Secret Network minted 1.079 billion SCRT on Aug. 21 to fund a community-run continuity plan after SCRT Labs said it would end its support for the layer 1 network on Sept. 1. The mint cut existing holders' collective share of the supply to roughly one quarter, even though their absolute balances stayed unchanged.
Secret Network executed the 1.079 billion-SCRT mint on Aug. 21 after backers of Proposal 365 moved to keep the Cosmos-based chain running ahead of SCRT Labs' support cutoff. The vote triggered the v1.26.0-community-continuance upgrade, scheduled for block 26,790,327, and block results recorded the mint as a finalize-block upgrade event rather than a normal transaction.
After the upgrade, the live secret-4 node reported software version 1.26.0 and reached block 26,806,270, confirming the chain kept producing blocks. Existing holders kept their absolute SCRT balances, but the new supply reduced their collective share to roughly one quarter of the total.
Mint allocates funds across foundation, ecosystem and validators
The mint assigned 299 million SCRT each to foundation and core-development programs, 178 million to an ecosystem fund, and 72 million each to advisors, research and development, and validators. Builders and relayers received 43 million, and 44 million went to remediation.
Its v1.26 economics made 308.4 million SCRT liquid on day one and set ongoing inflation at 5%. A bank-supply query after the mint showed a live total of 1.44346 billion SCRT, a figure that includes the pre-upgrade circulating supply plus continuing inflation on top of the one-time mint.
Sept. 1 shifts responsibility to community backers
Secret Network voters also rejected Proposal 360, SCRT Labs' signaling proposal for an Arbitrum snapshot that would have counted native wallet SCRT and staked or unbonding SCRT while excluding private tokens such as sSCRT, bridged SCRT, contract and liquidity-pool balances, and other SNIP-20 tokens.
SCRT Labs said before the vote that it would conclude development and related support for the network on Sept. 1 regardless of the outcome. That statement did not schedule a chain shutdown — continued operation depends on validators maintaining enough staking power and community backers taking on the technical workload themselves.
Whether that allocation holds the chain together now rests on validators and community backers alone.
Source: CryptoSlate
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