PANews reported on May 20 that according to The Block, Paradigm-backed Succinct announced that it will launch PROVE tokens as the native asset of its Ethereum-based zero-knowledge proof (ZKP) verifier network. The network aims to build a decentralized market that connects proof requesters with proof generators, supporting use cases such as blockchain verification, cross-chain bridges, and AI computing. PROVE tokens will serve as the network's payment medium and the core of the incentive security mechanism, used to pay proof generators, pledge economic collateral, and participate in governance (such as adjusting network parameters). If the prover fails to submit the proof on time or commits a crime, his or her staked tokens will be confiscated. Currently, the Succinct verifier network is in the second phase of the test network, and phase 2.5 is about to be launched in preparation for the mainnet launch.

In 2024, its core project development team Succinct Labs completed a US$55 million Series A financing round led by Paradigm.