Paradigm-Backed Succinct Sees 150% Surge After Exchange Listing

Succinct’s native token PROVE experienced a remarkable turnaround on August 6, following its recent listing on various exchanges after an initial price drop.

Key Takeaways

Token Surge: PROVE surged 150% to a high of $1.52 after being listed on major exchanges.
High Trading Volume: Daily trading volume increased over 120,000%, with over $1 billion worth of PROVE tokens traded.
Exchange Listings: The token debuted on exchanges including Binance, Coinbase, Upbit, and Bitget.
Functional Launch: PROVE went live with the launch of Succinct’s mainnet on August 5, allowing immediate usability.
Market Dynamics: Initial sell-offs are common in crypto post-listing, as seen in other tokens.

On August 6, Succinct's PROVE token rose sharply by 150% to an intraday peak of $1.52 in the early Asian trading hours, recovering from an initial dip. At the time of writing, the token had stabilized at $1.31, according to data from CoinGecko.

This impressive rally occurred in a robust trading environment, as daily trading volumes surged by more than 120,000% compared to the previous day. Over $1 billion worth of PROVE tokens were traded, pushing its market capitalization above $253 million.

The rise followed the token’s debut on major exchanges like Binance, Coinbase, Upbit, and Bitget, shortly after its token generation event (TGE) on August 5. At this event, Succinct's mainnet was launched, making PROVE immediately functional within the Succinct Prover Network.

The TGE established a maximum supply of 1 billion PROVE tokens, with 195 million tokens available at the time of the Binance listing. Notably, Binance included PROVE in its HODLer Airdrop program, offering 15 million tokens to users who had staked BNB, based on a snapshot taken between July 9-12.

Initially, the PROVE token launched at a price of $1.34. However, within three hours, the price plummeted nearly 55% to $0.61, likely due to some investors selling their airdropped tokens for quick profits. Such sell-offs are not unusual in the cryptocurrency world; for example, the TREE token from the DeFi protocol Treehouse dropped over 40% in a single day after a similar exchange listing.

Succinct is built on the Ethereum blockchain and provides a decentralized proving network for zero-knowledge computation. It connects applications that need ZK verification with provers that deliver proofs using its unique SP1 zk-VM. By simplifying ZK implementations, Succinct allows developers to use advanced cryptographic tools more easily within familiar programming languages like Rust, while the network takes care of secure and scalable proof generation.

The PROVE token powers various functions such as payments, incentives, and governance within the protocol. Token holders are empowered to vote on key system parameters, including reward distribution, fee structures, and auction designs.

Upon launch, Succinct supported over 1,700 programs and secured more than $4 billion in total value across 35 integrated protocols, including well-known ecosystems like Polygon, Celestia, and Mantle.

The team behind Succinct Labs raised $55 million in a Series A funding round in 2024, with Paradigm leading the investment along with support from Robot Ventures and Bankless Ventures.

Disclaimer: This article does not constitute investment advice. The information and materials presented here are for educational purposes only.

Paradigm-backed Succinct rallies 150% following exchange listing

In this article, we explore the significant rise of the PROVE token, which soared by 150% to reach an intraday high of $1.52 after launching on top-tier exchanges. We also discuss the impacts of trading volumes, the mechanics behind its recent token generation event, and how Succinct's decentralized proving network operates.