Last week, I received an airdrop from the Succinct project through Binance HODLer. Since it is a bilateral market built on Ethereum using ZK proofs, I did a bit of research to keep a record. 1/ What is Succinct? In simple terms, Succinct is like the "AWS of the ZK space"; it builds a global, decentralized bilateral market on Ethereum where requesters (Proof requesters) and provers (Provers) are matched through an auction mechanism to generate ZKPs. Using @SuccinctLabs' core technology SP1 zkVM (Zero-Knowledge Virtual Machine), developers can write code in common languages (like Rust) to generate ZK proofs without needing complex underlying technologies like cryptography or circuit design. This significantly lowers the barrier to ZK development. 2/ The Role of ZK Technology When we mention ZK, we often think of L2 scaling solutions like ZK Rollup. The focus of Succinct is not on scaling but on creating a decentralized ZK Proving infrastructure (hence the token ticker $Prove), building an open market that allows developers to write ZK applications as easily as writing regular programs, thus lowering the barrier; at the same time, it incentivizes Provers to provide low-cost, reliable proof services. In this business, ZK technology mainly manifests in privacy protection, cross-chain verification, secure computation, and lightweight clients, making the verification process more trustworthy, secure, and efficient. This is also the core technological support of the Succinct project. 3/ Use Case Scenarios and Users of Succinct Many web3 projects are using Succinct, including public chains like Polygon, Taiko, and Morph, as well as dApps like Celestia and Lido. The use case scenarios involved in these projects' collaboration with Succinct include: ◦ zk-EVM: Proofs for executing Ethereum blocks based on SP1, allowing for quick deployment of zkEVM. ◦ Rollups: Generating validity proofs for state transitions, which can bridge to Ethereum or other chains. ◦ Identity and Privacy: Client-side proof generation supporting privacy voting and anonymous identities. ◦ AI and Generative Applications: Providing verifiable support for AI agents, generative art, and user-customized experiences in an on-chain environment. ◦ Interoperability: Executing cryptographic operations like elliptic curves to extend EVM capabilities. 4/ PROVE Economic Model $PROVE is not just a governance token; it also includes functions like payment, security, and incentives within the Succinct network. ◦ Payment Tool: Requesters need to use PROVE to pay for proof generation fees. ◦ Network Security and Staking: Provers need to stake PROVE to participate in auctions as an economic guarantee. ◦ Staking Delegation: Token holders can delegate PROVE to provers and share in the earnings. ◦ Governance and Incentives: PROVE holders can vote to participate in governance, incentivizing provers to enhance the infrastructure. The Succinct team is technology-driven, having raised a total of $56 million in two rounds before the TGE. However, it is now already on @Binance, so the financing data is of limited reference value, and it has entered a fully competitive market phase.