We continue with a blockchain project developing with ZK technology aiming to build an efficient chain ecosystem, and many projects are gradually being launched. Among them, PROVE is one of them. It is the 31st project announced for listing onBinance Hodler AirdropSuccinct (PROVE).

Succinct (PROVE) is a new project, a network built to provide decentralized proofs for generating succinct proofs. To understand more about what Succinct (PROVE) is and how to participate in the Binance Hodler Airdrop to receive exclusive tokens through holding BNB at Binance, let's explore this article with Trading Insight!

What is Succinct (PROVE)?

Prove is a project built with the aim of providing a scalable solution for multi-chain interaction. It allows smart contracts to access off-chain data across chains without trust, solving the awkward problem of scalability and cross-chain interaction that previous projects faced.

Succinct optimizes ZKPs for DeFi applications and can verify data faster at extremely low costs while facilitating seamless communication between different blockchains while ensuring decentralization and security. Its strength also comes from a strong technical team and backing from major funds in the crypto field.

Highlights of the Succinct (PROVE) Project

This Blockchain sector is currently lacking solutions for multi-chain, to have a project representing a new era of seamless interaction, PROVE cannot be overlooked. However, the quickest way to understand the project is to quickly go through some highlights of Succinct with Trading Insight!

  • More than 35 partners and over $4 billion TVL secured

  • Possessing an extremely solid ecosystem with strategic partners in the top 50 DeFi

  • It is a pioneering project developing ZK coprocessors, a solution for multi-chain connectivity using zero-knowledge proofs.

  • The project's processing speed is 10 times faster than conventional ZK-Rollups.

  • Raised funds from 8 major funds totaling over $55 million

  • Extremely high applicability when solving cross-chain issues for lending/borrowing and supporting anonymous KYC for over 10+ DEX exchanges

  • Testnet achieves over 100k+ transactions per day and has a relatively stable roadmap

  • The project team is relatively elite, composed of ZK experts from StarkWare, Polygon zkEVM, and researchers from Stanford and Berkeley.

  • Multi-platform support for Ethereum, Solana, Cosmos with extremely low gas fees

CURRENT PRODUCTS OF SUCCINCT (PROVE)

Succinct has 5 main products that create value and are the core values that lead PROVE to where it is today.

1. Succinct Chain (ZK Layer 2)

Succinct has developed an EVM-compatible ZK Rollup, focusing on multi-chain interoperability. Processing speeds of up to 10,000 TPS, this solution has successfully integrated with Ethereum, Solana, and Cosmos, allowing contracts to operate across chains seamlessly.

2. ZK Coprocessor

ZK Coprocessor allows off-chain data querying without requiring a third party. The product applies cross-chain and has extremely high interoperability.

3. SP1 Prover

SP1 is a ZK Prover, an open-source optimized for Rust and C++, capable of generating proofs 5 times faster than similar solutions. Currently, there are over 10 dApps implementing SP1, showing its high efficiency.

4. Succinct Connect

Succinct Connect is a toolkit that allows developers to integrate ZK technology into dApps in just 1 hour. This is also the ideal quick solution for upgrading web 3 applications.

5. Testnet Network

The live testnet of Succinct has quite good numbers, with over 50,000+ developers experimenting and over 100k+ transactions per day. The testnet rewards exceed $1 million+

Project backers and funding rounds of the project

The project is backed by top investors in the blockchain field and supported by investment funds in recent fundraising rounds. The last two fundraising rounds were quite successful, including $5.5 million (Seed 2023 - led by Robot Ventures, Electric Capital, Coinbase Ventures) and ~$55 million (Series A 2024 - led by Paradigm).

How does PROVE work?

Succinct (PROVE) is understood as functioning as a "multi-purpose assistant" for blockchains, helping separate networks like Ethereum and Solana "operate" together securely without intermediaries.

The process of PROVE includes:

  1. Create processing requests that include full data

  2. Off-chain verification with data query requirements, calculations, and proofs

  3. Multi-chain consensus with validation and voting to achieve consensus

  4. Transfer data to the target chain

  5. Deploy on-chain and complete the entire process

Tokenomics Details

Detailed information according to the Docs data provided by the project regarding token allocation is as follows:

  • Investor ~ 13.74%

  • Public Investor ~ 2.62%

  • Initial Airdrop ~ 14.98%

  • Community Reserve ~ 33.63%

  • Team ~ 21.46%

  • Liquidity ~ 4.2%

  • Nodes Year 1 ~ 7.90%

  • Node Inflation ~ 1.27%

Token release schedule

Below is the forecast for circulating supply in 6 months after the Token Generation Event (TGE):

Details about the PROVE HODLer Airdrop

  • Token name: Succinct (PROVE)

  • Total Genesis token supply: 1,000,000,000 PROVE

  • Maximum token supply: 1,000,000,000 PROVE

  • HODLer Airdrop token reward: 15,000,000 PROVE (1.50% of total token supply)

  • An additional 5,000,000 PROVE will be allocated for future marketing campaigns 6 months later. Details will be announced in a separate notice.

  • Circulating supply at listing on Binance: 195,000,000 PROVE (19.50% of total token supply)

What are Binance HODLer Airdrops?

Binance's HODLer Airdrops are exclusive token rewards for BNB holders based on historical snapshots of their BNB balance in Simple Earn Flexible or Locked products. By staking BNB into On-Chain Yields, users will automatically qualify for HODLer Airdrops and Launchpool rewards.

Those who sign up for Simple Earn automatically qualify for token rewards without any additional actions required.

Benefits of HODLer Airdrops:

  1. Passive rewards: Earn tokens based on the amount of BNB held in the past without needing active participation.

  2. Eligible for multiple rewards: Eligible for Launchpool, Megadrop, and HODLer Airdrops simultaneously.

  3. Convenience: Snapshots are taken hourly, ensuring fair distribution.

How to participate in future HODLer Airdrops

  1. Go to the [EARN] section on Binance.

  2. Search for BNB and sign up for Simple Earn Flexible or Locked products.

  3. Binance will use historical snapshots of user balances to calculate rewards, which will be distributed to eligible Spot Wallets within 24 hours after the airdrop announcement.

Summary

Prove is a project seen as an intelligent bridge for Blockchain with extremely high application support ensuring safety, speed, and cost-effectiveness. It supports multi-chain and can become a common language that helps the Blockchain ecosystem connect seamlessly, opening up a multitude of utilities for web 3 users.


However, it is important to note the volatility of tokens, especially when a project is newly launched and developed. The token's value can be significantly affected by the market and external factors. The information Trading Insight provides comes from reference data sources, not investment advice.

For any new project, taking the time to thoroughly understand and research is extremely important. Trading Insight will always provide comprehensive information and knowledge to help you gain a better overview of the market, both in the present and in the future. Don't forget to follow and interact with Trading Insight for the latest updates!
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