Uwerx is evidently dedicated to revolutionizing the freelance economy—all thanks to its resourceful developers and policies.
Its presale success has also earned them significant support from the cryptocurrency domain and even beyond. A short glimpse at its exploding followership across social media is undeniable proof. Such metrics indicate, to a great extent, the confidence and excitement encompassing the project’s growth potential.
Nevertheless, Uwerx’s successful launch took a hit when it experienced a flash loan attack last week. Since such attacks imply the exploitation of smart contracts to access a substantial amount of funds temporarily and exploit the platform’s operation, questions and concerns have been raised about the project’s security measures.
The Uwerx Launch
Since the beginning of this year, the crypto industry has faced seemingly unending price fluctuations heightened by SEC’s regulatory clampdown. But Uwerx, despite being typically new, has managed to carve out a fantastic success story for its community, from surpassing stakeholders’ expectations to demonstrating an unwavering resilience and obligation to investors’ safety.
Uwerx’s presale phase was nothing short of noteworthy, a somewhat inevitably gripping sensation. So it was, as expected, an immeasurable burst of optimism when the Uwerx launched on August 1, 2023, highlighting laser-focused strategies for building a community-centric platform.
Their first move was to deploy liquidity on Uniswap, which was locked for 25 years to maintain a stable liquidity pool and eliminate the imposing threats of liquidity drains or market hacks. They have also proposed a set of rules that are expected to govern token distribution and usage, including a 3% sell tax to guarantee sustainability, a 1% burn to increase the token’s price value over time using deflationary measures, and a 2% marketing fee to foster visibility.
The crypto industry is often influenced by mainstream recognition, so the Uwerx team has correspondingly taken the initiative to start applying for listings on reputable platforms such as CoinGecko and CoinMarketCap. Plus, they pledged to relinquish contract ownership once they list on centralized exchanges.
More still, the project’s team is bringing core functionalities to users soonest, including the client dashboard, freelancer dashboard, agency dashboard, project management section, and additional settings pages.
Furthermore, they plan to introduce a Minimum Viable Product (MVP) for public testing once developers do in-depth testing and also a Buyback program to stabilize the token’s price and support its market value. For the program, specific dates and times for the buybacks will not be disclosed to ensure fairness.
Uwerx Navigates an Arduous Journey
Following its launch last week, Uwerx encountered a flash loan exploit. According to CertiKAlert, the malicious actor strategically obtained a flash loan of 20,000 ETH worth $36,726,400 and utilized it to acquire 5,053,637 WERX tokens. Then the attacker transferred 4,429,817 WERX tokens to the Uniswap pool, which resulted in a substantial imbalance in the token supply.
Subsequently, the attacker leveraged Uniswap’s functionality, designating the recipient’s address as 0x00…1, and finally went ahead to carry out the operation. And since the recipient’s address resembled the “uniswapPoolAddress” template, 1% of the initial token amount was burned during the transaction. Experienced auditors acknowledge that the unintended burning of an extra 1% of the token aided the exploit and allowed the hacker to steal $327,000.
Flash loan attacks are becoming an escalating concern in the DeFi space, capitalizing on vulnerabilities in smart contracts and protocols for their nefarious schemes. In light of this, the Uwerx team and its community are deciding on effective measures to combat the alarming development.
Uwerx and Its Community: Embracing the Future
Flash loan attacks are fast becoming a significant trend in the DeFi space. Most crypto projects have gone under the rug due to this malaise.
However, Uwerx, since its predicament, has exemplified a strong and poised resilience for a rapid comeback, given that they released their recovery plan and offered a white-hat bounty of 20% to the hacker.
More so, the Uwerx development team has decided to relaunch and deploy their tokens on the Polygon Network, highlighting several benefits surrounding the change, like reduced gas fees for trading and a seamless user experience. Similarly, the team will provide users with the new contract address and give them ample time for preparation.
Uwerx also issued a comprehensive warning that, since the relaunch is still in progress, any WERX token pair on the market is a total scam. Updates on the new WERX token are set to be released on Monday, 21st August 2023.
In this case, throughout the Vesting Period, there would be a Sell Tax that starts at X% and decreases to 0% by the end of the Vesting Period. This means that if the Sell Tax starts at 50% over a 10-week vesting period, it will decrease by 5% per week. Also, they have promised to eliminate the buy tax.
As flash loan attacks are becoming a significant security issue, Uwerx has proactively engaged well-known auditing firms, SolidProof and InterFi Network, as well as directly contacting SlowMist Team and PeckShieldAlert. This ensures that users’ assets remain safeguarded and protected against future attacks.
Currently, new updates have been added to the platform to enable a hitch-free user experience, such as Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security sections.
Uwerx has also proposed changes to its tokenomics as part of its comeback strategy from a presale allocation of 57% (427,500,000 tokens) to a liquidity Reserve of 14% (105,500,000 tokens). However, Uwerx acknowledges that they will be implemented once their community issues feedback. Also, adjustments will be made to the Uwerx Vault smart contracts because of the new contract address.
These proposed changes seem promising, so the community is backing Uwerx for success. In the coming weeks, the developers will implement more changes and set the project back on track.
For further details on the ongoing discussion, kindly follow the links below:
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
