According to Wu Blockchain, the Secret Network community has released a proposal for an L1 extension. The plan suggests that after Secret Labs ceases development and support for the current network, a new entity formed by the community will take over core development and operations. The proposal does not involve migrating to a new chain but instead aims to restructure the tokenomics by minting additional SCRT tokens. Existing token holders and SCRT locked in contracts will retain their original balances, but their holding proportions will be diluted. The newly minted tokens are proposed to be allocated to the new entity, validators, relayers, developers, and victims of hacking incidents. The draft uses an 80% dilution as an example, which corresponds to minting approximately 1.448 billion SCRT. However, the final dilution ratio, allocation weights, lock-up arrangements, and compensation rules are yet to be determined. https://(wublock123.com)/news/secret-network-community-proposes-l1-extension-tokenomics-restructuring-65474