Shiba Inu Team Launches LEASH v2 to Address Supply Issues
The Shiba Inu development team has introduced LEASH v2, a revamped version of their exclusive ecosystem token, designed to resolve a long-standing supply issue. In recent days, LEASH holders voiced significant concerns when a hidden rebase function in the original contract unexpectedly inflated the token supply by over 20% beyond the intended 107,646 tokens. This prompted the Shiba Inu developers to act swiftly, releasing LEASH v2 as both a corrective measure and an effort to rebuild the community’s trust.
LEASH v2 Establishes a Fixed Token Supply
Lucie, the marketing lead for Shiba Inu, highlighted the key enhancement in LEASH v2 as a permanent solution to supply manipulation risks. Communicating on the social media platform X, she explained that post-migration, LEASH v2 will enforce a hard-capped supply of 107,000 tokens, as initially planned. This updated contract eliminates any potential for rebasing or undisclosed minting. Consequently, token holders no longer need to worry about unintended inflations or hidden vulnerabilities that could undermine LEASH’s scarcity and value.
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The issue originated from a rebase function left in the original contract by a former developer five years ago, which went unnoticed until the recent glitch was discovered. The team has documented the mechanics of this issue and proposed a community-driven DAO approach to transition to a fixed-supply, audited LEASH v2, utilizing the last trusted snapshot. This plan also introduces a burn-to-claim model, wherein holders destroy the old token to claim the new one. By transitioning to a fully immutable and audited contract, the team has effectively mitigated this risk, positioning LEASH v2 as a more reliable representation of the token’s original intent.
According to the Shiba Inu blog, the total supply of v2 is pre-minted at deployment and is managed by a multisignature wallet. The migration process will not mint new LEASH v2 tokens but will instead distribute pre-minted tokens from the multisignature wallet as users transition from LEASH v1.
Implications for Token Holders
LEASH v2 specifically impacts only the LEASH token, while other tokens within the Shiba Inu ecosystem, such as SHIB and BONE, remain unaffected. Should the migration proceed smoothly, with completed audits, exchange support, and functional burn-to-claim portals, LEASH v2 will represent a straightforward reset of the token’s parameters.
In related news, a popular Shibarium insights account on X noted that the team is collaborating with an external auditor. Moreover, the Shiba Inu team is in discussions with cryptocurrency exchanges to facilitate the swap and plans to conduct a public testnet and bug bounty program prior to the full release. The rollout has been positively received within the Shiba Inu community, with supportive feedback appearing across various social platforms.
Currently, LEASH is trading at $52.40, reflecting an 8% decrease in the past 24 hours. Meanwhile, SHIB is trading at $0.000012.
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