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Optimism abounds in the cryptocurrency world regarding Uwerx’s potential to rival major industry players like Upwork and Fiverr, even to the point of becoming a future blue-chip asset.
For good measure, the project has gathered a considerable user base. What other evidence surpasses the impressive presale success and a remarkable number of followers on varied social media platforms?
Yet Uwerx took a heavy blow from a flash loan attack last week, plunging the entire community into apprehension and raising valid concerns about the project’s security. Despite this incident, Uwerx has briefly enforced a hack-recovery plan to rejuvenate trust and faith among users and investors.
Uwerx’s Mindblowing Launch Brought To Limelight
Uwerx has undeniably taken center stage despite the turbulence of price volatility and regulatory challenges affecting the crypto domain. Much that it has surpassed all market criticisms and skepticism by a milestone by focusing on its core vision and mission.
Not up to 24 hours after the final presale, Uwerx revealed a set of clear procedures in its attempt to build a community-oriented platform. Their first move is to deploy liquidity, which was locked on UniSwap for 25 years, to maintain a stable liquidity pool and mitigate any risk of liquidity drains or hacks.
Since there’s a need to promote fairness in token distribution, the team has also initiated integral measures. These standards incorporate a 3% sell tax for sustainability, a 1% burn to improve the token’s value over time through deflation, and a 2% marketing fee to increase adoption.
Visibility, amongst many things, sustains cryptocurrency. That’s why Uwerx has taken proactive actions by seeking listings on well-known trading platforms like CoinGecko and CoinMarketCap, pledging to renounce contract ownership once listed on centralized exchanges.
Uwerx also introduced a Buyback program to strengthen the token’s stability and market value. Similarly, they have promised to avoid disclosing exact dates and times to ensure fairness for all token holders.
Uwerx has started core functionality designs as well to push the platform forward. Plus, they have created a new initiative known as the Minimum Viable Product (MVP), which would serve as the stepping point to designing premium features for the platform.
Uwerx Grapples With A Formidable Challenge
The Uwerx community was in a bad place following a devastating flash loan attack that occurred last week. According to CertiKAlert, the attacker obtained a flash loan of 20,000 ETH (equivalent to $36,726,400) and exchanged it for 5,053,637 WERX tokens.
The malicious actor had moved 4,429,817 WERX tokens to the Uniswap pool, intentionally creating an imbalance in the token pool. Capitalizing on the vulnerability in Uniswap’s skim() function, they designated the recipient’s address as 0x00…1, taking advantage of the “uniswapPoolAddress” template, leading to the burning of 1% of the initial token amount.
As a result, they made away with $327,000. Uwerx developers jumped into action towards rectifying the exploited vulnerabilities, devising a recovery strategy to pacify affected users, and fortifying the system to prevent future similar attacks.
Uwerx Creates a Bulletproof Hack-Recovery Strategy
Uwerx’s already-established roadmap has been pushed forward due to the recent flash loan attack. Yet Uwerx and its community have continued to exhibit extraordinary strength and commitment.
While many decentralized finance exchanges have shuttered in such situations, the Uwerx team has established unwavering perseverance to overcome the unfortunate incident, promptly releasing an official statement outlining their plans and offering the attacker a 20% white-hat bounty.
Also, the Uwerx development team has decided to relaunch and deploy their tokens on the Polygon Network, citing multiple advantages like reduced gas fees for trading and ensuring the platform is more convenient and efficient for existing and new users.
Uwerx recently issued a comprehensive warning that, since the relaunch is still in progress, any WERX token pair on the market is a total sham. Updates on the new WERX token are set to be released on Monday 21st August, 2023.
In that light, throughout the Vesting Period, there would be a Sell Tax that starts at X% and decreases to 0% by the end of the Vesting Period. This means that if the Sell Tax starts at 50% over a 10-week vesting period, it will decrease by 5% per week. Also, they have promised to eliminate the buy tax.
The Uwerx project team has taken great interest in the security of their new contract. To this effect, they will use the services of renowned auditing firms like SolidProof and InterFi Network and have also directly reached out to SlowMist Team and PeckShieldAlert. Even the Uwerx Vault smart contracts are set to undergo crucial adjustments due to the contract address change, as well as the whitepaper.
Presently, new updates have been added to the platform to enable a hitch-free user experience such as Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security sections.
These proposed modifications have garnered positive views from the crypto community. Nevertheless, there is substantial evidence to suggest that Uwerx is actively striving to create a robust foundation for its platform.
Click the following links for more information:
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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