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Uwerx has been impressive since its presale started despite being a novel project. Aiming to revolutionize the freelance industry, Uwerx developers have used the agile methodology approach to update the project continuously.
These swift updates have seen many investors troop to the Uwerx ecosystem. Uwerx now has a considerable social media following, with 2,098 Twitter followers and 2,291 Telegram members.
While Uwerx developers basked in their achievements, the platform experienced a flash loan attack a day after launching into the cryptocurrency market. We shall look at the measures the Uwerx team took to mitigate the damage.
Uwerx’s Fast Rise To Relevance
Uwerx’s presale phase achieved feats that were near impossible for many projects in the cryptocurrency market. The presale exceeded investors’ expectations and set it up for a successful launch on August 1, 2023.
Following the launch, the Uwerx development team introduced a 3% sell tax, a 2% marketing fee, and a 1% burn. The sell tax should ensure the Uwerx’s sustainability, while the 1% burn should increase the value of the WERX token.
The team, which had agreed to relinquish smart contract ownership once Uwerx was listed on centralized exchanges, prepared to send applications to CoinGecko and CoinMarketCap.
They also prepared to launch the important functionalities of the Uwerx platform. These functionalities include the Additional Settings Page, Client Dashboard, Agency Dashboard, Freelancer Dashboard, and Management of Ongoing Projects pages. The team will follow this up by designing the premium functionalities of the Uwerx platform.
Aiming to stabilize the WERX token price, the team initiated a Buyback program. However, recent events have forced them to channel the funds kept for the buyback program into providing liquidity for the soon-to-come Uwerx relaunch.
Uwerx Gets Attacked After A Successful Launch
While Uwerx was barely done celebrating a successful presale, the project experienced a hack that left its community distressed.
CertikAlert wrote that the hacker took a flash loan of 20,000 ETH (equivalent to $36,726,400) and exchanged it for 5,053,637 WERX tokens. He transferred 4,429,817 WERX to Uniswap’s pool and this caused an imbalance in the total token supply.
The hacker followed this up by using the UniswapPoolAddress template and designating the recipient’s address as 0x00…1.
Because of the imbalance, 1% of the initial token amount was burned, which helped the attacker execute a successful attack.
While this attack is not the first flash loan attack in the DeFi space, investors wondered how Uwerx developers would recover lost funds and set up security measures to prevent future exploitations.
How Does Uwerx Plan to Move Forward From This?
Following the attack, the Uwerx team offered a white-hat bounty to the attacker. They urged them to keep 20% of the loot and return 80%.
The team plans to relaunch Uwerx on the Polygon Network using the Buyback funds as liquidity.
On August 22, 2023, Uwerx deployed on the Polygon mainnet. The team announced 0x24BCc05a01CB9AEA91195F6624D08333a17a7377 as the official new WERX contract address that users must add to their chosen wallet(s) on the Polygon Network. Users are warned to ignore any WERX token pair in the coin market as it is a scam.
True to their community-centric approach, the Uwerx team conducted polls to get the community’s preference on some decisions. Some of these decisions include how long the vesting period should last and the percentage at which the sliding sell tax should start.
Following the poll results, the team has decided that the sell tax will start at 30% and decrease to 0% at the end of the vesting period (10 weeks). Additionally, the team stated that the sell tax would be directed completely to the liquidity poll.
Additionally, Uwerx developers will update their website and white paper to reflect the latest developments. These updates will come into effect if the team gets a 100% result from the ongoing audits.
They have also updated the platform to have more functionalities. These updates were made in the Forgotten Password, Create Account, Help Center, Login, Privacy Policy, Settings, Finished Payments, and Security Sections.
Uwerx developers are also working on the it’s Vault to deploy it simultaneously with the token. The team, however, announced that airdrops will not happen until a full audit is done.
The Uwerx team says they are prepared to handle the difficulties; as such, they urge investors to remain patient and send suggestions to their email, [email protected]. Many previously worried minds now believe that with these swift approaches, Uwerx is saying it can do it again and better.
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