Secret Network Mints 1.079 Billion SCRT Tokens Amid Developer Departure

The Secret Network has executed a massive mint of 1.079 billion SCRT tokens to fund its continued operation after the main developer quit and threatened to cut off support on September 1st.

This drastic measure, known as Proposal 365, was passed by backers in an effort to keep the Cosmos-based layer 1 operating. The proposal scheduled a v1.26.0-community-continuance upgrade for block 26,790,327, which resulted in the full mint being recorded as a finalize-block upgrade event.

The live Secret-4 node reported software version 1.26.0 and reached block 26,806,270 after the upgrade, indicating that block production continued while development, infrastructure, and validator participation remain dependent on community execution.

The mint reduced the supply of SCRT tokens by 75% overnight and diluted existing holders' collective share to roughly one quarter of the total. The allocated funds will go towards foundation and core-development programs (299 million SCRT each), an ecosystem fund (178 million), advisors, research and development, and validators (72 million each), builders and relayers (43 million), and remediation (44 million).

The v1.26 economics made 308.4 million SCRT liquid on day one and set ongoing inflation at 5%. The responsibility for maintaining the network has now shifted to community backers, who must maintain staking power and take on the technical workload.