Shiba Inu Announces LEASH V2 Token Migration Plan

• Shiba Inu will migrate LEASH tokens using a fixed ratio system, and the process has been audited by Hexens for security. 

• The migration happens in three phases, targeting different user groups from self-custody holders to cross-chain users. 

• SHIB remains Ethereum-native, but the project plans expansion to Base and Solana networks using Chainlink’s technology.

Shiba Inu has released comprehensive details about its LEASH token migration process. The cryptocurrency project outlined a three-phase approach to protect existing holders while maintaining ecosystem stability.

Developer Kaal Dhairya confirmed the migration will use a fixed ratio model. This structure prevents supply dilution for current LEASH V1 token holders. The team has already created the required token supply, which remains secure in a multisig wallet.

The migration contract cannot mint additional tokens. Any unused tokens following the migration will be burned to reduce the total supply. This mechanism ensures transparency and prevents unauthorized token creation.

Security Measures and Contract Design

Shiba Inu partnered with blockchain security firm Hexens to conduct the migration review. The cybersecurity company completed an independent audit of the V2 contract and migration procedures. The audit report will be published alongside the mainnet deployment.

The LEASH V2 contract follows a minimal ERC-20 token design. Additional features include ERC20Permit and ERC20Burnable functionality. This simplified approach reduces complexity while maintaining essential capabilities.

Dhairya emphasized protecting long-term holders as the primary objective. The team will use targeted snapshots to ensure accurate accounting for liquidity providers. This strategy maintains fairness for participants in staking programs and liquidity pools.

The migration rollout consists of distinct phases targeting different user groups. Phase one addresses self-custody holders and participants in xLEASH, veLEASH, and Metaverse Lock staking programs. Liquidity providers on Uniswap V2 and ShibaSwap V1 are included in this initial stage.

Phase two focuses on Uniswap V3 and ShibaSwap V2 liquidity providers. The team will utilize historical liquidity data and proof of withdrawal methods for accurate migration processing.

The final phase targets cross-chain users across Layer 1 and Layer 2 networks. Native tokens will be exchanged at a precise one-to-one ratio during this stage.

Cross-Chain Expansion Plans

Shiba Inu confirmed plans for multi-chain deployment while maintaining Ethereum as the primary network. The project will expand to Base and Solana networks in future developments. SHIB tokens will remain Ethereum-native despite cross-chain expansion.

The team selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) framework to enhance network connectivity. This integration supports seamless token transfers across different blockchain networks.

The migration occurs alongside broader ecosystem developments. Shibarium, the project’s Layer 2 scaling solution, has experienced increased transaction activity. Recent Shibarium upgrades introduced tools for validator node setup and network development.

Officials recommend that holders monitor official communication channels during the migration period. The phased rollout begins over the coming days, requiring patience from participants as each stage is completed.