Former SNF lead Lisa Loud outlined a plan for a new entity to take over Secret L1 and fund developers, validators, relayers and bridge hack victims through a one-time large token issuance.
Secret Network is weighing a restructuring plan that would transfer control of Secret L1 to a new entity led by former SNF lead Lisa Loud after Secret Labs exits. The draft, published on the Secret Network community forum, proposes a one-time large token issuance that would reshape the token economy through dilution, with one example showing the old supply reduced to 20% of the post-issuance total. The proposal says the network would not migrate chains or exclude any existing token holders. Newly minted tokens would instead be allocated to the new entity, validators, cross-chain relayers (services that pass messages or assets between chains), developers and victims of a bridge hack. It also calls for a protocol-level tax to create an ongoing funding stream for development and infrastructure.