As a revolutionary freelancing platform, Uwerx brought decentralization, blockchain technology, 1% service fees, and incentivization to freelancing. It is no wonder Uwerx’s launch on August 1 was very successful. Users and investors rushed to purchase the WERX token, utilizing the bonuses to make profits.
However, post-launch, Uwerx experienced a hurdle as the platform was exploited. It is on the move to redeem itself and regain users' trust. This article dives into Uwerx’s launch, the hack, the recovery strategy, and major updates.
Uwerx Announces Major Updates Post-Launch
Uwerx witnessed a successful launch, with the entire crypto market rushing to purchase the WERX token. Right after the launch, the team went to work to ensure Uwerx matched its words with action.
They began by deploying liquidity on Uniswap and locking developers’ tokens, which they promised the community would happen once Uwerx launched. This deepened users' and investors' trust and assured them that Uwerx is here to stay. The liquidity lock will last for 25 years.
The Uwerx team remains resolved to denounce ownership of the smart contract as soon as Uwerx goes live on centralized exchanges. This is also another way of promoting Uwerx’s sustainability. They will submit their applications to CoinMarketCap and CoinGecko.
The team also intends to launch a buyback campaign to support the Uwerx platform significantly. This campaign is expected to scale accordingly and will happen weekly. However, the dates and times will not be released to ensure all token holders gain equally.
The completion of the Uwerx platform, which has been in the works for a while, is almost in sight. The core functionality design work focusing on the freelancer, Client, and Agency Dashboards, Project management, and Additional settings Pages will be completed soon enough.
Afterward, a Minimum Viable Product (MVP) with functions will be released to the community for testing. The team will begin working on the premium functionality design based on the feedback received.
There is also the Uwerx Vault, which 84% of the community stated they would use, considering its excellent design and concept. However, the team is waiting to ensure the smart contracts are fully audited before deploying the Vault.
Uwerx Loses $327,000 To A Flash Loan Attack
A flash loan attack on August 2 cut Uwerx's successful launch celebration short. The attacker flash-loaned 20,000 ETH (approximately $36,726,400) and swapped it for 5,053,637 WERX.
Afterward, he sent 4,429,817 WERX to the Uniswap pool. This was over ten times the initial balance in the pool. Hence, an imbalance was created. The hacker used the skim() function of Uniswap with the address 0x00...1 as the “to” address. He also used the transfer function of the Uwerx contract, which first modifies a sender’s balance.
Since the “to” address was a UniswapPoolAddress (0x00...1 in this case), an additional 1% of the initial WERX amount was burned. This caused an imbalance, which the attacker exploited, gaining 176 ETH ($327,000).
Uwerx’s Action Plan: A New WERX Is Underway
While the hack is supposed to be devastating, the Uwerx team sees it as an opportunity to improve and increase Uwerx’s security measures. They are already devising a sturdy hack-recovery strategy.
Firstly, the team put out a white hat bounty stating the hacker could keep 20% of the exploited funds and return 80% to the contract address, 0x6a2A1481c09d55Da3A733fae5691ee72f344555E. They contacted their auditors, SolidProof and InterFi Network, and other reputable bodies like PeckShieldAlert and SlowMist_Team.
Secondly, a new WERX is set to emerge. Uwerx will be relaunching, and things will be done differently this time. There will be a new contract address, which will be released to the community later. The contract address will be audited twice by reputable companies and once by an independent contractor to ensure top-notch security.
Due to the change in contract address, the Uwerx Vault smart contracts are being altered. The development of the Uwerx platform is still in motion. So far, some of the platform sections like Security, Help Center, Login, Privacy Policy, Settings, Create Account, and Finished Payments.
Uwerx was initially deployed on Uniswap. This time, it will deploy on Polygon, the network on which it was built. The advantages of this include lower trading fees and the ease of using the WERX token on the Uwerx platform without the need to bridge.
You might be wondering about the fate of those who bought WERX on Uniswap. The Uwerx team will conduct an airdrop after the relaunch. This will ensure those token holders are still making profits. Also, those who bought WERX during the presale are safe, as the team assures them they won't lose their tokens.
More liquidity will be provided this time around to ensure WERX’s stability. To do this, the buyback campaign will be paused, and the funds reserved for it will be used to increase Uwerx’s liquidity.
Initially, Uwerx provided a 3% sell tax and a 1% burn tax. However, with the relaunch, they are proposing a zero-burn tax and a sliding sell tax, which will completely be directed to liquidity. The airdrop and vesting schedules have also been adjusted, and the new schedules are up on Uwerx’s Twitter page and Telegram channel.
Uwerx’s whitepaper will be slightly modified to show the changes being made on the platform. Based on the presale result, 25,499,071 WERX will be burned. The WERX token allocations will be modified, and the new proposition is:
● Presale: 57% (427,500,000)
● User Performance Incentives: 6% (45,000,000)
● 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)
Uwerx remains a community-centered platform and wants to hear from the community before making its decisions. As such, the team has dedicated this week (August 6–13) to conducting polls and allowing token holders to decide what should be done next.
Two polls are already up, asking the community how long the vesting period should be and their thoughts on directing the sliding sell tax to liquidity. At the end of the polls on August 13, specific dates and information will be released regarding upcoming events. The team will start working on the new WERX by August 14.
There will also be press releases this week and a more detailed announcement on August 21 to inform users of the next step toward the relaunch. To send in feedback or opinions, users can email feedback@uwerx.network.
Despite the hack hurdle, Uwerx is working hard to redeem itself and push forward with its vision and purpose. Its resilience in this challenge has contributed to its community's growth. Uwerx now has over 2,000 Twitter followers and 2,500 Telegram members.
So what are you waiting for? Hurry up and become part of a platform that brings change to crypto and freelancing. Join in by clicking the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network