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

According to ChainCatcher news reported by The Block, Succinct, supported by Paradigm, announced the launch of the PROVE Token as the native asset of its zk-SNARKs validator network based on Ethereum. The network aims to build a Decentralization market that connects 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 for the network and the incentive security mechanism, used to pay proof generators, stake economic collateral, and participate in governance (such as adjusting network parameters). If validators fail to submit proofs on time or act maliciously, their staked tokens will be subject to slashing. Currently, the Succinct validator network is in the second phase of its Testnet, with phase 2.5 launching soon in preparation for the Mainnet launch. In 2024, the core development team of the project, Succinct Labs, completed a $55 million Series A financing, led by Paradigm.