Uwerx offers a service no platform has successfully provided—an environment that grants freelancers complete creative liberty. As Uwerx contends with the aftermath of the recent hacking incident, will it have a robust recovery?
Uwerx’s Presale And Launch On Uniswap
Carrying out a successful presale is no easy feat. But Uwerx achieved this with a sold-out presale spanning across five stages. Throughout the period, the price of its WERX token increased steadily. It finally sold at $0.05645 when the presale ended on July 31st. Uwerx recorded over 2291 members on Telegram and 2098 followers on Twitter at the end of the campaign.
The Uwerx freelance platform also experienced rapid progress in its development. It featured core functionalities like the Message Search, Contract Preview, Unlogged view for Freelancer, Agency, and Client, Chat System within Job Postings, Application Preview, and Agency Role Selection.
On the other hand, the unique Uwerx Vault was completed. Meanwhile, 84% of the users expressed their eagerness to use it once it got audit approval.
The WERX token was officially released on Uniswap on August 1st, attracting more buyers. Also, its team introduced a 3% sell tax, 1% burn, and 2% marketing and a scalable buy-back scheme to ensure a stable market value for the token. While the buy-back program was scheduled to be performed weekly, it was suspended due to the hack incident.
Meanwhile, the Uwerx team locked liquidity for 25 years and promised to forfeit all smart contract ownership once the project lists on centralized exchanges.
The Uwerx Hack
On August 2nd, just after its launch, Uwerx was attacked by a flash-loan exploiter. Many crypto security platforms, including CertiKAlert and PeckShield Alert, detected the incident.
The attacker was said to have flash-loaned 20,000 ETH (worth over $36 million) and swapped it for 5,053,637 WERX tokens. They then sent back 4,429,817 WERX tokens to Uwerx’s pool on Uniswap. This was over ten times more than the initial amount in the pool. Hence, it created an imbalance.
The hacker then used the skim() function of Uniswap with the address 0x00…1 as the “to” address. Since this address was a UniswapPoolAddress, an extra 1% of the initial WERX amount was burned. This caused an imbalance, which was exploited. Uwerx lost 176 ETH ($327,000) in the aftermath.
Uwerx Recovery Plans – New WERX Launch And Other Developments
Despite the present setback, Uwerx has prepared for a rapid comeback. Its team quickly notified InterFi Network, SolidProof, and other crypto security platforms. They also issued a ‘white hat bounty’ to the hacker, offering to leave 20% as a reward in return for 80% of the stolen funds.
More so, the Uwerx team has decided to relaunch a new WERX on the Polygon Network using the liquidity reserved for the buy-back program.
The new WERX was created on August 14th and deployed on Polygon Mainnet on August 22nd after some tests were performed. Its smart contract address will be audited thrice to ensure better security; SolidProof and InterFi Network will conduct two, while an independent auditor will perform one. Also, the Uwerx Vault was slightly modified and will be deployed alongside the new WERX. They’ll revise the airdrop schedule, whitepaper, and tokenomics to reflect these recent changes.
On Wednesday, 6th September at 18:00 UTC, the Uwerx Team executed their Token Lock. This was succeeded by the Uwerx Token Burn Event on Thursday, 7th September at 18:00 UTC, during which 25,499,071 WERX tokens were burned. Now, today, Friday 8th September at 18:00 UTC, the Uwerx Test Airdrop is set to take place. Participants are reminded that there’s no need to alter their receiving wallet address from their established Ethereum address.
Furthermore, YouTube media and explainer videos will be released towards the relaunch date for the new WERX token. This will help users understand the details of the modified WERX token.
Also, users have been assured of the security of their WERX tokens purchased during presale. Meanwhile, users can send their recommendations to the project’s feedback email, email@example.com.
On the other hand, developers of the Uwerx freelance platform have begun designing the premium features of the platform. They updated pages like Milestones, Settings, Freelancer Profile Creation, and Application Boosting (using WERX) and revamped the Job Application Page. Development of the MVP will begin at the end of September or the beginning of October.
The smart contracts for the tokens and vaults have been audited, with both an independent peer review and a check by a well-regarded third-party auditor. Uwerx is currently awaiting the results of the third audit. Development of the MVP is slated to commence either at the end of September or the start of October.
Uwerx has exemplified the importance of investing in a viable product with a strong community. This indicates the project could still become a notable force in the freelance and crypto sectors.
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