Shiba Inu's LEASH V2 Migration Aims to Secure a Fairer Future

Shiba Inu has announced that the long-anticipated migration of its LEASH token to version 2 is set to launch soon, with the final pre-launch update confirming the completion of a full security audit. The migration plan, detailed in a recent blog post, outlines a three-phase rollout designed to ensure a fair and secure transition for all token holders and liquidity providers. The process prioritizes long-term holders by maintaining their token value in a 1:1 ratio, while those who previously sold portions of their holdings will see their allocations reduced proportionally.

Central to the migration is a ratio-based model that ensures token equivalence for holders, with targeted snapshots being used only where technically necessary—such as for liquidity providers on ShibaSwap V2 and Uniswap V3, where prior rebases did not accurately credit LP shares. The team also emphasized the implementation of a no-mint migrator, which transfers pre-minted LEASH V2 tokens from a multisig wallet to users in exchange for locked or burned LEASH V1 tokens. This mechanism prevents future inflation and allows any leftover tokens in the multisig to be burned, potentially reducing the overall supply.

Phase 1 of the migration will be the first to open, covering direct migrations for individual LEASH V1 holders and stakers of xLEASH and veLEASH. It will also include liquidity providers on Uniswap V2 and ShibaSwap V1. Phase 2 will address Uniswap V3 and ShibaSwap V2 liquidity providers, utilizing a combination of old liquidity snapshots and a proof-of-withdrawal system to avoid liquidity traps. Phase 3, which will include Shibarium participants, will feature a 1:1 swap for native Shibarium LEASH tokens.

Security has been a key focus of the migration. Shiba Inu engaged Hexens, a leading blockchain cybersecurity firm, to conduct a full audit of the token and migrator. The audit was recently completed, and public artifacts—including a summary and report—will be published alongside the mainnet launch. Hexens, known for auditing major protocols such as Polygon zkEVM, brings credibility to the process, further reinforcing the project’s security posture across its ecosystem.

Users are advised to wait for official announcements before taking any action. While self-custody holders do not need to act immediately, stakers and liquidity providers will need to unstake or withdraw their tokens before the migration begins. The Shiba Inu team has also reiterated that there will be no presale or third-party fast-track options for the migration, emphasizing the use of only official channels to prevent fraud.

The migration is expected to launch within days, starting with Phase 1. Further details, including the official portal, migration guide, and key addresses, will be shared in the next announcement. The project’s commitment to a secure and transparent transition highlights its broader goal of maintaining a stable and fair environment for all participants in the Shiba Inu ecosystem.