🔹 Technological Breakthrough: The revolutionary innovation of SP1 zkVM
- Developer Friendly: No need to delve into elliptic curve mathematics or learn Circom; developers only need to write logic in Rust, and Succinct automatically handles proof generation, verification, and chain transmission.
- Extreme Performance: SP1 zkVM is 4-28 times faster than traditional zkVM, saving up to 100 times in development time. 93% of Ethereum blocks can complete proofs within 12 seconds, requiring about 160 RTX 4090 GPUs to support.
- Decentralized Proof Network: Global participants can join the proof network and earn $PROVE token rewards through a competitive mechanism (faster and cheaper provers win), ensuring system efficiency and anti-monopoly.
🔹 Ecosystem Growth and Capital Favor
- TVL exceeds $4 billion: Over $4 billion in on-chain assets protected, integrated with over 35 top projects including Polygon, Celestia, and Lido.
- Financing Strength: Led by Paradigm, the Series A funding reached $55 million, with a valuation of approximately $300 million, and investors include well-known institutions such as Robot Ventures and Bankless.
- Token Performance: The market cap reached $204 million shortly after listing, with the price soaring 164% within 24 hours and trading volume exceeding $281 million.
🔹 Core Value of $PROVE Token
- Payments and Incentives: Provers must use $PROVE to pay fees, and provers earn tokens by providing services.
- Security and Governance: Staking $PROVE allows participation in network protection (malicious behavior will be penalized), and token holders can vote on key protocol parameters.
- Token Economic Model: Total supply of 1 billion tokens, with an initial circulation of 19.5%. In fee distribution, 95% goes to winning provers, 4% to delegators, and 1% enters the protocol treasury.
🔹 Application Scenarios Far Exceed DeFi
- Cross-chain Bridging: The IBC Eureka system reduces the fuel cost per data packet between Cosmos and Ethereum from ~$100 to ~$4, processing over $3 billion in transfers monthly.
- Real-world applications: Covering advertising fraud proofs (millions per second), game RNG fairness proofs, medical device protocol compliance (FDA level), etc.
- AI and Co-processors: Compatible with EVM, Solana, and AI co-processor ecosystems, demonstrating its technical scalability.
⚠️ Risk Warning
- Token Release: Currently, only 19.5% of tokens are in circulation, with potential unlocking pressure in the future.
- Demand Validation: While market demand for its services is growing, full scaling still requires time.
💎 Summary
#Succinct Labs is becoming a key player in the Web3 infrastructure layer by lowering the technical barriers of ZK technology, building a decentralized proof network, and partnering with top capital and ecosystem partners. $PROVe not only empowers the ZK economy but may also become the "universal trust layer" of the internet.
#PROVE #ZK #Web3 #Cryptocurrency
$PROVE (Data Source: Official Announcement & DefiLlama)