After weeks of anticipation and setbacks, the Shiba Inu development team has officially confirmed that the long-awaited migration from LEASH v1 to LEASH v2 is ready to begin. The delay stemmed from the need to address flaws in the original LEASH token contract and to complete a thorough security audit. Now that these hurdles are cleared, developers say the transition to LEASH v2 is set to commence in the coming days.
Shiba Inu Team Confirms Migration
According to a recent blog post by the Shiba Inu team, the security audit of the LEASH v2 contract and its migration mechanism has been completed by Hexens, which has now cleared the way for the long-delayed rollout.
The developers explained that they engaged Hexens to perform a full, independent audit of the integrated system, covering the LEASH v2 token, the migrator, and all associated flows. Now that the security firm Hexens has cleared the audit, the migration is expected to begin anytime soon.
Hexens is a Web3-focused cybersecurity firm known for smart-contract and protocol audits. Its track record spans Ethereum, Solana, Cosmos, and BNB Chain, where the firm’s audits have protected significant on-chain value.
As the migration begins, developers warned LEASH v1 holders should use only official links published on Shib.io and verified Shiba Inu social channels to avoid falling prey to scams. Once the migration window closes, any unused LEASH v2 tokens in the multisig wallet will be burned to enforce a hard-capped supply.
How The Migration Will Work
Now that all the security boxes have been ticked, the migration from LEASH v1 to LEASH v2 is expected to commence anytime in the coming days. The migration will occur in carefully planned phases to ensure fairness across different types of holders.
In the first phase, direct LEASH v1 holders as well as those with staked or locked tokens will be able to migrate by burning or locking their v1 tokens to receive v2 equivalents at a ratio based on the current v1 supply. Liquidity providers on Uniswap V2 and ShibaSwap V1 are also included in this stage.
Phase Two will handle the more complex Uniswap V3 and ShibaSwap V2 LPs, which require snapshots and proof-of-withdrawal mechanisms to prevent trapped value. Lastly, Phase Three will cover bridge users and those holding LEASH on Shibarium for a 1:1 swap of these tokens.
The LEASH v1 contract was originally promoted as a fixed-supply token, but a hidden vulnerability meant that rebasing mechanisms could still alter the supply through authorized proxies. This vulnerability was exploited earlier this year and this led to an unplanned 20% increase in supply.
To restore trust and safeguard holders, developers opted to create LEASH v2. According to developers, the upgrade removes any minting or rebasing loopholes, as the entire v2 supply is pre-minted and secured in a multisignature wallet.
At the time of writing, LEASH is trading at $24.94, down by 3.22% in the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
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