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Shiba Inu developers have cleared the final security audit for the LEASH v2 migration, addressing a critical rebase flaw in the original token that had caused a 20% supply increase, aiming to restore market confidence. Executive Summary Shiba Inu developers have announced the imminent LEASH v2 migration, following a successful security audit conducted by Hexens. The original LEASH token (v1) was found to contain a hidden rebase flaw that allowed its supply to change, despite being marketed as fixed-supply, leading to an approximate 20% supply increase. LEASH v2 aims to permanently rectify this vulnerability, with its supply already pre-minted and designed for simplicity and audibility using OpenZeppelin ERC-20 libraries. This migration is deemed critical for restoring trust in the LEASH token and the broader Shiba Inu ecosystem, potentially stabilizing LEASH's perception as a fixed-supply asset. The Event in Detail The original LEASH token (v1) exhibited a rebase pathway that enabled its supply to fluctuate, contradicting its advertised fixed-supply nature. This flaw resulted in an approximate 20% dilution from its baseline supply of 107,646 tokens. Investigations indicate that rebase calls were executed via a pre-authorized policy path that remained active even after the contract's ownership was renounced, suggesting an intimate understanding of the system's internal workings by the caller(s). In response, LEASH v2 has been developed to rectify this fundamental vulnerability. The new token and its migrator underwent a comprehensive, independent security audit by Hexens, a Web3-focused cybersecurity firm. The LEASH v2 token contract is built upon robust OpenZeppelin libraries, ensuring adherence to ERC-20, ERC20Permit (EIP-2612), and ERC20Burnable standards, enhancing its audibility and reliability. Crucially, the entire LEASH v2 supply has been pre-minted and secured in a multisig wallet, preventing any future unauthorized minting. The migration process is structured in three phases: Phase 1 for direct holders and certain liquidity providers, Phase 2 for UniV3/ShibaSwap V2 LPs, and Phase 3 for POS bridge users including those on Shibarium. Deconstructing the Financial Mechanics The LEASH v2 migration employs a ratio-based holder-equivalence model, defined as R = S₀ / S₁, where S₀ represents the original supply and S₁ is the current V1 supply. This mechanism ensures that tokens held by users are accurately represented in the new v2 form. Upon migration, the smart contract calculates the corresponding V2 amount for a user based on this ratio (V2 = V1 × R). The contract then facilitates a transferFrom operation, drawing the equivalent V2 tokens from the pre-minted multisig wallet to the user, concurrently with the locking or burning of their V1 tokens. This design ensures that the migrator contract itself has no minting capabilities and only redistributes pre-existing V2 tokens. Any V2 tokens remaining in the multisig after the migration period are subject to burning, further solidifying the fixed supply of LEASH v2. Analyzing Business Strategy & Market Positioning The LEASH v2 migration represents a pivotal strategic maneuver by the Shiba Inu ecosystem to restore market confidence and reaffirm LEASH's status as a genuinely fixed-supply asset. By transparently acknowledging and addressing the v1 rebase flaw, the project seeks to reverse the prior erosion of trust. The adoption of a rigorous audit by Hexens and the integration of industry-standard OpenZeppelin libraries are critical components of this strategy, positioning LEASH with enhanced security within the competitive decentralized finance landscape. Furthermore, the decision to proceed with the migration received approval through the Shiba Inu DAO, highlighting the project's commitment to decentralized governance and community-led decision-making processes. Assessing Broader Market Implications The LEASH v2 migration holds significant implications for the broader Web3 ecosystem, particularly concerning the integrity of tokenomics and the evolution of security best practices. The LEASH v1 incident underscores the paramount importance of comprehensive smart contract audits and transparent token supply mechanisms in decentralized protocols. While the industry is moving towards advanced automated validation frameworks for pre-deployment security, the continued reliance on independent third-party audits, such as the one conducted by Hexens, remains essential for safeguarding digital assets and investor trust. A successful completion of this migration could serve as a valuable precedent for how other decentralized projects can effectively address past vulnerabilities, thereby contributing to the maturation and increased credibility of the decentralized finance market. Conversely, any unforeseen complications during or after the migration could potentially undermine trust not only in the Shiba Inu ecosystem but also in the perceived reliability of fixed-supply crypto assets across the broader market. This event highlights the ongoing need for robust security frameworks and transparent governance within the rapidly evolving Web3 space.
