With its transparency, security, integration of blockchain technology into freelancing, 1% service fee, incentives, and more, Uwerx has positioned itself as a top freelance platform and a great addition to the coin market.
Uwerx’s amazing features were complimented by its developers’ agile methodology approach. This resulted in Uwerx’s successful launch on August 1, 2023.
Following the headline-making launch, the platform saw an influx of investors who took advantage of the bonuses the platform offered. This resulted in the platform amassing 2,098 Twitter followers and 2,291 Telegram members.
The project, however, faced a minor setback after experiencing a flash loan attack. But, the developers are working tirelessly to mitigate the effects and relaunch the WERX token.
What Lies Ahead Of Uwerx’s Successful Presale?
The cryptocurrency market and the freelance industry were excited when Uwerx announced its launch. Both markets eagerly awaited the launch, unsurprisingly, the launch was immensely successful. This translated to a rise in the value of the WERX token, which meant more profit for holders.
The Uwerx team, who had already set post-launch plans, quickly unveiled their strategies to make investors and users get the best of the nearly complete Uwerx platform. They will improve the Client Dashboards, Project Management features, Additional Setting Pages, and Agency.
After completing the core functionality design phase, the team will unveil a Minimum Viable Product (MVP). This MVP was proposed to be out by the middle or end of September so the community can test and send feedback.
Following the poll, which saw 84% of the community showing satisfaction with the Uwerx Vault, the team also promised to make this feature accessible to users upon successfully completing its smart contract audits.
The team went further to initiate their promised 25-year liquidity lock on their tokens. They are also firmly committed to giving up smart contract ownership when Uwerx lists on centralized exchanges; as such, they made moves to submit applications to CoinMarketCap and CoinGecko.
Uwerx Incurs $327,000 Loss Due to Hacker Attack
Just a day after Uwerx launched, a hacker exploited the Uwerx platform. The attacker flash-loaned 20,000 ETH and subsequently exchanged it for 5,053,627 WERX tokens. The attacker then moved 4,429,817 WERX tokens into the Uniswap pool. This caused an imbalance because the sent amount far exceeded the pre-existing balance within the pool.
Leveraging the skim() function of Uniswap, the attacker used the address 0x00…1 as the designated “to” address. He also manipulated the transfer function of the Uwerx contract, which initially altered the sender’s balance.
A discrepancy emerged because the “to” address was a UniswapPoolAddress variable (in this case, 0x00…1), leading to the burning of 1% of WERX tokens. Consequently, the attacker made away with $327,000 (equivalent to 176 ETH).
What Uwerx Developers Did After The Hack
A few hours after the hack, the Uwerx team announced it and reassured the community that they would work on it. They said they had contacted InterFi Network and SolidProof and asked the community not to worry about their fund’s safety.
The team set to work by first offering the hacker a reward of 20% of the exploited ETH while urging them to return the remaining 80% to the designated contract address, 0x6a2A1481c09d55Da3A733fae5691ee72f344555E.
They then announced that they would have to relaunch Uwerx. To ensure security, the new contract address will be audited by two established auditors and one independent auditor.
The forthcoming relaunch will see Uwerx deployed on the Polygon network instead of the Uniswap network. This will offer users reduced gas fees and facilitate seamless token utilization on the Uwerx platform without bridging.
On August 22, 2023, the team did as promised and deployed Uwerx on the Polygon mainnet. They announced 0x24BCc05a01CB9AEA91195F6624D08333a17a7377 as the new WERX contract address and advised users to add it to their wallets on the Polygon network.
After the vesting period, an airdrop will be conducted for users who acquired WERX tokens on the Uniswap network to ensure fair treatment.
The relaunch of the new WERX token will be accompanied by more liquidity. This liquidity will be drawn from the reserves initially allocated for buyback campaigns and the sliding sell tax.
Following the results of the polls conducted by the team, the team has announced that the sell tax will start at 30% and decrease to 0% at the end of the 10 week vesting period. Additionally, the team intends to direct 100% of the sell tax proceeds towards Uwerx’s liquidity pool.
Uwerx developers recently announced an upcoming update to their website and white paper that reflects the latest developments. These updates will be made when the team gets favorable results from the ongoing audits.
They have also provided the contract address so users can witness the ongoing tests. However, the team will only initiate airdrops once a full audit is done.
Aside from their work on the WERX token, the team has also diligently worked on the Uwerx Vault. They intend to deploy both the token and the Vault simultaneously.
Despite the hurdles that Uwerx has met recently, its developers keep pushing through. Users and investors are encouraged to keep sending feedback and viewpoints via email at [email protected] to help the team improve the platform.
It is crystal clear that Uwerx is about to be a big player in the freelance and cryptocurrency market. Experts believe they will beat the recent challenges soon and be on the path to glory.
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encourage to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsor post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
For publishing articles on our website get in touch with us over email or one of the accounts mentioned below.
Source: https://www.thecoinrepublic.com/2023/08/30/uwerx-confronts-challenge-with-swift-response-to-flash-loan-attack/