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Uwerx was specially designed with every necessary feature needed to shoot for the moon upon launch. Its successful presale and launch on Uniswap was just a step towards its predicted high performance in the coin market.
Though a flash loan attack on August 2nd shortened Uwerx’s successful launch celebration, it is on the move to redeem itself and earn back users’ trust. Continue reading to find out how Uwerx plans to bounce back.
Uwerx’s Presale Exceeded Expectations
Uwerx’s presale performance was well spoken of, as it attracted many investors. Buyers also enjoyed generous bonuses throughout the presale. Consequently, it had to revise its tokenomics to accommodate more buyers.
The presale ended on July 31st, while the WERX token hit $0.05645. Afterwards, Uwerx officially launched on Uniswap on August 1st. Uwerx also introduced a 3% sell tax, 1% for token burn, and 2% for marketing.
In addition, the team locked liquidity for 25 years, as promised during the presale. They also planned to initiate a weekly buy-back program designed to be scalable. However, specific dates for the buy-back were undisclosed to ensure fairness. Meanwhile, the team still planned to relinquish all smart contract ownership once the token was listed on exchanges.
As for the development of the Uwerx freelance platform, much progress was recorded. The developers updated core functionalities, like the Message Search, Contract Preview, Unlogged view for Agency, Freelancer, and Client, Application Preview, Chat System within Job Postings, and Agency Role Selection.
Other completed pages are Settings, Forgotten Password, Help Center, Login, Create Account, Privacy Policy, Finished Payments, and Security Sections.
Further platform updates to be released were Agency Dashboard, Client Dashboard, Additional Settings Pages, Freelancer Dashboard, and Management of Ongoing Projects. The developers intended to begin designing the premium elements of the Uwerx platform once they finalized the above features.
On the other hand, the unique Uwerx Vault was completed. Meanwhile, 84% of the users were eager to use it once it got audit approval.
Uwerx Derailed By Hack Attack
After its Uniswap launch, Uwerx fell victim to an exploit on August 2nd. Various security protocols, like PeckShield Alert and CertiK Alert, reported the incident.
According to reports, the exploiter collected 20,000 ETH (worth over $36 million) using a flash loan. They exchanged the funds for 5,053,637 WERX tokens from Uwerx’s Uniswap pool. Then, they sent back 4,429,817 WERX tokens (about 10 times the initial amount) to the pool, creating an imbalance.
By calling the skim() function of Uniswap using 0x00…1 as the “to” address, the malicious actor caused the token transfer to burn 1% of the initial amount, resulting in an imbalance, which they exploited. Uwerx lost up to 176 ETH (around $327K) in the attack.
Uwerx Shows Resilience As It Prepares For Relaunch
Due to the unfortunate incident, Uwerx’s momentum was reduced. However, the project’s team boldly faced the arduous task ahead. They proactively engaged well-known auditors, SolidProof and InterFi Network, and other crypto security experts to secure users’ funds against further attacks. They also offered a white hat bounty to the hacker to keep 20% of the stolen funds in return for the remaining 80%.
Furthermore, the Uwerx team proposed a plan to relaunch the WERX token on Polygon using the liquidity reserved for the buy-back program. The new WERX was created on August 14th and shown on the Polygon Mainnet on August 22nd after passing a series of tests. The Uwerx Vault was also modified as it would be deployed alongside the new WERX token.
As a community-driven platform, Uwerx also sought the opinions of its users. In a poll conducted from August 6th to 13th, the users voted for a new vesting period of 10 weeks and a new 30% sell tax. The temporary sell tax is designed to decrease across the new vesting period, while the entire funds will go into liquidity provision.
On Wednesday, 6th September at 18:00 UTC, the Uwerx Team proceeded with the Token Lock. It was followed by the Uwerx Token Burn Event on Thursday, 7th September at 18:00 UTC, during which 25,499,071 WERX tokens were burned. Currently, the Uwerx Test Airdrop is slated for today, Friday 8th September at 18:00 UTC. Participants are reminded that there’s no need to alter their receiving wallet address from their earlier Ethereum address.
In addition, the team intends to release YouTube media and explainer videos as the WERX deployment date nears. It would help users understand the details of the modified WERX token. They have also assured users of the safety of their WERX tokens purchased during the presale. Meanwhile, users are encouraged to send their thoughts and opinions through the official feedback email, [email protected].
Work on the Uwerx platform remains ongoing as the developers have revamped the Job Application Page and completed the Milestones, Settings, Freelancer Profile Creation, and Application Boosting (using WERX) pages.
While the recent security breach is devastating, the Uwerx team sees it as an opportunity to enhance the features of Uwerx. So, investors should get ready to enjoy higher profit potential from Uwerx.
Get more details about Uwerx using the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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