Secret Network has proposed transferring its SCRT token from the Cosmos ecosystem to Arbitrum. This initiative has been put to a community vote.
The team cited security risks associated with outdated code from 2020 and the increasing affordability of AI-assisted attacks, as well as a June incident where the blockchain project Axelar revealed a bridge hack involving the Secret Network protocol. If approved, a snapshot of SCRT balances is scheduled for September 1, after which an ERC-20 version of the token will be issued on Arbitrum.