- Succinct Labs and OP Labs Collaboration
- Fast Finality and Lower Gas Costs
- Prospects and Advantages of the New Solution
Succinct Labs and OP Labs have announced a collaboration to create a zero-knowledge proofs solution that significantly improves transaction finality and gas costs compared to optimistic rollups.
Succinct Labs and OP Labs Collaboration
On September 11, Succinct Labs announced its partnership with OP Labs, a startup contributing to the development of the Optimism (OP) protocol, to create OP Succinct. The collaboration, backed by Paradigm, combines the general-purpose zero-knowledge virtual machine SP1 with OP Stack to deliver a zkEVM rollup. With this new solution, upgrading OP Stack chains to utilize zero-knowledge proofs is now cheaper and faster. According to Succinct Labs, OP Succinct is also highly customizable.
Fast Finality and Lower Gas Costs
The ZK rollup development adds to the growing layer 2 scaling solutions ecosystem, offering fast finality and reduced gas costs for transactions. OP Labs and Succinct Labs, which secured $55 million in funding in March 2024, are bringing this to the market with OP Succinct. Being able to upgrade an OP Stack to use ZKPs within an hour vastly improves the seven-day fraud-proof window applicable to standard optimistic rollups. Proving costs are also at 0.5 to 1 cent, compared to higher costs of 1.34 cents on OP Mainnet and 1.11 cents on OP Sepolia.
Prospects and Advantages of the New Solution
The new development has significant potential to improve the scalability and efficiency of transactions within the blockchain ecosystem. Fast finality and lower gas costs could make OP Succinct a popular choice among developers of decentralized applications and services. This step also highlights the importance of advancing technological solutions aimed at enhancing user experience and reducing operational costs.
The collaboration between Succinct Labs and OP Labs aims to significantly improve transaction processing by utilizing zero-knowledge proofs, promising better efficiency and cost savings within the blockchain ecosystem.
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