Proposal 365 — how the vote stands
Forum: Community Continuance of Secret Network (L1)
Citation: Proposal 365 vote snapshot on Secret Network (secret-4). Numbers are the official on-chain tally. Generated 12 August 2026, 20:40 UTC at height 26,654,594. https://secret3.dev/continuity-status/ · Markdown · JSON
Proposal 365 is live. The community, including people still living with the aftermath of the hack, has already been through too much. This vote will decide whether the network continues or not.
It is how new core organizations get funded so they can actually form. It is also a technical necessity. Secret Labs and people affiliated with them are the largest stakeholders. The network they left behind is not in a stable place.
Near midnight on 11 August 2026 the chain stopped producing blocks when the largest validator went down. Blocks only resumed after that validator came back. That happened because a large share of Labs-affiliated stake was pulled off community validators and concentrated on the Kraken validator. On a Cosmos SDK proof-of-stake chain, consensus needs the biggest holders online and spread out. Parking that much weight on one operator is a single point of failure. Secret Labs is not leaving the network gracefully. They know exactly what risk this creates, and they are doing it anyway.
Guy Zyskind owns Secret Labs, the legal entity Gamma Research and Development Ltd., principal office located at Yigal Alon 94B, Tel-Aviv, Israel. He is the TBO (true beneficial owner) of SNF, as registered with the Cayman Islands government for the entity Secret Network Foundation, 23 Lime Tree Bay Avenue, Grand Cayman Islands KY1-1108. His quotes below are from this forum post.
He said: “The remaining community has expressed a strong preference to continue the L1. We respect that preference.”
On No with Veto he wrote:
“Why we voted No with Veto
We voted No with Veto on the previous SNF proposal (Proposal 361). We need to clarify that we did not veto the idea of continuing Secret as an L1.
The first SNF proposal purported to authorize the “recovery of Labs-associated tokens” and stated that, if Labs did not agree, SNF would pursue the decision through unspecified “other means.” We vetoed an attempt to appropriate assets that do not belong to SNF. That is fundamentally different from opposing L1 continuity or remediation.
The new proposal seeks a similar economic outcome through dilution. Its worked example reduces all existing holders collectively to 20% of the resulting supply and distributes the newly created majority among a new entity, validators, relayers, builders and remediation recipients. That may or may not be what holders want, but it should be described plainly.”
He also said: “There is no hidden Labs majority, and SCRT Labs does not control anything close to a majority of the network. Our total current interest in SCRT is below 10%, a modest stake and nowhere close to a controlling interest.”
That figure is not something the public chain makes easy to check. Analytics have been done in the past on how Labs moves SCRT, including methods that hide a trail. Years ago, around a network upgrade, genesis coins were moved to new addresses. They knew a stretch of old history would drop out of public view when that upgrade landed. Proof of those moves still exists, and can be made available in the right venue to the right parties if the need arises.
A modest stake does not halt a chain. On Secret it can take even less. Because of Secret’s design, the chain can halt merely if not enough emergency signers remain in the active set. Secret Labs designed that part. They know what concentrating voting power does. They already showed it, by parking Labs-affiliated weight on one validator. Whatever they call their interest, they hold enough to destablize the network, and enough to prevent continuity if they use that same weight to veto 365.
Using Labs and affiliated SCRT to veto 365 would go directly against that promise. The practical effect of that veto is not a disagreement about details. It is an exit that leaves the chain without a steward.
If 365 fails, there is no funded team ready to keep the network alive. Chain state is then at risk of being lost, and with it user funds. Nobody can name the exact day. The situation is already bad enough that it could move fast. About 20 million SCRT associated with Secret Labs is scheduled to finish unbonding on the 18th. They are trying to complete that exit before the consequences land, knowing that if this vote fails there will not be anyone left to maintain the chain.
365 is the community’s best shot at continuity. It is not perfect. Lisa, I, and the others standing up are ready to do the work. If the community is in charge, the rest can change.
Snapshot 12 August 2026, 20:40 UTC · secret-4 height 26,654,594
secret-4v1.26.0-community-continuance at height 26,790,327State of affairs
This is the on-chain vote for Community Continuance of Secret Network (L1). Voting ends 19 August 2026, 00:52 UTC (6 days, 4 hours left).
