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Secret Network mints 1.079B SCRT to keep Cosmos L1 running
The one-time mint cut existing holders collective share to about one quarter of the estimated post-mint total and set ongoing inflation at 5%.
Secret Network executed a 1.079 billion SCRT mint on Aug. 21 to keep the Cosmos-based layer 1 operating after community backers moved to advance a “continuance” plan tied to Proposal 365, ahead of SCRT Labs’ Sept. 1 support cutoff.
Proposal 365 passed and scheduled the v1.26.0-community-continuance upgrade for block 26,790,327, with results from that block recording the full mint as a finalize-block upgrade event. After the upgrade, the live secret-4 node reported software version 1.26.0 and continued block production through block 26,806,270, while development, infrastructure, and validator participation remained dependent on community execution.
The worked example and subsequent supply checks placed the post-mint total at about 1.441 billion SCRT, implying the mint reduced existing holders collective share to roughly one quarter. The 1.079 billion SCRT was allocated across programs, including 299 million each to foundation and core-development, 178 million to an ecosystem fund, and 308.4 million SCRT liquid on day one, while the v1.26 economics set ongoing inflation at 5%.
Separate from the mint, Secret Network voters rejected Proposal 360, SCRT Labs’ signaling proposal for an Arbitrum snapshot, meaning the snapshot terms did not receive an on-chain community mandate for what would be counted. SCRT Labs said it would conclude development and related support for the L1 on Sept. 1 regardless of the vote outcome, but continued chain operation depended on validators maintaining enough staking power and community backers taking on the technical workload.