While the novel crypto freelance project, Uwerx, marked the end of its successful presale on July 31st, it soon faced a new challenge following a post-launch hack.
Can Uwerx relaunch in time to compete with other tokens in the market? Continue reading to find out.
Uwerx Recorded Massive Success In Its Presales
After five stages, Uwerx concluded its presale with the WERX token selling at the final price of $0.05645. Buyers enjoyed various presale bonuses and a token airdrop throughout the campaign.
On another note, the Uwerx platform progressed significantly, as most of its core functionalities were already complete. These features include 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.
Meanwhile, other features billed for completion were the 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.
At the same time, they completed the design of the unique Uwerx Vault, while 84% of the users showed they were eager to use it once it received audit approval.
Uwerx finally launched on Uniswap on August 1st. It introduced a 3% sell tax, 2% for marketing, and 1% for token burn. Also, the team upheld its commitment to lock deployed liquidity for 25 years and reaffirmed its promise of forfeiting all contract ownership after finalizing the official launch.
Uwerx announced its scalable Buy-back program to provide additional project support. The campaign was to be performed weekly; however, the team withheld specific buy-back dates to ensure fairness.
Exploiter Attacks Uwerx Stealing About $327K
After its Uniswap launch, Uwerx fell victim to a flash loan attack. This unfortunate incident cost Uwerx 176 ETH (approximately $327,000). It occurred on August 2nd and was reported by CertiK Alert and PeckShield Alert.
The reports showed that the attacker obtained 20,000 ETH (worth over $36 million) through a flash loan and exchanged the funds for 5,053,637 WERX tokens. Then, they created an imbalance in Uwerx’s Uniswap pool by sending 4,429,817 WERX tokens – about ten times the initial amount – into the pool.
To further manipulate the situation, the attacker triggered the skim() function of Uniswap, causing the token transfer to burn 1% of the initial amount. The attacker subsequently exploited the imbalance created by the token burn and acquired 176 ETH (worth $327,000).
Uwerx Relaunchs New WERX On Polygon Following Hack Attack
Following the recent hack on the project, Uwerx showed unrivaled resilience as it quickly announced a new recovery strategy. Its team quickly notified InterFi Network, SolidProof, and other crypto security platforms. In addition, they offered the exploiter 20% of the stolen funds as a bounty if they returned 80% of the funds.
Also, the Uwerx team has relaunched WERX on the Polygon Mainnet using the buy-back liquidity. The new WERX contract address was revealed on August 22nd. The team has also tweaked the Uwerx Vault and plans to integrate it with the new WERX contract address.
The new smart contract address will be audited three times for better security. The auditors include SolidProof, InterFi Network, and one other independent auditor. The team will also adjust the airdrop schedule, whitepaper, and tokenomics to reflect the recent changes.
Meanwhile, they’ll release YouTube media and explainer videos as the deployment date nears. This will ensure users understand the features of the modified WERX token. Also, users have been assured of the safety of their WERX tokens purchased during the presale.
On the other hand, the community showed their full support for the Uwerx team. They participated in a poll from August 6th to 13th to decide the new vesting period and new sell tax. Afterwards, the new vesting period was set at ten weeks while the new sell tax was 30%.
This temporary tax will decrease throughout the new vesting period, while 100% of the generated funds will go into liquidity provision. This will greatly benefit Uwerx. Meanwhile, more recommendations can be sent through the official Uwerx feedback email, feedback@uwerx.network.
Uwerx’s developers have been undeterred by the recent security breach. They completed the Milestones, Settings, Freelancer Profile Creation, and Application Boosting (using WERX) pages and revamped the Job Application Page. Also, they have already started working on the premium features and will soon release a minimum viable product (MVP) with sufficient features to satisfy early adopters.
Thus, users can expect the finalization of the rest of the premium designs by the end of August and an MVP by the middle/end of September. However, this deadline could change.
Given that Uwerx boasts of a committed team and a strong community, we believe in its triumphant recovery as well as its long-term viability.
Follow the discussions 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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