Gushiken Yona
In Brief
- Migrator Cannot Mint: LEASH v2 tokens are pre-minted; the migration contract only transfers existing tokens.
- Audit-Ready Architecture: The token and migrator use standard, widely-audited libraries to ensure transparency and prevent manipulation.
- Community Governance: Unclaimed tokens and final migration rules will be decided by the DAO, giving holders direct oversight.
Shiba Inu’s lead developer has unveiled the technical blueprint for the long-awaited LEASH v2 token—a redesign that strips complexity back to its core, eliminates minting risks, and hands final supply control to the DAO, directly addressing the concerns that arose from the v1 token’s rebase mechanism.
A ‘No Mint’ Migrator
The cornerstone of the new system’s security is its migrator contract. To eliminate any possibility of unauthorized token creation, the contract will not have a minting function.
“The migrator will not have any power to mint tokens,” Dhairya explained. Instead, the entire supply of LEASH v2 will be pre-minted at deployment and held in a multisignature wallet.
When a holder migrates their v1 tokens, the system doesn’t create a new supply—it simply verifies the deposit and releases a pre-approved equivalent amount of v2 from the multisig. According to Dhairya, this design “removes any lingering doubt about supply manipulation,” since the contract can only move what already exists.
This minimal-trust architecture marks a direct response to community anxiety after the v1 rebase controversy, which left some investors wary of hidden mechanisms or token inflation.
Standard ERC-20, With Advanced Features Deferred
In another move toward simplicity, LEASH v2 itself will launch as a standard ERC-20 token, built using OpenZeppelin’s widely audited libraries.
While the team considered launching with more advanced capabilities—such as Fully Homomorphic Encryption (FHE) for privacy-preserving transactions—Dhairya confirmed the decision to hold back.
“The plan is to keep the base token simple now and wrap it later under the confidential-token standard,” he wrote. This phased approach prioritizes stability and security first, with innovation deferred to secondary layers once confidence is restored.
Importantly, both the token and the migration contract will undergo a full, independent audit, ensuring no hidden functions or supply loopholes remain.
DAO to Decide Final Supply Fate
Once migration concludes, any unclaimed v2 tokens left in the multisig wallet won’t sit idle. Instead, Dhairya proposed they could be burned permanently—but not without community approval.
“The DAO will decide,” he affirmed, underscoring that ultimate control rests with Shiba Inu’s decentralized governance system. The community may also vote on whether to set a hard cutoff date for migration or keep the process open-ended.
This gives token holders a direct hand in shaping LEASH v2’s economic future, reinforcing the principle of DAO-controlled supply integrity.
LEASH v1’s unexpected rebases left many holders uncertain about supply and fairness. With v2, Shiba Inu has removed minting powers, simplified the token’s design, and ensured that any leftover supply will be governed by the DAO. The changes aim to make the system predictable, verifiable, and fully under community control.
In Dhairya’s words: “The system—from token to migrator—is engineered so anyone can verify its fairness. Nothing hidden, nothing left to doubt.”
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
