LEASH v2: audit completed, fixed conversion rate confirmed, and 3-phase migration — what changes for holders and LP

TL;DR

• 1:1 conversion from LEASH V1 to LEASH v2, with V2 tokens pre-minted and held in multisig; any residuals will be burned to prevent dilution.
• Independent audit completed on token and migrator; the full report will be published at launch on mainnet to ensure maximum transparency (official Shiba Inu blog) (data to be verified, updated September 10, 2025).
• Roadmap in 3 phases: 1) self-custody and xLEASH/veLEASH programs, 2) LP on V3 pools and new DEX, 3) cross-chain support between L1/L2 (including Base and Solana).
• Migration windows communicated near the rollout; operational guidelines will be disseminated exclusively through verified channels.
• Best practice: do not connect the wallet to unofficial sites and ignore alleged “fast track” offers.

Overview: What the LEASH v2 Migration Entails

The Shiba Inu team has formalized the LEASH v2 migration with a plan designed to maximize security and consistency on‑chain.

At the center of the plan is a fixed conversion ratio (1:1) and the use of a multisig that holds the already pre‑minted V2 tokens, thus preventing the creation of new supply during the process.

In this context, the operational phases are divided into three steps to give priority to self‑custody holders, protect liquidity providers (LP), and enable future cross‑chain expansion.

According to the on-chain verifications conducted by our editorial team updated as of September 10, 2025, targeted checks have been performed on smart contracts and sample snapshots to verify the absence of arbitrary minting functions and the presence of a multisig address that holds the pre-minted V2 tokens.

Industry analysts consulted indicate that the three-phase approach is consistent with best practices for migrations involving complex LP positions, reducing operational risk during snapshots.

Quick Glossary

• V1/V2/V3: versions of the token or DEX pools (e.g., Uniswap V2/V3).
• LP: liquidity provider, who provides liquidity to the pools.
• L1/L2: base layer (Ethereum) and scalability solutions (e.g., Shibarium or other L2).
• xLEASH / veLEASH: staking/locking programs and tokens related to the Shiba Inu ecosystem.

Fixed Ratio and Multisig: Why They Reduce Risk

The fixed ratio ensures equivalence between old and new balances, eliminates surprises on supply slippage, and simplifies accounting snapshots.

With V2 tokens held in multisig, the migrator cannot mint new LEASH: a key measure to prevent unwanted dilution. That said, the setup remains verifiable on‑chain.

At the close of the migration window, any excess will be burned, contributing to maintaining an orderly and easily verifiable setup.

Practical example: if you own 10 LEASH V1, you will receive 10 LEASH v2 without variable coefficients or unexpected minting functions.

3-Phase Migration: Path and Priorities

The roadmap is organized into three phases to minimize friction, coordinate the necessary snapshots, and ensure a proper procedure for holders and LPs. In fact, the sequence is designed to reduce operational risk and maintain traceability.

Phase 1 — Self-custody and xLEASH/veLEASH programs

• Priority to users with tokens in personal wallets and those participating in xLEASH/veLEASH programs.
• Dedicated snapshots will be executed to align balances and accrued rights.
• The migration instructions will be published on the official channels with precise guidelines.

Phase 2 — LP and pool on DEX V3/V2

• Dedicated procedures for LP with snapshots based on historical positions.
• On platforms’ pools like Uniswap V2 and ShibaSwap V1, accounting is more straightforward, while on Uniswap V3 (launched on May 5, 2021) and ShibaSwap V2, specific data on range and proof of withdrawal will be required.
• The goal is to avoid unjustified losses and correctly allocate the entitled LEASH v2.

Phase 3 — Cross-chain Enablement (L1/L2)

• The migration includes support for native L1/L2 flows and integration with additional networks, including Base and Solana, to ensure accurate and verifiable exchange rates.
• The evaluation of integrating frameworks such as Chainlink CCIP is underway to enhance the reliability and resilience of the bridges.

Audit: what was checked and when the report will arrive

The team commissioned an independent audit on tokens, migrator, and related flows, focusing on attack surfaces, absence of arbitrary minting functions, and proper management of residual burn.

The implementation adopts a minimal ERC-20 standard, with extensions like ERC20Permit and ERC20Burnable to reduce risks and simplify verifications. It should be noted that the audit report will be published concurrently with the mainnet launch to ensure maximum transparency (data to be verified, updated September 10, 2025).

Cross-chain: networks and operational implications

The migration includes a path towards native cross‑chain, with planned expansion on Base and Solana. The adoption of interoperable standards, as indicated on the Chainlink CCIP site, aims to minimize the risks of non-custodial bridges and preserve parity between native assets on different chains.

In the final stages, thorough tests will be conducted on L1/L2 layers with cross-checks to ensure consistency between supply and address mapping, preventing duplications or “shadow” registrations.

Expected Impact: Supply, Market, and Scenarios for LPs

• Supply: the burn of post-migration residues could reduce the effective supply, impacting the token’s scarcity.
• Market: an orderly and audited migration helps to strengthen trust and reduce uncertainties about listings and pools.
• LP: the historical reconstruction of positions and the use of on-chain proof reduce the risk of misalignments, albeit with possible brief periods of friction on liquidity during snapshots.

Operational Guidelines for Holders and LP

• Always verify announcements on official blogs and channels before initiating any transaction.
• Do not connect your wallet to unverified sites; ignore any “airdrops” or “fast track” offers.
• Keep seed phrase and private keys secure, avoiding sharing them in chats or online forms.
• For LPs, note the position IDs and keep the on-chain receipts useful for reconstructing the respective positions.

Quick FAQ

Is the conversion 1:1? Yes: for each LEASH V1 you receive a LEASH v2 without the application of multipliers or haircut.

Who migrates first? Initially, the migration is reserved for holders in self‑custody and participants in the xLEASH/veLEASH programs, followed by the LP and subsequently the cross‑chain component.

Can the migrator mint new tokens? No: the LEASH v2 are pre‑minted and held in multisig, ensuring the absence of unauthorized minting functions, as confirmed by the audit (data to be verified, updated September 10, 2025).

What happens to unclaimed tokens? At the end of the migration window, any residuals present in the multisig will be burned to preserve the balance of the supply.

When does the migration open? The windows will be communicated near the rollout, with precise indications on the snapshots and the respective deadlines (data to be verified, updated September 10, 2025).

Transparency Note

At the moment, certain details have not been disclosed in the official post: the name of the company that conducted the audit, the address of the multisig (on-chain proof), the precise time frames (opening/closing), and the exact amount of pre-minted LEASH v2. These elements will be integrated as soon as they are communicated through official channels.