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$PROVE Token

The PROVE token is an ERC-20 token, issued on Ethereum, that serves three main functions within the Succinct Prover Network:

  • PROVE is the payment token of the Succinct Prover Network. Requesters pay for proofs in PROVE.
  • PROVE secures the network via staking, distribution of value, and governance.
  • PROVE incentivizes provers to provide competitive prices to requesters.

PROVE has an initial supply of 1 billion tokens and a maximum emissions rate of new tokens set by the network's governance.

Staking​

Provers stake PROVE in order to be able to participate in auctions and fulfill proofs. This stake acts as economic security to hold provers accountable for griefing on proofs and missed deadlines. Stakers can also participate in protocol governance, updating network parameters such as the emissions rate, staking requirements, and additional auction details. Stakers receive the network emissions and a fraction of fees set by the protocol for providing economic security.

Delegation​

Anyone can stake PROVE and delegate it to provers to cover the provers' staking requirements. Delegates also earn a fraction of PROVE fees for the economic security they provide to the prover. Delegated stakers can stake to at most one prover at any time.

Walkthrough: Staking​

Suppose Alice makes a proof request, and in that same period, the network generates new PROVE tokens in emissions. The network distributes the fees from Alice's proof requests and emissions among the prover who fulfills her proof, the delegates that have staked to that prover, and the protocol treasury.

  • The winning prover earns a majority of the fees.
  • The delegates staked to the winning prover earn a fraction of the fees for the request, decided by the prover, for providing economic security to the prover.
  • The protocol takes a network fee.

The network emissions are further distributed pro-rata to all the stakers.

Distribution

Incentives​

The PROVE token will also be used to incentivize provers to invest in infrastructure and lower costs over time. More details will be coming soon!

Governance​

The PROVE token is used to vote on important network parameters. These include:

  • The network fee collected by the protocol treasury
  • Auction-related parameters, such as the specific auction format to be used
  • Staking requirements to participate in auctions