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Uwerx is a new crypto that has recorded significant success from its presale stages up to its official launch, which took place on August 1. Its success can be attributed to its features, its vision for crypto and freelancing, and the agile methodology adopted by the developers.
However, Uwerx’s success so far has not come without some hurdles, which it always tackles immediately. Shortly after Uwerx’s official launch, the platform got hacked. The Uwerx team has been making significant efforts to counteract the hack and reinforce Uwerx’s security.
On that note, they have decided to relaunch WERX, which we will discuss in this article, as well as Uwerx’s successful launch, post-launch moves, and the hack experience.
Uwerx’s Launch Exceeds Expectations; Developers Set To Expand The Platform
Uwerx’s launch left everyone in awe of how successful Uwerx as a crypto was. Both investors and users bought the value-driven WERX, which made profits for its holders. Right after the launch, Uwerx’s developers returned to work to expand the Uwerx platform further and ensure it delivered on all its promises.
This platform deployed liquidity on Uniswap. In order to assure transparency and sustainability, the developers have locked their tokens, which will last for 25 years, as previously mentioned. They are still working towards giving up smart contract ownership immediately Uwerx lists on centralized exchanges and will soon submit applications to CoinGecko and CoinMarketCap.
Uwerx platform is not a completely developed platform. Project Management, Client, and Agency are at the center of the main functionality design. Pages including Freelancer Dashboards and Additional Settings have been done. Other sections of the Uwerx platform, like the Help Center, Login, Privacy Policy, Settings, Security, Create Account, and Finished Payments, have been completed.
The native community will have the Minimum Viable Product (MVP) by September. Community members can rigorously test this platform to ensure it meets their expectations. After that, platform developers will work on appealing premium designs using the feedback received.
The team plans to launch weekly buyback campaigns to support the Uwerx platform. The times and dates will not be released to avoid anyone gaining undue advantage.
Uwerx’s Flash Loan Hack
Shortly after Uwerx’s successful launch celebration, the platform got hacked, with the attacker stealing around $327,000. The attacker flash-loaned 20,000 ETH ($36,726,400), which he swapped for 5,053,637 WERX.
Afterward, he sent 4,429,817 WERX to the Uniswap pool. This amount was ten times more than the prior balance, creating an imbalance. He then utilized the skim() function of Uniswap with the address 0x00…1 as the “to” address and the transfer function of the Uwerx contract, which modifies the sender’s balance first.
An extra 1% of the WERX tokens were burned since the receiver’s address was a UniswapPoolAddress variable (0x00…1). The hacker stole 176 ETH ($327,000) by exploiting this imbalance.
Uwerx’s Phoenix-Like Recovery
Rather than get intimidated by the attack, Uwerx chose to see the challenge from a different perspective and make something out of it. On that note, Uwerx will be relaunched, and things will be different and better this time.
Firstly, the team contacted the Uwerx auditors, SolidProof, and InterFi Network to alert them of the hack. They also contacted PeckShieldAlert and SlowMist_Team on Twitter. Afterward, they put out a white-hat bounty, asking the exploiter to return 80% of the stolen funds and keep 20%.
Since Uwerx will be relaunched, the contract address will be changed. So far, Uwerx has thoroughly assessed the new contract address. It has shared that address with the community to see the tests done. However, it will be free as the audits are done. Uwerx’s contract address will go through audits by one independent contractor and two established and reputable auditors. This is to ensure top-notch security for the new WERX.
There will be liquidity for the new WERX to ensure its stability. The buyback campaign will be put on hold, and the funds will be used for liquidity. There is now a no-burn tax and a sliding sell tax entirely directed to liquidity. This platform will charge a 30% sell tax, which will be reduced to 0% at the end of the 10-week vesting period.
The new WERX will be deployed on Polygon. This is to help token holders use their WERX without bridging and to reduce gas fees. So far, the new WERX has been deployed on the Polygon MainNet, and WERX holders need to add the contract address to their preferred wallets on the Polygon Network.
An airdrop will be done for users who bought the WERX tokens on the Uniswap exchange. This is to ensure their tokens are safe and provide fair treatment for all. Also, this change will not affect those who bought WERX when this crypto asset was in the presale stage.
The Uwerx Vault is almost ready for use and the platform aims to deploy it as soon as possible with the new WERX. Auditors got their smart contracts and once the results are in, the deployment process will begin.
Uwerx’s whitepaper and website will be modified to reflect the changes. The tokenomics will also be adjusted to:
● User Performance Incentives: 6% (45,000,000)
● Presale: 57% (427,500,000)
● Liquidity Reserve: 14% (105,500,000)
● Marketing: 9% (67,500,000)
● Team Tokens: 6% (45,000,000)
● Partnership Incentives: 2% (15,000,000)
● Joining Incentives: 6% ( 45,000,000)
Also, following the presale results, the team will burn 25,499,071 WERX. The Uwerx team is always happy to hear from the community, and feedback can be emailed to [email protected].
Uwerx is making a strong comeback, and you will be amazed by all the big things underway. The team is resolved that the relaunch will be as perfect as possible and that Uwerx will still fulfill its purpose of being a game changer for the freelancing and crypto industries.
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