Secret Network Mints 1.079 Billion SCRT in Emergency Funding Move

Secret Network executed a massive mint of 1.079 billion SCRT on August 21, reducing its pre-mint supply by 75% overnight. The move was made to fund the continuity program and keep the Cosmos-based layer 1 operating after main developer SCRT Labs' support ends on September 1. The distribution allocated resources for foundation, core development programs, ecosystem funds, advisors, research and development, validators, builders, and relayers.

The proposal, known as Proposal 365, was passed by voters, and the upgrade to version 1.26.0 was implemented successfully. Existing holders maintained their absolute balances but saw their collective share reduced to about one quarter of the total supply after the mint. The new inflation rate is set at 5%.

The responsibility for maintaining the network now shifts to community backers, who must sustain development, infrastructure, and validator participation. SCRT Labs had stated that it would conclude development and related support regardless of the outcome of Proposal 365. The continuity effort will face a harder test in September as it relies on allocations to support durable maintenance, development, and validator participation.