With Uwerx's recent announcement of a relaunch date, will the project be able to prove naysayers wrong? Let us find out.
Uwerx's Presale: A Success In The Face Of The Bear Market
Uwerx presale created great buzz and speculation from crypto analysts. The 5-staged presale saw the WERX price rise to $0.05645. Also, the Uwerx team registered more buyers than they anticipated.
The project was finally released on Uniswap on August 1st. The token was allocated a sell tax of 3%, 1% set for token burn & 2% for marketing. The team locked their liquidity as promised with plans to give up smart contract ownership after listing on centralized platforms. Meanwhile, a weekly buy-back program was introduced but was suspended after the hack attack.
At the same time, the Uwerx Vault design was completed for audit approval. Meanwhile, a functioning model of the Uwerx freelance platform was available for review with features such as Settings, Freelancer Dashboard, and Client Registration. The developers continue to work on upcoming updates.
Uwerx Setback By About $327K Following Hack Incident
Despite its security implementations, Uwerx was hit by a flash-loan exploit. Based on security reports, the hack occurred on August 2nd. The exploiter used 20,000 ETH (more than $36 million), which they received through a flash loan, to acquire 5,053,637 WERX tokens.
Subsequently, they transferred 4,429,817 of the WERX tokens to Uwerx’s Unisawp pool. As this value was 10 times higher than the original amount in the pool, an imbalance was created.
After that, the attacker assigned the recipient's address as 0x00…1 while attempting to withdraw the funds. This triggered Uniswap's skim() functionality and caused the protocol to burn 1% of the initial token amount. The resulting imbalance aided the hacker in stealing funds (176 ETH) worth about $327K.
Uwerx Waxes Stronger With Imminent Relaunch Date
In the face of the subsequent downturns post-attack, Uwerx and its team showcased their commitment. They immediately informed SolidProof and InterFi Network to prevent further security breaches. They also initiated a white hat bounty, which offered the exploiter 20% of the stolen funds in exchange for 80%.
According to the published recovery strategy, Uwerx will relaunch on Polygon on October 25th by 12:00 PM UTC. The relaunch price will be $0.056. Meanwhile, a new token smart contract and a new Vault contract address have been created and audited by two well-known auditors and another independent auditor. These changes have been updated in the project's whitepaper.
In addition, the Uwerx community voted for a 10-week vesting period and a 30% sell tax. This temporary tax is designed to discourage potential hackers and will be directed toward liquidity provision. Also, it will reduce as the vesting period progresses.
Meanwhile, the Uwerx team has implemented a 9-month lock on its liquidity. They have also executed the scheduled token burn event and the test airdrop of WERX tokens using the new token contract address. However, another airdrop will occur shortly after the relaunch date. Therefore, users should ensure they finalize their receiving wallet addresses on October 8th by 15:00 UTC.
Furthermore, the Uwerx team will release a YouTube media with explainer videos so users can understand the details of the new WERX token. These will be released as the token's relaunch date draws close. Meanwhile, users can send their feedback through the official feedback email, firstname.lastname@example.org.
On the other hand, work continues on the MVP design for the Uwerx freelance platform. The developers have completed the designs for service integration for platforms like Monday.com, LinkedIn, Asana, and Trello. They have also completed the design for the Webinar section and the Course Creation by Freelancers section of the platform.
Meanwhile, the estimated date for the MVP completion is October 30th, with plans to have a fully functional platform 6 months after. This will enable users to experience the innovative platform. New updates on the WERX relaunch, MVP, and platform releases will be announced on Telegram, Twitter, and email.
Uwerx has proven to be a viable investment option for many. Thus, investors are optimistic about its long-term prospects.