Succinct

PROVE is the native utility token of the Succinct Prover Network. It plays several roles in the network’s economic, operational, and governance systems:

1. Payments PROVE is used as the medium of exchange for paying provers who generate ZK proofs. Requesters deposit PROVE into a central smart contract (SuccinctVApp), which holds escrowed balances and releases them upon successful proof verification. All proof-related transactions - including deposits, payments, and withdrawals - are processed on-chain and tied to verifiable state transitions using ZK proofs.

2. Staking Provers and their delegates must stake PROVE to participate in auctions. The amount of staked PROVE determines how many auctions a prover can enter concurrently. Staking is done via a nested vault structure:

• PROVE is first deposited into a global vault (iPROVE),
• Then into prover-specific vaults,
• Resulting in stPROVE tokens for stakers, which represent both economic and governance rights.

Stakers earn a share of the prover's fee revenue and receive additional incentives supplied by the Succinct Foundation, particularly during the network's early phases.

3. Governance Initially governed by a security council, the protocol aims to transition to decentralised on-chain governance. Voting rights are delegated via staked PROVE (represented by iPROVE tokens). Participants with sufficient stake can propose and vote on protocol upgrades, parameter changes, and contract ownership transitions. Governance will eventually be fully managed via the SuccinctGovernor contract.

4. Slashing Slashing mechanisms are implemented to ensure prover reliability. If a prover fails to deliver a proof within the agreed timeframe, part of their staked iPROVE may be slashed. This incentivises consistent performance and economic accountability.

PROVE was created by Succinct Labs, the team behind the Succinct Prover Network. The founding team includes:

Uma Roy – Co-Founder and CEO Uma Roy holds a Bachelor's and Master's degree in Computer Science from MIT. Before founding Succinct Labs, she worked as a software engineer at Gantry and was an AI resident at Google Brain, focusing on cross-lingual language models and natural language processing. She is an advocate for user-centric Web3 infrastructure, particularly around the concept of “intents” over rigid transactions, and regularly writes and speaks on improving developer experience in decentralised systems.

John Guibas – Co-Founder John Guibas co-founded Succinct Labs and leads much of the protocol's technical architecture. He is one of the principal authors behind SP1, the general-purpose zkVM, and the proof contest mechanism that underpins the Succinct Prover Network.

Eli Yang – Head of Operations Eli Yang manages the operational aspects of Succinct Labs, including ecosystem growth, staking incentives, and community engagement. He plays a key role in aligning the network’s incentive structures with long-term decentralisation goals.

Succinct Labs raised $55 million in a Series A round led by Paradigm, with participation from other investors such as the founders of Polygon, EigenLayer, and Bankless Ventures.