Infrastructure token Succinct's PROVE has dropped 54% despite securing $4 billion TVL spread across Arbitrum, Mantle, and Celo. The concentration issue stands out—just three wallets hold 35.59% of the token supply, raising serious governance concerns. Paradigm backed the $55 million Series A with strong conviction, but here's the real question: can an infrastructure play actually capture sustainable value through its tokenomics? At a $73 million market cap, you're essentially betting they'll solve the token utility puzzle that most Layer 2 and middleware projects have struggled with. The fundamentals look solid, but tokenomics alignment remains the make-or-break factor.