Shiba Inu’s New Era: The Transition from LEASH v1 to LEASH v2
The Shiba Inu development team has finally confirmed the much-anticipated migration from LEASH v1 to LEASH v2. After weeks of delays due to necessary improvements and a comprehensive security audit, the team is ready to initiate this significant transition. The migration is set to begin shortly, marking a pivotal moment for the Shiba Inu community.
Official Confirmation from the Shiba Inu Team
In a recent announcement, the Shiba Inu team confirmed that the security audit of the LEASH v2 contract has been completed by Hexens, paving the way for the rollout. Hexens, a renowned Web3 cybersecurity firm, conducted an exhaustive, independent audit covering the LEASH v2 token, the migration process, and all related systems. With the audit cleared, the migration is expected to commence imminently.
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Importance of Security in the Migration Process
Hexens has a strong reputation for its expertise in smart contract and protocol audits across major blockchain platforms like Ethereum, Solana, Cosmos, and BNB Chain. Their audits have been instrumental in protecting substantial on-chain value. As the migration begins, developers urge LEASH v1 holders to use only official links shared on Shib.io and verified Shiba Inu social media channels to avoid scams. Any unused LEASH v2 tokens left in the multisig wallet after the migration window will be burned, ensuring a fixed supply.
The Migration Process Explained
With all security measures in place, the transition from LEASH v1 to LEASH v2 will soon be underway. The process will occur in several carefully planned phases to ensure equity among different holder categories.
Phase One: Direct Holders and Liquidity Providers
During the initial phase, both direct LEASH v1 holders and those with staked or locked tokens will be able to migrate by burning or locking their v1 tokens to receive v2 tokens at a ratio reflective of the current v1 supply. Liquidity providers from Uniswap V2 and ShibaSwap V1 will also participate in this phase.
Phase Two: Managing Complex Liquidity Pools
The second phase will address more complex liquidity pools, such as those from Uniswap V3 and ShibaSwap V2, requiring snapshots and proof-of-withdrawal mechanisms to prevent trapped value. Finally, Phase Three will focus on bridge users and those holding LEASH on Shibarium, ensuring a 1:1 swap of these tokens.
Addressing Vulnerabilities and Ensuring Security
The original LEASH v1 contract was designed as a fixed-supply token. However, a hidden vulnerability allowed rebasing mechanisms to alter the supply through authorized proxies, leading to an unintended 20% increase in supply earlier this year. To restore trust and protect holders, the developers have introduced LEASH v2. This upgrade eliminates any minting or rebasing loopholes, with the entire v2 supply pre-minted and secured in a multisignature wallet.
As of now, LEASH is trading at $24.94, marking a 3.22% decrease over the last 24 hours. Meanwhile, SHIB is valued at $0.000013.
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