After an initial dip following its listing on multiple exchanges, Succinct’s native token PROVE reversed course and surged on Aug. 6.
Summary
- Succinct’s mainnet went live on Aug. 5.
- PROVE initially dropped over 50% after its listings on multiple exchanges.
- It has since reversed its course and rallied to an all-time high of $1.52.
According to data from CoinGecko, Succinct (PROVE) surged 150% to an intraday high of $1.52 on Tuesday morning Asian time before stabilizing at $1.31 at the time of writing.
The token rallied in a high-volume trading environment, with daily trading volume spiking over 120,000% compared to the previous day. More than $1 billion worth of PROVE tokens changed hands, pushing its market cap above $253 million.
Succinct’s rally followed the token’s debut on several major exchanges, including Binance, Coinbase, Upbit, and Bitget, shortly after its token generation event on Aug. 5.
The token went live alongside Succinct’s mainnet launch on the same day, making PROVE immediately functional and usable within the Succinct Prover Network.
The TGE set PROVE’s maximum supply at 1 billion tokens, with 195 million entering circulation at the time of its Binance listing.
Notably, Binance also included PROVE in its HODLer Airdrop program, rewarding users who had staked BNB with a share of 15 million tokens, based on a snapshot taken during the July 9–12 eligibility period.
The PROVE token was initially priced at $1.34 at launch. Within the next three hours, it dropped nearly 55% to $0.61, as some investors likely sold off their airdropped tokens to secure profits.
Such sell-offs are not uncommon in the crypto space. As crypto.news previously reported, TREE, the native token of DeFi protocol Treehouse, also fell over 40% on July 30 within a day after similar exchange listings.
What is Succinct?
Built on Ethereum, Succinct offers a decentralized proving network that enables direct access to zero-knowledge computation. It matches applications that require ZK verification with provers competing to deliver proofs using its proprietary SP1 zk-VM.
By removing the requirement for complex ZK implementations, Succinct makes it easier for developers to use advanced cryptographic tools. Developers can work in familiar environments like Rust, while the network handles the heavy lifting of secure and scalable proof generation.
The network is powered by the PROVE token, which underpins payment flows, incentivization, and protocol governance. Token holders have the ability to vote on system parameters such as reward distribution, fee structures, and auction design.
At launch, Succinct supported over 1,700 programs and secured more than $4 billion in total value across 35 integrated protocols, including notable ecosystems like Polygon, Celestia, and Mantle.
Succinct Labs, the team behind the project, secured $55 million in a Series A round in 2024, with Paradigm leading the raise and backing from Robot Ventures and Bankless Ventures.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
