Succinct Labs recently announced a Mainnet deployment for the Succinct Prover Network. The project’s decentralized infrastructure enables users to request and verify zero-knowledge (ZK) proofs from a worldwide network of provers. But what is Succinct Labs?
This article takes a deep dive into the succinct crypto project to enable you to understand and the PROVE token launch.
What is Succinct Labs?
Succinct Labs is an Ethereum-based decentralized proof network that aims to simplify zero knowledge for all users. Using a distributed network of provers, the protocol generates zero-knowledge proofs for all software components—offering a scalable, accessible infrastructure to facilitate verifiable computation.
Succinct helps build trustless applications and maintains performance and usability by creating a two-sided marketplace of requesters and provers. It enables users to receive proofs for applications such as blockchains, AI agents, bridges, games, and others. The project is currently creating a buzz within the blockchain and crypto communities for the following reasons:
- SP1 zkVM: This is a Rust-based tool that simplifies the zero-knowledge proof creation process.
- Prover Network: Refers to a decentralized system that enables anyone to contribute their computing power to facilitate efficient proof generation.
- Ethereum Friendliness: The network’s design enables it to integrate with Ethereum’s ecosystem easily. This ensures there is a reliable and secure blockchain interaction between the two and other networks.
- Open Source: Succinct runs on a fully transparent approach using a public codebase, which encourages community participation and continuous improvement.
Overview of Succinct Labs Company
The Succinct project is the brainchild of people like Uma Roy, John Guibas, and Kshitij Kulkarni. It is advised by Dan Robinson. Succinct Labs has recently come into the limelight for the efforts it’s making within the blockchain space. Starting in early 2025, the protocol launched a testnet for its community known as the Prover Network. The testnet was designed to offer the Succinct community the chance to trial its decentralized ZKP generation tool.
Succinct stands out among emerging blockchain applications by allowing developers to write zero-knowledge proofs using familiar programming languages like Rust. Developers can send these programs to the Succinct network, where a decentralized group of provers competes to generate proofs using SP1. This approach enhances cost efficiency, ensures high availability, and makes ZK proofs more scalable and accessible.
The launch was also designed to activate the PROVE token. The crypto asset is intended to become the economic foundation of the entire network. It will help secure the network and offer payment to provers, besides becoming the platform’s universal payment structure.
To make the Succinct crypto project work, the protocol has collaborated with firms like Mantle. This partnership aims to boost speeds and reduce transaction costs on the Succinct blockchain. Succinct has also partnered with Galxe to introduce ZK raffles, a clever way to show off real-world uses. As a result of these partnerships, Succinct is poised to create a more tangible project.
Funding & Investors
The CEO of Succinct Labs, Uma Roy, has been able to attract large-scale funding for the project. This includes a significant investment of over $43 million in a March 2024 funding round led by Galaxy. Additionally, the network supports an additional 35 protocols with 1,700 unique programs valued at over $4 billion in funding.
Succinct further raised $55 million in a Series A funding led by Paradigm, led by Polygon’s co-founder Sandeep Nailwal. The money rolling into the project highlights its importance, giving it a vote of confidence. The funding has likely played a role in ensuring the project has enough space to test its ideas thoroughly.
What is the PROVE Token?
The $PROVE token is the utility token that fuels the entire Succinct crypto project. Besides enabling payments, PROVE is designed to secure the network through staking and paying provers. Succinct Labs is launching the PROVE token to power its proof generation marketplace.
$PROVE Tokenomics
According to Succinct Labs, there will be a total supply of 1,000,000,000 $PROVE tokens. The protocol is currently working out the details of supply and distribution for the Mainnet. However, there is an airdrop currently in progress for staking.
The Token’s tokenomics are expected to cover allocations for the development team, ecosystem development, community, and liquidity. Also, there could be special percentages and vesting schedules as is typical for Web3 projects.
Token Utility
- Payment Mechanism for Proof Requests: $PROVE will act as the native payment token for every transaction within the Succinct Prover Network. Apps requesting zero-knowledge proofs will pay fees in PROVE. The payments will be held in escrow and will be released automatically when a prover completes a proof. The result is a trustless, transparent payment system working without an intermediary.
- Network Security through Staking: Provers will need to stake $PROVE tokens to vie for the right to generate proofs. The staking mechanism aims to offer security by ensuring provers have collateral risk. This will facilitate rate limiting based on amounts staked and create a penalty mechanism to eliminate malicious behavior and non-performance.
- Decentralized Governance Participation: Holders of the $PROVE token will have the chance to participate in the project’s governance. The protocol will use a delegated staking system where staked tokens become iPROVE, a voting power mechanism for making governance decisions. A security council currently oversees the network, but will eventually transition to a community-governed project.
- Prover Incentive Alignment: The PROVE token also acts as an incentive provider throughout the system. Provers will be able to earn fees for generating proofs. Also, delegates will gain the Token for offering stake to trusted provers. The project captures fees from transactions to fund security and any other ongoing projects.
