Succinct Foundation announces the launch of the first on-chain governance vote for PROVE. Users holding more than 1000 PROVE can participate in the proposal vote, and the voting results will directly impact the development direction of SP1 zkVM!
Core governance topics:
1. Proof fee adjustment: The proposal aims to reduce the cross-chain proof fee from 0.001 PROVE per instance to 0.0005 PROVE per instance to attract more developers. The current support rate is 68%.
2. Cross-chain protocol upgrade: The proposal plans to extend the IMCP protocol to the Cosmos ecosystem, expected to improve cross-chain data transmission efficiency by 40%, with 32% of votes against.
3. Community fund allocation: 5 million PROVE reserve funds will be used to incubate ZK-NFT projects, with the first batch of selected projects needing to pass community voting, and voting weight is linked to staking duration.
Participation mechanism:
• Voting weight calculation: Each holder of 1 PROVE gets 1 vote, locking for 90 days can obtain 3 times the voting weight, top nodes (staking over 100,000 PROVE) can initiate emergency proposals.
• Dividend mechanism: After the proposal that passed the vote is implemented, 20% of the protocol revenue will be distributed to voting supporters in the form of PROVE, with the first round of dividends expected to be distributed in September.
Technical assurance:
Succinct adopts a quadratic voting mechanism to prevent manipulation by large holders, enhancing the voting influence of small holders by 8 times. Voting data is stored in a hybrid manner using IPFS+Arweave to ensure immutability. Currently, there are over 12,000 participating addresses, setting a new high for governance activity in the ZK ecosystem.
