@Succinct #SuccinctLabs and $PROVE

#SuccinctLabs and $PROVE

Succinct is a decentralized crypto project that simplifies zero-knowledge proofs using its SP1 zkVM.

It aims to improve blockchain privacy and speed by bridging off-chain performance with on-chain settlement.

PROVE serves as the native payment token that governs, secures, and incentivizes for all transactions within the Succinct Prover Network.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.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

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