Shiba Inu top developer, Kaal Dhairya, has released a crucial update on the upcoming LEASH V2 migration.
In a blog post yesterday, Dhairya confirmed that the migration will deliver a simplified, fully audited token contract alongside a carefully designed migration process that protects long-term holders and liquidity providers.
He disclosed that the team has been focused on building mechanics for the migration. This will enable holders of LEASH V1 to migrate to LEASH V2 at a fixed ratio-based model.
Under this model, LEASH V1 token holders will receive the equivalent in V2. However, those who sold would see their allocation reduced accordingly.
The team has also prepared targeted snapshots to handle complex cases, especially liquidity providers on ShibaSwap V2 and Uniswap V3, where rebases did not credit LP shares fairly.
Phased Rollout
The migration, scheduled to begin in the coming days, will be rolled out in three phases. Phase 1 will cover direct migration for individual holders and stakers of V1 veLEASH and xLEASH, as well as liquidity providers on Uniswap V2 and ShibaSwap V1.
In the second phase, migration will focus on Uniswap V3 and ShibaSwap V2 liquidity providers. This phase will combine an old liquidity snapshot and a proof-of-withdrawal system to avoid loss of funds.
Phase 3 of the migration is for bridge users, including Shibarium participants, with a 1:1 swap designed for native Shibarium LEASH.
Token and Migrator Designs
The team built LEASH V2 using OpenZeppelin libraries, ensuring that the base token is auditable and aligns with standards such as ERC-20, ERC20Permit (EIP-2612), and ERC20Burnable.
According to the announcement, the team can only introduce advanced features to the token via wrapping, rather than complicating the base token.
On the other hand, the migrator is carefully designed to ensure that no additional LEASH V2 tokens will ever be minted in the future. The team has already pre-minted the entire LEASH V2 supply and secured it in a multisig wallet.
Upon migration, the migrator will transfer the V2 LEASH tokens to users, while burning the V1 equivalent. Notably, both the LEASH V2 token and the migrator have undergone a full audit. Leading blockchain security firm Hexens carried out the audit.
The team intends to share the full audit report and the official mainnet launch details soon.
What to Know Ahead of Migration
In anticipation of the launch, the announcement confirmed that no immediate actions are required from self-custody holders. They will only migrate their tokens once the migration portal opens for phase 1.
Stakers and liquidity providers of LEASH V1 tokens will be required to unstake their tokens before migrating them to V2. Liquidity providers on ShibaSwap V2 and Uniswap V3 are urged to wait for Phase 2 instructions.
Notably, bridge users and Shibarium participants will be covered under the Phase 3 migration.
The LEASH V2 migration is expected to go live within days, beginning with Phase 1. Launch details, official addresses, and a step-by-step migration guide will be released in the upcoming announcement.
LEASH, which launched in 2021 under the brand name Doge Killer, is currently trading at $25.69. It has plunged 85.28% over the past month and 99.71% from its ATH of $8,983.
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