Uwerx’s commitment to making a change in the crypto and freelancing industries is very commendable. Right from its presale stages to its launch on August 1, the project has continued to amass success. Its launch was highly anticipated as everyone rushed to become a WERX holder and join in the positive change that was underway. Although Uwerx’s major plans and moves post-launch were stalled a bit by a flash loan attack, Uwerx continues to thrive. The hack did the opposite of what it was supposed to and opened many opportunities for Uwerx, showing it where and how to improve. Uwerx Relaunch its new and highly secured WERX. In this article, we will discuss Uwerx’s progress and the recent updates the community should be aware of.
Uwerx’s Post-Launch Moves
Immediately after the launch on August 1, Uwerx deployed liquidity on Uniswap. Its developers began the 25-year liquidity lock on their tokens to assure investors of the project’s sustainability. They still have plans to give up smart contract ownership after Uwerx goes live on centralized exchanges like CoinMarketCap and CoinGecko and will begin submitting applications.
The development of the Uwerx platform is almost done. Sections like Finished Payments, Login, Security, Help Center, and Forgotten Password are done. This also applies to the platform’s core functionality design.
The developers are actively working on the premium design, which is almost complete. They are also working on the Minimum Viable Product (MVP), and this is nearly done, as the release is just a few weeks away.
Once the MVP is released, the team will add more functionalities like Consultation design, Project Catalog, and Voting designs to the platform. More functionalities and designs will be added as time passes, and the team aims to complete the platform development as soon as possible.
They have set a timeframe of six months from the date of the MVP release, which is October 30, 2023, to finish it. Also, they will begin buyback campaigns to increase Uwerx’s robustness.
Uwerx Loses $327,000
In the flash loan attack, the exploiter flash loaned 20,000 ETH, about $36,726,400 at the time, and changed it to 5,053,637 WERX. They then pushed a considerable percentage of the converted WERX, specifically 4,429,817 WERX, into a Uniswap pool.
Afterward, the attacker leveraged Uniswap’s skim() function, which has a 0x00…1 address, and Uwerx’s transfer function, which first alters the depositor’s balance. Since the receiver’s address was a UniswapPoolAddress variable, 1% of the WERX tokens were burned.
The transfer of the WERX to the Uniswap pool caused an imbalance that the perpetrator exploited to cart away 327,000 (176 ETH).
Uwerxs Aims For A Stronger Comeback As The Countdown To The Relaunch Date Begins
Rather than give up on the project after the attack, Uwerx developers decided to rebuild Uwerx and relaunch its token. This bold move ultimately seals their words on Uwerx’s sustainability. The developers have been hard at work since August 2, when the hack occurred, and have made so much progress since then.
They decided to relaunch Uwerx, which will finally happen on October 25, 2023. Following this decision to relaunch, a new contract address was released, and Uwerx Vault and new WERX smart contracts were scheduled to undergo three audits for utmost security.
The audit results are finally in, and the WERX smart contract passed the audit. However, the auditor asked the developers to rework some things on the Vault’s smart contract. While this is a bit inconvenient, especially for the Uwerx community, the developers are willing to work on it just to ensure there are no mistakes this time around.
Therefore, they have sent out new smart contracts to the auditors and will continue working as they wait for the results. A more exciting update is the MVP release finally happening on October 30. Its release will indicate that the community can finally see and use the Uwerx platform.
The developers will continue working on the platform and adding more sections. They are working on the Webinar section and service integration of Trello, Monday, LinkedIn, and Asana.
The new WERX will be deployed on Polygon DEX as the developers aim to reduce service fees for holders and help them trade on the platform without bridging. Users are advised to add the new contract address to their preferred wallet on Polygon.
The new WERX will also be deployed with more liquidity, which will come from the funds initially reserved for the buyback campaigns. The sliding sell tax will also be used for liquidity. It will start at 30% and decrease over the vesting period, lasting ten weeks.
The developers started a nine-month liquidity lock on their tokens. They began on September 6, 2023, and will finish on June 6, 2024. They also performed the test airdrop, airdropping 1 WERX to users’ wallets. The 25,499,071 WERX slated for burning has been burned, and changes have been made to Uwerx’s whitepaper and website.
As the relaunch date draws near, excitement builds up as the community eagerly awaits what the new WERX has in store for them. During this trying period, the developer’s efforts and actions have further deepened users’ and investors’ trust in Uwerx.
Their efforts are being commended by everyone, causing more people to join the Uwerx community of about 2,364 Telegram members and 2,108 Twitter followers. The community is always free to ask questions or seek clarity by contacting the team through connect@uwerx.network. They can also send feedback, ideas, and opinions through feedback@uwerx.network.