In a blog post, Shiba Inu's top developer, Kaal Dhairya, has announced the imminent launch of the LEASH V2 migration process. The migration will deliver a simplified, fully audited token contract and a carefully designed process that protects long-term holders and liquidity providers.
The migration addresses supply instability issues that have affected the original LEASH token. The migration will follow a fixed ratio model that ensures holders of LEASH V1 easily move into LEASH V2 without supply dilution. The new system implements a holder-equivalence model where loyal token holders receive full allocation while those who sold face reduced distributions.
Three-Phase Migration Strategy
The migration rollout follows a structured three-phase approach to accommodate different user groups. Phase 1 targets individual holders and stakers of V1 veLEASH and xLEASH tokens. This phase also includes liquidity providers on Uniswap V2 and ShibaSwap V1 platforms.
Phase 2 addresses more complex scenarios involving Uniswap V3 and ShibaSwap V2 liquidity providers. The development team has prepared targeted snapshots to handle cases where rebases did not properly credit liquidity provider shares. This phase combines historical liquidity snapshots with a proof-of-withdrawal system to prevent fund losses.
Phase 3 covers bridge users and Shibarium participants. These users will receive a straightforward 1:1 swap mechanism designed specifically for native Shibarium LEASH tokens.
Security and Technical Implementation
LEASH v2 is built with OpenZeppelin's ERC-20 libraries, a widely audited standard. The token incorporates standard features, including ERC-20, ERC20Permit, and ERC20Burnable functionality. Advanced features will be added through wrapper contracts rather than complicating the base token architecture.
The migration contract has undergone comprehensive security auditing by Hexens, a leading blockchain security firm. The entire LEASH V2 supply has been pre-minted and secured in a multisig wallet. The migration process will transfer V2 tokens to users while simultaneously burning equivalent V1 tokens.
No additional LEASH V2 tokens can be minted after the migration completes. The migration contract cannot mint tokens and holds no V2 supply, ensuring transparency and security.
Self-custody holders require no immediate action before the migration portal opens. However, stakers and liquidity providers must unstake their V1 tokens before migration. Liquidity providers on ShibaSwap V2 and Uniswap V3 should await specific Phase 2 instructions before taking action.
At the time of writing, Shiba Inu is trading at $0.00001309, showing an increase of 2.15% over the past 24 hours.
