Secret Network mints 1.079B SCRT to fund continuity

Secret Network executed a one-time mint of 1.079 billion SCRT on Aug. 21 after voters approved Proposal 365. The mint was applied through the v1.26.0 upgrade, raising the live total supply to about 1.44346 billion SCRT and reducing the pre-mint holders’ collective share to roughly 25.1%.

Proposal 365 scheduled the v1.26.0-community-continuance upgrade for block 26,790,327. When that block finalized, the protocol recorded the mint as a finalize-block upgrade event rather than as a standard user transaction. A live secret-4 node later reported the network running software version 1.26.0 at block 26,806,270. Bank-supply queries and block data were used to confirm the post-upgrade totals and the exact size of the one-time mint.

The distribution of the newly minted 1.079 billion SCRT followed governance-approved allocations. The plan assigned 299 million SCRT each to foundation and core development funds, 178 million to an ecosystem fund, and 72 million each to advisors, research and development, and validators. Builders and relayers received 43 million SCRT, and 44 million was set aside for remediation. The v1.26 economic parameters made about 308.4 million SCRT liquid on day one and set ongoing inflation at 5%. Existing token holders kept their absolute balances on the chain, but their proportional ownership fell to about one quarter of total supply.

An earlier governance item, Proposal 360, proposed an Arbitrum snapshot with specific eligibility rules but did not pass. Under the rejected terms, native wallet SCRT and staked or unbonding SCRT would have been eligible for the snapshot, while private tokens such as sSCRT, bridged SCRT, contract and liquidity-pool balances, IBC tokens on Secret and other SNIP-20 tokens would have been excluded. The rejection meant those snapshot rules did not receive an on-chain mandate.

SCRT Labs announced before the vote that it will conclude development and related support for the chain on Sept. 1. The company did not schedule a chain shutdown. Continued operation depends on validators maintaining sufficient staking power and community contributors taking on node operation, infrastructure maintenance and development tasks funded from the new allocations. The finalize-block upgrade method means the mint does not appear as a conventional mint transaction hash; observers used block records and bank-supply responses to verify the change in total supply.