According to BlockBeats, on September 12, the startup Succinct Labs, backed by Paradigm, announced its collaboration with OP Labs, a major contributor to the Optimism protocol, to address issues related to ZK Rollups.
Over the past few months, Succinct Labs has been working closely with the OP Labs team to develop OP Succinct. This new solution allows for seamless upgrades of any OP Stack chain to utilize zero-knowledge proofs within an hour. The company highlighted that this method is significantly faster than standard optimistic rollups, which have a seven-day fraud proof window. Additionally, the average transaction cost using this new approach is only a fraction of a cent.
Succinct Labs raised $55 million in seed and Series A funding rounds led by Paradigm in March of this year. The company aims to provide a more efficient and cost-effective solution for blockchain transactions through its innovative approach to zero-knowledge proofs.
