investment.

The startup previously raised a seed round from prominent blockchain investors, including Union Square Ventures, Figment, and Blockchain Capital. These funds will be used to scale core protocol development, ecosystem tooling, and partnerships.

As the startup prepares for mainnet launch, it has assembled a strong team with expertise in cryptography, blockchain, and applied economics to build the decentralized prover network.