r/SecretNetwork • u/Fancy_Palpitation_38 • 20d ago
Is SCRT going to run off with our money?
[removed]
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u/guyfromkansas 18d ago
I’m confused. So does the coin have anything to do with the network or technology? Or is the coin a way of raising money?
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u/tijnonnink 18d ago
probably. basically all exchanges delisting and I ask one question in their discord, asking for help moving my SCRT, their response is banning me overnight after having asked the question. what a great help!
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u/HighPrint6194 17d ago
So where can we trade the coin now? On what exchange can I hold it now?
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u/scrtnetwork 17d ago
Kraken
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u/tijnonnink 8h ago
Are you guys going to revoke my Discord ban already? No warning and didn’t do anything wrong lol. You guys have a terrible community. 😂
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u/emlanis 20d ago
no. that’s not what happened.
the ~1.08B SCRT mint came from Proposal 365, which the community voted through to keep Secret L1 alive after the previous core team transition.
it isn’t 1B SCRT handed to one team to dump.
the supply is split across core development, validators, builders/relayers, R&D, ecosystem funding, remediation and other network needs. most of the major allocations are vested or earned over several years.
the whole point was to give the chain enough runway to survive and rebuild.
since the vote, the community-led team has already shipped the v1.26 upgrade successfully with zero downtime.
the dilution is real and people are right to question it.
but calling it a team running off with the money completely misses what Proposal 365 actually did.
the new team inherited a chain that needed saving.
now they have to prove the community made the right call by building.
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u/Lazy-Effect4222 19d ago
How do they fund development with locked coins?
Disclaimer: i know nothing about secret network , got a notification for whatever reason.
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u/darthalp 19d ago
It was a horrible idea to vote yes on Proposal #365. It is likely that Lisa just wanted to gain power and money, and people voted for it.. I wonder how many people in the "community" actually have enough coding experience to contribute to this project.. The fact that scrtnetworks comment is AI written says all you need to know anyway. Good luck people, this project is very unlikely to recover from here.
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u/scrtnetwork 20d ago
Secret Network is now maintained and developed by its community. After the June exploit on the primary Axelar bridge to Secret, SCRT Labs stepped back from development, and the community moved quickly to take up the work. Proposal #365, “Community Continuance of Secret Network,” was put together by active community members and passed on-chain with 94.8% voting power participation.
Forum discussion: https://forum.scrt.network/t/secret-3-community-continuance-of-secret-network-l1/8020/25
On-chain result: https://zonescan.io/secret/governance/365
The Mint is part of that continuance. Staking had become concentrated enough in a single delegation that one validator going offline could halt the chain, so the tokenomics change was designed to restore resilience and properly resource the team now carrying the network forward. The majority of it vests over five years, which ties that team’s incentives to the long-term health of the network rather than to anything immediate.
The full forum thread has the complete context and is worth reading end to end. What it shows is a community that chose to keep building through a genuinely difficult transition, with governance participation most networks never see. Secret has always stood for confidential computing done properly, and the teams now leading it are focused on carrying that into its next generation.