Secret Network, a Cosmos-based privacy blockchain, minted about 1.079 billion SCRT in a one-time issuance through its v1.26.0 upgrade on Aug. 21 after Proposal 365 passed, according to CryptoSlate. The tokens were created to help keep the network running before SCRT Labs ends support on Sept. 1.
Following the upgrade, total SCRT supply increased to about 1.443 billion. Existing holders did not lose any tokens in absolute terms, but their combined share of supply fell to roughly one-quarter, with supply diluted by about 75%.
How the newly minted SCRT was allocated
The new issuance was allocated as follows:
- 299 million SCRT to the foundation
- 299 million SCRT to the core development plan
- 178 million SCRT to the ecosystem fund
- 72 million SCRT each for advisors, research and development, and validators
- 43 million SCRT for builders and relayers
- 44 million SCRT for remediation purposes
The v1.26 economic model made about 308.4 million SCRT liquid on the first day and set ongoing inflation at 5%.
Proposal 360 had already been rejected
Before this, the community voted down SCRT Labs’ Proposal 360, which concerned a snapshot for a migration to Arbitrum.
SCRT Labs has said it will end development and related support for the Cosmos-based layer-1 on Sept. 1 regardless of the vote outcome. The chain itself is not scheduled to shut down, but future development, infrastructure, and validator participation will need to be carried forward by the community. The token issuance is intended to provide resources and incentives for that continuation.