Overview
PROVE is the native token of the Succinct Prover Network. It has a fixed supply of 1,000,000,000 PROVE tokens.
Tokenomics
| Property | Value |
|---|---|
| Ticker | PROVE |
| Supply | 1,000,000,000 PROVE |
| Token Type | ERC-20 on Ethereum |
| Contract Address | TBD |
Utility
Payments
PROVE is the payments token of the Succinct Prover Network. It is used by ZK applications to pay for proofs; rollups, base layer blockchains, and verifiable applications can submit proof requests to the network denominated in PROVE. Read more about using PROVE to pay for proofs here.
Staking
Provers stake PROVE to secure their participation in the network. The Succinct Prover Network uses a delegated staking system by which anyone can contribute stake to a prover to earn a fraction of their fees and also additional incentives provided by the Succinct Foundation. These additional incentives are designed to supplement staking rewards during the network’s early growth phase, helping to attract participation while the ecosystem is still being bootstrapped.
Stake is used to decide the number of concurrent auctions for proof requests that a prover can participate in. Staking is implemented via a nested vault structure that allows stakers to earn rewards from the network. Read more about staking here.
Governance
Initially, the network's parameters will be set by a security council. Over time, the network's governance will transition to a voting system by which provers can vote on proposals to update network parameters via their PROVE stake. Learn about the Succinct Prover Network's governance here.