If voting ended right now, the proposal would not pass.
- Turnout is 16.0%. At least 33.4% of all staked SCRT must vote, or the result does not count.
57 votes are on record (9 validator operators, 48 regular addresses). 9 of 27 active validators have voted from their operator key. 10 voters have a recorded vote but 0 vote weight (no active stake).
The largest Yes is validator 🪐 Secret Saturn \| Min. Com. forever (4,161,198.2 SCRT vote weight). The largest No with veto is a single address, secret1ykj8yxwf0g4awt78lc3w5es3k0q5t2mfp6kqfq, with 4,434,942.5 SCRT personal stake (92.9% of all veto weight).
Amounts below are in SCRT. 1 SCRT = 1,000,000 uscrt. The official tally is the source of truth for who is winning; wallet numbers are each voter’s own funds. The table is sorted by vote weight.
Scoreboard
Only SCRT that has voted. This is the split of the current tally.
| SCRT | Of the vote | Of all stake | Wallets | Of wallets | Largest wallet | |
|---|---|---|---|---|---|---|
| Yes | 10,863,415.4 | 69.5% | 11.1% | 40 | 70.2% | 38.3% of Yes |
| No with veto | 4,772,774.3 | 30.5% | 4.9% | 10 | 17.5% | 92.9% of No with veto |
| No | 66.01 | <0.1% | <0.1% | 2 | 3.5% | 61.5% of No |
| Abstain | 2,242.3 | <0.1% | <0.1% | 5 | 8.8% | 36.2% of Abstain |
| Total voted | 15,638,498.0 | 100% | 16.0% | 57 | 100% |
One address is 92.9% of No with veto (28.4% of the whole vote). Three validators are 82.8% of Yes.
Legend
- Of the vote is the share of SCRT that has already voted.
- Of all stake is the share of every bonded SCRT, including wallets that have not voted.
- Wallets is how many unique addresses voted this way, including votes that count for 0.
- Of wallets is that count as a share of all voting addresses.
- Largest wallet is how much of this option is one address.
- No with veto is not “33% of the whole network.” It is “more than a third of the people who actually voted.”
If voting ended now
The chain checks these three. All three have to pass.
| Check | Now | Needed | Result |
|---|---|---|---|
| Turnout | 16.0% of all staked SCRT | at least 33.4% | not met |
| No with veto | 30.5% of votes cast | at or under 33.4% | under the line |
| Yes | 69.5% of non-abstain votes | more than 50.0% | met |
All staked SCRT is 97,737,084.7. 32,644,186.3 must vote for the result to count. A veto over the line also burns the proposal deposit.
If everyone else voted Yes
Not the current tally. If Kraken01 abstains, the current No with veto stays, and every other bonded SCRT votes Yes:
| SCRT | Of the vote | Of all stake | |
|---|---|---|---|
| Yes | 41,537,896.1 | 42.5% | 42.5% |
| No with veto | 4,772,774.3 | 4.9% | 4.9% |
| Abstain (Kraken01) | 51,426,414.3 | 52.6% | 52.6% |
| Turnout | 97,737,084.7 | 100.0% | |
| Result | Pass |
Voters
One row per voter. Validators show validator stake (everyone delegated to them) and personal stake (only their own). Regular addresses show personal stake only. Vote weight is what actually counts.
How to read the table
- Vote weight — SCRT that counts in the official tally. Liquid SCRT in a wallet does not vote.
- Personal stake — SCRT this address has delegated. For a regular address, this is their voting power.
- Validator stake — If this row is a validator, all SCRT delegated to it, including other people’s. That is the size of the validator, not the operator’s own money.
- Available — SCRT they can send right now.
- Wallet — SCRT sitting in the account. Matches Available unless some is locked (for example vesting).
- Unbonding — SCRT they already unstaked. It cannot vote and cannot be sent until the unbonding period ends.
- Own total — This address’s own money: wallet + personal stake + unbonding + unclaimed rewards. It does not include other people’s stake on a validator.
- A validator’s vote uses the validator as a whole, minus anyone who voted from their own wallet. Voting from a different address than the operator key only moves that address’s own stake.
Figures are from Secret Network (`secret-4`) at height 26,654,594, block time 2026-08-12T20:39:58Z. Per-voter weights match the official tally.