Since inception, Uwerx has proven to be a disruptive project with remarkable features and improved policies to revolutionize freelancing.
These impressive efforts have brought a substantial influx of participants into the ecosystem. More excellent evidence exists within the notable success of their presale and their substantial following on social media platforms — 2,098 Twitter followers and 2,374 Telegram members.
However, the recent flash loan attack attracted mixed sentiments about the project, raising detailed questions: What prompted the security breach, and what instrumental steps is the project team taking to mitigate the significant impact of the exploit? But before delving into these inquiries, let’s bring into context Uwerx’s journey so far.
Uwerx’s Remarkable Achievement Amidst Growing Market Sentiment
Suppose you are an ardent follower of cryptocurrency trends, both online and offline. In that case, you will have no doubts if one says it’s been a bad year for the crypto community—from unsettling price fluctuations to the SEC’s constant peddling.
But the narrative has been different for the fledging Uwerx, which has maintained a remarkable ascent since the inception of its presale. Notably, they have extended their commitment beyond meeting stakeholders’ expectations, aiming to surpass them while upholding the project’s primary mission and vision.
After the final presale phase on 31 July, Uwerx came out with a top-value announcement highlighting their unyielding dedication to building a community-oriented platform. Their first strategy towards its actualization was the deployment of liquidity on the Uniswap platform. This liquidity has been securely locked for 25 years, symbolic of Uwerx’s resolve to ensure the stability of the liquidity pool and avoidance of potential market breaches.
More so, the project’s team introduced a series of rules governing the distribution and utilization of the Uwerx token, including a 3% sell tax to fortify sustainability, a 1% burn methodology to enhance the token’s value through deflation progressively, plus a 2% marketing fee stipulated to bolster visibility and outreach.
The Uwerx team also embarked on obtaining recognition from reputable listing and tracking platforms within the crypto domain, such as CoinGecko and CoinMarketCap. In fostering decentralization and relinquishing undue control, the team also promised to renounce contract ownership.
Following its mission to create a healthy, community-driven platform for freelancers, it unveiled its prospective core functionality designs, encompassing a client dashboard, a freelancer dashboard, an agency dashboard, management of ongoing projects section, and supplementary settings pages.
After completing these features and community testing of the Minimum Viable Product (MVP), the team will create the premium platform functionalities.
Laying on the horizon as well is the Buyback program designed to stabilize the token’s price and bolster its market value. The Uwerx team has also opted not to disclose the exact date and time of buyback to promote impartiality.
Undoubtedly, Uwerx has continued to invent itself as a beacon of innovation and resilience in a landscape fraught with diverse complexities.
Uwerx Caught Under the Wheels of a Flash Loan Attack
Uwerx’s successful launch was cut short weeks ago due to a flash loan exploitation that struck the platform, plunging the community into dismay.
According to CreditKAlert, one of the leading systems that identifies and alerts about potential security vulnerabilities in blockchain projects, the exploiter initiated a flash loan worth 20,000 ETH. This is equivalent to a staggering $36,726,400 at the time, promptly exchanging it for 5,053,637 WERX tokens.
Furthermore, the attacker transferred 4,429,817 WERX tokens into the Uniswap pool, ultimately disrupting the equilibrium of the token ecosystem. A noticeable imbalance, per se, aided the attacker in harnessing Uniswap’s vulnerabilities, designating the recipient’s address as “0x00…1.”
Then, they manipulated the Uwerx transfer option by adjusting the sender’s balance, causing an alignment between the exploiter’s recipient address and the “UniswapPoolAddress” template. As such, 1% of the initial token volume was burned.
While this manipulation of the tokenomics facilitated the successful execution of the attacker’s exploit, there’s an urgent need to address the underlying challenge posed by flash loan attacks within the DeFi landscape, as they are becoming a massive threat.
Uwerx Emerges Stronger with a Robust Recovery Strategy
Uwerx and its community are currently grappling with the aftermath of the unforeseen flashloan attack. But contrary to many other projects that have disappeared into the wind upon facing such crises, Uwerx has shown outstanding resilience and determination to forge ahead; even its community is a formidable force in the process.
At present, Uwerx has released an official statement outlining a well-crafted roadmap for its futuristic endeavors, and on the other hand, extended a 20% white hat bounty to the perpetrator.
Uwerx’s first strategic pivot is to relaunch its tokens on the Polygon Network, presenting a host of user benefits. The benefits range from alleviating exorbitant gas fees associated with trading to providing a more accessible and user-friendly experience for existing users and newcomers in the Uwerx ecosystem. And they have repeatedly warned against ongoing trading with the WERX tokens during this transitional makeshift.
So far, the new WERX has been deployed on the Polygon MainNet. Token holders must add the contract address to their preferred wallets on the Polygon network.
As a community-driven platform, Uwerx has initiated a polling system to gather users’ opinions on notable features, such as the sliding sell tax, with its proceeds directed towards bolstering Uwerx’s liquidity. In the same light, Uwerx has also committed to eliminating the buy tax. The sell tax will start at 30% and decrease to 0% by the end of the 10-week vesting period.
More than anything, security enhancements exist on the top ladder of Uwerx’s resurgence strategy. They have engaged the expertise of esteemed auditing entities – two established auditors and one independent auditor, promising to update the website and white paper upon receiving audit results.
Also, there will be some modifications to Uwerx’s tokenomics. Likewise, the Uwerx Vault smart contracts will undergo enhancements due to the change in contract address.
Dedicated to creating a user-friendly environment for users, Uwerx has pushed for integrating new updates like Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security sections. They have also, in their implicit goal to achieve a minimum viable product (MVP), stuck to tackling challenges like Distributed Denial of Service (DDoS) attacks and (FUD) propagations.
No doubt, these are great strategic recovery stepguides. There’s no doubt whatsoever that Uwerx is determined to continue on its promising trajectory,
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