Succinct (PROVE) Listed on Binance HODLer Airdrops
Crypto exchange Binance recently announced another HODLer airdrop for the PROVE token. Eligible users will be able to claim their earned tokens via Binance Alpha points through trading activity. The $PROVE airdrop is part and parcel of the HODLer airdrop initiative aimed at rewarding active users of new blockchain projects.
The airdrop runs alongside the listing of Succinct PROVE on Binance Alpha on August 5, 2025. The Token will become available for retail and institutional investors interested in early access. It is expected that the listing will give the Succinct crypto project more liquidity and visibility, primarily through the airdrop.
To become eligible, you will need to have staked BNB tokens during a specified 4-day window. This would make you eligible for a piece of 15 million PROVE tokens.
Key tokenomics:
- Total Supply: 1,000,000,000 PROVE tokens
- Airdrop Allocation: 15,000,000 PROVE (1.5%)
- Circulating Supply at Listing: 195,000,000 PROVE (19.5%)
Binance hasn’t announced any listing fees. However, there will be an additional 5 million PROVE tokens reserved for marketing use after 6 months.
The Succinct Architecture
Succinct Labs envisions a decentralized system where any user can generate a zero-knowledge proof. Unlike the existing ZK infrastructures, Succinct enables participants to use ordinary code to generate ZKPs. The aim is to accelerate the proof-generation process across blockchain and AI-based industries.
The protocol operates a two-sided marketplace made of provers and requesters. Requesters ask for proofs, and provers provide the proving power, and both are matched in real-time. The marketplace is designed to become the world’s most efficient and robust proving cluster that aggregates prover supply and proof demand.
Succinct works by pairing a practical technology with a clever community-driven twist. Using its SP1 component, the zkVM, the protocol takes Rust-written programs and uses ZKPs to verify them. This makes some tasks run up to 30 times faster than the traditional systems. The prover network further advances the network by inviting users to lend their computing power. The result is tune-up speed that slashes time by over 10 times, further simplifying things.
The Succinct Prover Network
The Succinct Prover Network has been created as a verifiable application (vAPP) that combines on-chain trust and off-chain speed. The off-chain component takes care of the heavy lifting, such as proof assignments, while the on-chain smart contracts settle the outcomes. The Ethereum-based smart contracts handle payment transactions or fast auctions with ZK-proofs for verification. The protocol is designed like an L2 sequencer that gets a web2-like speedy experience but maintains Web3 security.
The Prover Network introduces a new auction system that facilitates balancing between decentralization and proving cost. Unlike the traditional reverse auction that often leads to provider concentration, the proof contest concept uses an all-pay auction structure. The mechanism is designed to incentivize a wide set of provers while still maintaining affordable pricing. As a result, even if one prover generated proofs cheaply, the rest will still be incentivized to participate.
SP1
The Succinct Prover Network has been co-designed with a novel zero-knowledge virtual machine, the SP1. The mechanism is designed to prove the execution of any RISC-V program and prevent proof copying and reused work. SP1 also allows developers to write proofs using easy-to-understand programming languages like Rust. This dramatically reduces development time from months to just a few days.
The SP1 mechanism has been optimized for high performance and facilitates rapid proof verification and generation. The protocol’s decentralized prover network distributes the proof generation task across the network, thereby facilitating scalability. This makes the process more reliable and efficient, especially when dealing with large-scale applications.
SP1 remains unique because it’s designed for ease and to enhance performance. Beyond the 30x speed boost, the mechanism also makes using ZKPs less of a headache. By using the Rust language that most coders are already using, the mechanism lowers the barrier to entry. Moreover, the GPU optimization concept means it can do the heavy lifting without getting choked, making it more reliable for proofs.
The Future of Succinct (PROVE)
By advancing the zero-knowledge proof technology, Succinct is making it easier for all users to integrate it into all blockchain systems. By reaching this powerful cryptographic tool through SP1 zkVM and strategic partnerships, the protocol enhances privacy, scalability, and interoperability. As a result, Succinct Labs has positioned itself to play a key role as ZK proofs become more mainstream.
The Prover Network of Succinct introduces a new era within the blockchain space called the “era of provable software.” This is the future of cryptographic verification that could become ever-present across digital interactions and transactions. The project’s roadmap focuses on an expansion beyond blockchain use cases to other areas, such as AI systems.
As the network grows, Succinct could become the default infrastructure for all applications needing cryptographic verification. This may include issues like preventing deep fakes or authenticating media content and restoring trust in digital interactions. The vision of Succinct Labs places PROVE as a fundamental utility token within the blockchain space for offering a verified computing paradigm.
FAQs
Who is backing Succinct?
Succinct recently raised $55 million during a funding round spearheaded by big names like Paradigm. Other partners include Polygon’s co-founder Sandeep Nailwal and other projects like Mantle and Galxe.
What’s the Succinct Prover Network Testnet about?
The trial run for the Succinct Prover Network was run in early 2025 to enable interested users to test the project’s decentralized system for generating ZKPs. There’s currently an ongoing airdrop where early backers are helping to increase the project’s visibility and liquidity.
