Essential finite generation of extensions of valuation rings

Given a generically finite local extension of valuation rings $V \subset W$, the question of whether $W$ is the localization of a finitely generated $V$-algebra is significant for approaches to the problem of local uniformization of valuations using ramification theory. Hagen Knaf proposed a characterization of when $W$ is essentially of finite type over $V$ in terms of classical invariants of the extension of associated valuations. Knaf's conjecture has been verified in important special cases by Cutkosky and Novacoski using local uniformization of Abhyankar valuations and resolution of singularities of excellent surfaces in arbitrary characteristic, and by Cutkosky for valuation rings of function fields of characteristic $0$ using embedded resolution of singularities. In this paper we prove Knaf's conjecture in full generality.