The world of cryptocurrencies is consistently evolving, and the upcoming transition of the Shiba Inu ecosystem marks a significant milestone. The developers have made an official announcement regarding the migration from LEASH v1 to the new LEASH v2, igniting excitement among holders and investors alike. This transition follows a thorough security audit, addressing prior vulnerabilities in the token’s architecture.
Shiba Inu Development Team Announces Transition
In a detailed update on their official blog, the Shiba Inu team shared that a comprehensive audit has been completed, ensuring that the migration process is safe and reliable. The firm Hexens conducted this audit, which has played a crucial role in the readiness for the new token launch.
The audit examined multiple aspects of the LEASH v2 setup, including the token system, migration processes, and related contracts. With this critical step finished, the community can look forward to the upcoming migration, which is set to unfold shortly.
Hexens is recognized for its expertise in Web3 security and has a solid reputation in the industry, having successfully audited projects across various blockchain networks, including Ethereum and Solana. Their involvement ensures that the token’s integrity is preserved, protecting user investments.
As the migration period approaches, it’s imperative for LEASH v1 holders to utilize only the official resources provided by Shib.io and validated social media channels to safeguard against phishing attempts. After the migration phase ends, remaining LEASH v2 tokens within the multisig wallet will be permanently destroyed to maintain the intended capped supply.
Understanding the Migration Process
With security protocols confirmed, the LEASH v1 to LEASH v2 migration is expected to unfold in a systematic manner. The migration has been designed to be inclusive and efficient, ensuring that all participants in the ecosystem can seamlessly transition.
Phase One will initiate the migration for direct LEASH v1 holders, stakers, and those with locked tokens. Participants will be required to either burn or lock their v1 tokens to receive v2 tokens at an exchange ratio based on existing supply metrics. Liquidity providers on both Uniswap V2 and ShibaSwap V1 are included in this initial phase.
Phase Two will address more complex pools such as Uniswap V3 and ShibaSwap V2, utilizing snapshot technology and proof-of-withdrawal to secure against value loss. Finally, Phase Three will encompass bridge users and those holding LEASH tokens on Shibarium, where a straightforward 1:1 token swap will be facilitated.
The original LEASH v1 contract faced challenges, as it was marketed as having a fixed supply but contained a vulnerability allowing for unapproved supply adjustments. This flaw was exploited earlier, resulting in an unexpected 20% supply increase, prompting developers to pivot towards LEASH v2.
To restore confidence within the community and ensure token holder security, the Shiba Inu team has implemented LEASH v2. The new version is fully pre-minted and secured in a multisignature wallet, effectively eliminating any prior loopholes.
As of the latest market update, LEASH is trading at approximately $24.94, reflecting a decline of 3.22% over the last 24 hours. This price fluctuation underscores the dynamic nature of the cryptocurrency landscape.
