Gushiken Yona
Shiba Inu’s lead developer has released a detailed, three-phase migration plan for LEASH v2, providing a clear roadmap for holders, stakers, and liquidity providers. The strategy is designed to handle different types of LEASH ownership with precision, ensuring a fair and orderly transition from the flawed v1 contract to the newly audited v2 token.
Key Points
- Three-Phase Rollout: The migration is structured in three stages to handle self-custody holders, various liquidity providers, and bridged-token users separately and correctly.
- Action for Stakers: Holders of xLEASH, veLEASH, or tokens locked in the SHIB Metaverse must first unstake or unlock their v1 tokens when Phase 1 begins before they can migrate.
- Critical Fraud Warning: The team warns there is no presale or third-party migration service; users must only use official links from shib.io to avoid scams.
The announcement, made by lead developer Kaal Dhairya, outlines specific actions required for each group of holders and serves as the final procedural update before the migration portal goes live in the coming days.
The Principle of Fairness
At the heart of the migration is a “ratio-based holder-equivalence” model designed to be fair to long-term supporters. Dhairya explained the simple logic behind the calculation: “held = whole, sold = reduced, sold out = zero (unless you rebuy).” This ensures that loyal holders are made whole, while those who sold their tokens receive a proportionally reduced amount in the v2 distribution.
Phase 1: For Most Holders and Stakers
The first phase of the migration is designed for the largest group of users. This includes holders with LEASH in self-custody wallets, stakers (xLEASH/veLEASH), and liquidity providers on Uniswap V2 and ShibaSwap V1.
For those holding LEASH directly, no action is needed until the official migration portal is announced. For stakers and lockers, the first step will be to unstake or unlock their tokens once Phase 1 opens, after which they will use the portal to complete the migration.
Phase 2: Special Instructions for Newer LPs
The second phase is specifically for liquidity providers on more complex platforms: Uniswap V3 and ShibaSwap V2. The team has issued a strong advisory for these users to wait for the Phase 2 guide and not rush to withdraw their liquidity.
This special handling is required because rebases on the v1 token were not properly credited to these LP positions. Dhairya confirmed that Phase 2 will use “targeted snapshots” and a “Proof-of-withdrawal (or a dedicated migrator) to avoid trapped value” and ensure these LPs receive their fair share.
Phase 3: For Bridge and L2 Users
The final phase will address users who have bridged LEASH to other networks, primarily Shibarium. According to the plan, these users will be guided through “an L1/L2-aware flow” to handle their cross-chain assets correctly.
Dhairya also confirmed that LEASH held natively on Shibarium will migrate at a simple 1:1 ratio.
How to Stay Safe
With the launch imminent, the team has issued a critical security warning to protect users from fraud. “Use only official links we publish on shib.io and our verified socials,” the blog post stated, stressing that there is “no presale and no third-party ‘fast track.’” Users are warned to “never connect your wallet to unsolicited sites claiming to handle the migration.”
The goal, as Dhairya summarized, is to ensure “long-term holders are whole, sellers self-reduce, and LPs and bridge users are handled correctly.” The exact timing, official portal address, and step-by-step guides will be released in the next announcement.
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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.
