Uwerx is changing the face of crypto and freelancing. Its launch, which happened on August 1, 2023, witnessed massive success, exceeding expectations such that it now sits among the top cryptos in the market.
However, following the successful launch, Uwerx witnessed a hack challenge. But Uwerx is still committed to its core values. These values are transparency, security, and sustainability.
This article will focus on Uwerx’s successful launch, the hack, and Uwerx’s recovery strategy. We will also talk about Uwerx’s updates and the big things that are underway.
Uwerx’s Launch Exceeds Expectations: The Next Big Things Are Underway
The gig economy is creating opportunities for freelancers and helping them to gain financial freedom. However, there could be more.
Imagine a freelancing industry where the rights of freelancers are protected, service fees are lower (in this case, only 1%), and blockchain technology is incorporated, leading to decentralization of freelancing, incentivization of freelancers, and more.
With the launch of Uwerx, a revolutionary freelancing platform, this is now freelancing’s reality.
Uwerx, which launched on August 1, 2023, at 16:00 UTC, saw a significant success beyond what was initially forecasted. The developers’ agile methodology also contributed to the launch’s success.
Uwerx was initially deployed on Uniswap (UNI), enabling token holders to trade their WERX on the protocol. Just as the team previously stated, they began the 25-year liquidity lock on the developers’ tokens to assure investors and users of the project’s sustainability.
They reiterated that they would give up smart contract ownership once the project goes live on centralized exchanges. In tandem with this, the team submitted their applications to coin listing sites.
A buyback campaign was launched to support the Uwerx platform further, and it is expected to scale as time progresses. The campaigns will be weekly. However, specific dates and times will not be released to avoid anyone taking undue advantage.
The team is working hard to finish the platform’s core functionality design immediately. They are focusing on Client, Freelancer, and Agency Dashboards, Project Management, and Additional Settings Pages.
After completing these, a Minimum Viable Product (MVP) with functions will be available to the public. The feedback gotten from these will guide the team in designing the premium functionality.
The team has completed the Uwerx Vault, which 84% of the community welcomed. Users can begin using it once the Uwerx Vault smart contract audit is completed.
The Flash Loan Attack
Following the successful launch, Uwerx was attacked on August 2, 2023, with the attacker gaining over $327,000. The attacker flash loaned 20,000 ETH, which was swapped for 5,053,637 WERX. Afterward, the attacker sent 4,429,817 WERX to the Uniswap pool, around ten times the prior balance.
The Uwerx contract had a private address variable, the UniswapPoolAddress, which was initially set to 0x00…1. Hence, the attacker created an imbalance by transferring tokens to the actual Uniswap pool using the skim() function of Uniswap with the 0x00…1 address as the “to” address.
The attacker used the transfer function of the Uwerx contract, which first modifies the sender’s balance. If the “to” address is the uniswapPoolAddress variable (i.e., 0x01), it burns an extra 1% of the initial amount. Consequently, an additional 1% of the tokens were burned, creating the imbalance exploited by the attacker, which led the attacker to gain 176 ETH, or $327,000.
Uwerx Deploys A Mindblowing Hack-Recovery Strategy
Although the hack was supposed to be a big blow, Uwerx took it in a positive light and has yet again shown it is here to stay. Rather than fold their hands, the Uwerx team faced the challenge head-on and devised strategies to overcome the hack.
First, they acknowledged the hack was true, a sign of their transparency and truthfulness to the community. Following this, they have put out a white-hat bounty, asking the attacker to return 80% of the exploited funds and keep 20%.
Secondly, Uwerx is set to relaunch and will be back better and stronger. The new contract address will be released to the community, and enough time will be given for everyone to prepare themselves. The contract address will be audited twice by reputable companies and once by an independent contractor.
Although Uwerx was built on Polygon, it was initially deployed on Uniswap. But with the relaunch, it will deploy on Polygon. The advantages will include lower gas fees and the zero need for WERX holders to bridge if they want to use their tokens on the Uwerx platform.
An airdrop will be conducted once the vesting period is over to ensure those who bought WERX on Uniswap do not lose out following the relaunch. Also, the team assures those who bought WERX during the presale that their tokens are safe.
The funds initially reserved for the buyback program will be used for the relaunch to provide liquidity. The team also suggests a sliding sell tax with 100% going to liquidity and a no-burn tax to support the Uwerx platform significantly.
Also, the tokenomics will be changed to accommodate users and investors, and the recent 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)
Based on the presale result, 25,499,071 WERX will be burned. The Uwerx Vault smart contracts are now being modified due to the change in Uwerx’s contract address. Also, Uwerx’s whitepaper will be slightly modified to reflect all the changes that will be made.
Uwerx has always been community-driven. As such, the team is conducting two polls this week to hear what the community wants. These polls have already been put up on Uwerx’s Telegram channel and Twitter page. The polls ask the community how long the vesting period should be and their thoughts on directing the sliding sell tax to liquidity.
The polls will end on August 13 at 18:00 UTC. After that, the team will begin building the new WERX on August 14 and announce the specific details of the new WERX relaunch. More feedback and opinions can be sent to their email, (email protected).
To further keep everyone in the loop, there will be a press release before the week runs out. This will further detail Uwerx’s recovery plan. Also, a more detailed update will be released on August 21 concerning WERX’s relaunch.
This hack incident has demonstrated Uwerx’s resilience, persistence, sustainability, and transparency as it upholds its vision and purpose amidst this setback. Also, Uwerx is ready to turn these challenges into opportunities, reinforce stronger security measures, and rebuild again.
The Uwerx community has grown exponentially, with over 2,500 Telegram members and 2,000 Twitter followers. Uwerx is definitely the future of freelancing, and its team is putting in efforts to ensure the project delivers on all its promises.
With the moves the team is making and Uwerx’s clear vision, you might not want to miss out on the opportunity to be a part of the strongest and most supportive growing community. Click the links below for more details:
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