LEASH V2 Migration — Final Pre-Launch Update (Audit Complete)

Kaal Dhairya

• 3 min read
LEASH V2 Migration — Final Pre-Launch Update (Audit Complete)
Photo by Jaycee Xie / Unsplash

If you’re looking for the full background and earlier decision points (rebases, options, DAO input, ratio model, targeted snapshots, etc.), please read our previous blogs. This update is about what we’ve been doing and what’s next.

What we’ve been doing

1) Building & testing

  • Migration mechanics: Ratio-based holder-equivalence (R = S₀ / S₁, with S₁ = current V1 supply) so that held = whole, sold = reduced, sold out = zero (unless you rebuy).
  • Targeted snapshots: Used only where technically required (e.g., Uniswap V3 / ShibaSwap V2 LPs) to fairly account for liquidity that rebases didn’t credit to LP shares.
  • Three-phase rollout:
    • Phase 1: Direct migration for holders, xLEASH/veLEASH/Metaverse Lock (unstake/unlock → migrate), and UniV2/ShibaSwap V1 LPs.
    • Phase 2: UniV3/ShibaSwap V2 LPs via Old liquidity snapshot + Proof-of-withdrawal (or a dedicated migrator) to avoid trapped value.
    • Phase 3: POS bridge users (e.g., Shibarium) with an L1/L2-aware flow; native Shibarium LEASH migrates 1:1.

2) Token design (simple now, wrap later if needed)

  • LEASH V2 is implemented with OpenZeppelin libraries as ERC20 + ERC20Permit (EIP-2612) + ERC20Burnable.
  • This keeps the base token minimal, auditable, and standards-aligned. If/when privacy features are needed, we can wrap the token under emerging confidential-token standards rather than baking complexity into the base asset.

3) Migrator design (no mint powers)

  • We pre-mint the full LEASH V2 supply to a multisig; the migrator cannot mint and holds no V2.
  • On migration, the contract calculates V2 = V1 × R and uses an allowance from the multisig to transferFrom the corresponding V2 to the user as their V1 is locked/burned.
  • Result: the migrator only moves pre-minted tokens; it cannot expand supply. Any V2 left in the multisig after the migration period can be burned (lowering supply).

Security: Audit complete (by Hexens)

  • We engaged Hexens to perform a full, independent audit of the integrated system (token + migrator and associated flows).
  • That audit is now complete. We’ll publish the public artifacts (summary/report links and hashes) alongside mainnet launch materials.

Who is Hexens?
Hexens is a Web3-focused cybersecurity firm known for smart-contract and protocol audits across major ecosystems. Their site highlights deep specialization in blockchain and smart contracts (audit reports available) (hexens.io), and they’ve been engaged on large protocols—for example, Polygon zkEVM publicly detailed findings from a Hexens audit of its stack (polygon.technology). A recent partner directory entry also describes Hexens’ work across Ethereum, Solana, Cosmos, and BNB Chain, with audits protecting significant on-chain value and collaborations with teams such as LayerZero, EigenLayer, and 1inch (partner listing) (partners.circle.com).

We’re also working with Hexens on audits for Woof Wars and other Shiba projects to keep our security posture consistent across the ecosystem.

What you need to do (for launch)

  • Holders (self-custody): No action yet. When Phase 1 opens, you’ll migrate via the official portal (burn/lock V1 → receive V2 by ratio).
  • Stakers/lockers (xLEASH/veLEASH/Metaverse Lock): Be ready to unstake/unlock when Phase 1 opens, then migrate.
  • UniV3/ShibaSwap V2 LPs: Wait for the Phase 2 guide—do not rush withdrawals; you’ll either use the dedicated migrator or the Old liquidity snapshot + Proof-of-withdrawal flow.
  • Bridge users: You’ll be covered in Phase 3 with a clear L1/L2 process.
We will go live in a few days, starting with Phase 1. Exact timing, addresses, the official portal link, and step-by-step guides will be posted in our next announcement.

Fraud prevention

Use only official links we publish on shib.io and our verified socials. There is no presale and no third-party “fast track.” Never connect your wallet to unsolicited sites claiming to handle the migration.

Closing

This migration ships a simple, audited token, a no-mint migrator, and targeted snapshots where they’re actually needed—so long-term holders are whole, sellers self-reduce, and LPs and bridge users are handled correctly. Thanks for your patience while we tested, fixed, and got the audit across the line. The next post will include launch details and the official portal.

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