Succinct to Launch PROVE Token as Native Asset of ZK Proof Network

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) verifier network. This network aims to build a decentralized marketplace connecting proof requesters with proof generators, supporting use cases such as blockchain verification, cross-chain bridges, and AI computation. The PROVE token will serve as the core of the network's payment medium and incentive security mechanism, used for paying proof generators, staking economic collateral, and participating in governance (such as adjusting network parameters). If a prover fails to submit proof on time or acts maliciously, their staked tokens will be forfeited. Currently, the Succinct verifier network is in the second phase of the testnet, with phase 2.5 about to be launched 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.