Revised U.S. employment data led to a significant cryptocurrency market decline, while Metaplanet announced a major share offering to expand its Bitcoin holdings, signaling divergent market drivers. Deconstruct the Financial Mechanics The cryptocurrency market experienced a $60 billion reduction in market capitalization following the U.S. Bureau of Labor Statistics' revision of nonfarm employment figures. The revision indicated a downward adjustment of 911,000 jobs, representing a 0.6% overstatement from March 2024 to March 2025. This magnitude surpasses the 10-year absolute average revision of 0.2%. In response, Bitcoin declined 1.8% from $112,788.75 to $110,793.69, Ethereum fell 1.6% from $4,346.56 to $4,277.17, Dogecoin dropped 4.1% from $0.2469 to $0.2367, and Solana decreased 3% from $218.04 to $211.69 during the two hours post-announcement. Concurrently, Metaplanet announced an expanded international share offering involving the issuance of 385 million new shares, a substantial increase from the initially planned 180 million. Priced at ¥553 per share, a 9.9% discount to its recent trading price of ¥614, the offering is projected to generate approximately ¥205 billion, equivalent to $1.4 billion, in new capital. The majority, ¥183.7 billion, is earmarked for Bitcoin purchases between September and October 2025, with an additional ¥20.4 billion allocated for Bitcoin-related income-generating activities, including options trading. The payment date for the new shares is set for September 16, 2025, with delivery on September 17, 2025. This issuance will expand Metaplanet's total outstanding shares from approximately 756 million to over 1.14 billion. Currently holding 20,136 BTC, Metaplanet anticipates boosting its reserves by 62.5% to nearly 32,700 BTC with the proceeds. Analyze Business Strategy & Market Positioning Metaplanet's capital raise underscores its strategic commitment to a Bitcoin-focused treasury, drawing parallels to MicroStrategy's corporate Bitcoin adoption strategy in the United States. The company has articulated aggressive long-term targets, aiming to acquire 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. This move occurs within the context of Japan's prevailing weak yen and negative interest rate environment, positioning Bitcoin as a potential hedge against macroeconomic pressures and a long-term store of value. Analysts indicate that while the share issuance introduces dilution, the decision reflects strong conviction in Bitcoin's role within a contemporary corporate treasury framework. The revised U.S. employment data suggests that the Federal Reserve may have operated with incomplete information when setting interest rate policy, which has increased the market's expectation for a rate cut in September. Assess Broader Market Implications The revised U.S. jobs data has fueled expectations for more accommodative monetary conditions, potentially impacting risk assets, including cryptocurrencies. The Altcoin Season Index, currently at 62/100, coupled with Bitcoin's dominance slipping to 57.3%, signals an ongoing capital rotation into alternative cryptocurrencies. MYX Finance notably surged nearly 40%, with Pyth Network and Mantle also recording double-digit gains. Ethereum, Solana, and Cardano are at the forefront of this trend, attracting institutional capital; Ethereum alone saw $4 billion in ETF inflows in Q3. In a separate development, a security incident affected SwissBorg, which sustained a $41 million loss, approximately 192,600 Solana tokens, due to an exploited Kiln API. As a precautionary measure, Kiln has initiated an orderly exit of its Ethereum validators. The Ethereum exit queue currently holds approximately 1.63 million ETH. Industry observers suggest that this ETH will likely be restaked rather than sold, mitigating significant selling pressure. Additionally, the Dogecoin ETF (DOJE) is anticipated to commence trading on September 11, 2025, on a U.S. stock exchange. This marks the first U.S. exchange-traded fund dedicated to a memecoin, approved under the Investment Company Act of 1940, providing regulated access to Dogecoin exposure while inheriting its inherent speculative and volatile nature.
$LEASH is the second token in the Shiba Inu Ecosystem. It was originally envisioned to be a rebase token tied to the price of DogeCoin. Later, it was decided that Leash would turn off the rebase function (the keys to allow rebase were burnt to ensure this) and continue as a simple ERC-20 Token.
Though simple, the fact that LEASH’s tokenomics are the polar opposite of SHIB makes it even more intriguing.
SHIB was made to have an enormous supply of (1 quadrillion tokens) with half locked away, whereas the supply of Leash is only 107,647 minted tokens. (Data from Coingecko)
Doge Killer (LEASH) current price is $17.95, down 4% today.
Doge Killer (LEASH) daily trading volume is $4.9M
Doge Killer (LEASH) current market cap is $1.9M
Doge Killer (LEASH) current circulating supply is 106.9K
Doge Killer (LEASH) fully diluted market cap (FDV) is $1.9M