Uwerx is a new crypto project that has been making waves in the crypto market since its inception. Its utility token, WERX, beat the crypto winter as it continued to rise throughout its presale stages, which ended on July 31. WERX’s upward surge and its revolutionary features for the crypto and freelancing industries caught the attention of all crypto users and investors.

Hence, Uwerx’s official launch, which took place on August 1, was very much anticipated, and it was an absolute success. The successful launch can also be credited to the agile methodology approach used by the developers. Following the launch, the Uwerx team made major updates on the next big thing coming to the Uwerx platform. However, the platform witnessed a hack.

Rather than get deterred by this experience, Uwerx took a different turn, faced the challenge head-on, and activated its relaunch plans. In this article, we will discuss Uwerx’s successful launch, post-launch updates, and plans for the new WERX relaunch.

Uwerx Set to Move to the Next Level Following its Successful Launch

Uwerx launched on August 1, and it was welcomed by all in the crypto market as investors and users quickly bought into the WERX token. Immediately after its launch, the Uwerx team returned to work, announcing updates for the Uwerx platform.

Based on Uwerx’s core values of transparency, the team began by deploying liquidity on Uniswap. They have also locked their tokens, which will last 25 years, to assure users of Uwerx’s sustainability.

Furthermore, they are still solid on giving up smart contract ownership immediately after Uwerx launches on centralized exchanges. They will submit applications to CoinGecko and CoinMarketCap.

The Uwerx Vault, which most of the Uwerx community welcomed, will soon be accessible as we wait for the auditors to audit its smart contracts thoroughly. There will also be buyback campaigns (although these have been paused for now due to the relaunch) to support the Uwerx platform significantly.

Also, the completion of the Uwerx platform is almost in sight. The core functionality design focusing on the Freelancer, Agency, and Client Dashboards, Additional settings Pages, and Project Management is nearly done.

Following completion, the team will release a Minimum Viable Product (MVP) with functions for the community to test out. They will start working on the premium design based on the feedback they receive.

Uwerx’s Hack Experience

Following Uwerx’s successful launch and the release of these updates, the Uwerx platform was exploited on August 2. The hacker stole about $327,000 as they flash-loaned 20,000 ETH, which he exchanged for 5,053,637 WERX. After this, they sent 4,429,817 WERX to the Uniswap pool, creating an imbalance as this amount was ten times more than the initial balance.

The attacker utilized Uniswap’s skim() function, which had the 0x00…1 address, and Uwerx’s transfer function, which usually modifies a sender’s balance first. Hence, an additional 1% of the initial amount in the pool was burned since the receiver’s address was a UniswapPoolAddress (0x00…1).

This was how the imbalance was created, which the attacker exploited to pilfer 176 ETH ($327,000).

Uwerx Activates Relaunch Plans And Sets To Make Even Bigger Moves

Uwerx responded to the hack incident by quickly swinging into action to devise ways to cushion the effect on investors and the Uwerx platform. The team began by acknowledging the incident was true, further proof of Uwerx’s transparency. Afterward, they released a white-hat bounty. The bounty states that the exploiter should return 80% of the funds and hold 20%.

Also, they quickly contacted their auditors, InterFi Network and SolidProof, as well as SlowMist_Team and PeckShieldAlert on Twitter. Afterward, the team announced to the community that a new WERX would be relaunched. The relaunch also means a new contract address.

The team has released the contract address to the community so they can see the tests done on it so far. However, the contract address will not be airdropped until fully audited. This is to ensure tight security for the new WERX. Additionally, there will be three audits of the contract address: two by reputable auditors and one by an independent auditor. Two of which have been completed.

Uwerx will relaunch on the Polygon network instead of Uniswap, where it previously launched. This will lower gas fees and eliminate the need for WERX holders to bridge any time they want to use their token on the Uwerx platform.

However, this does not mean those who purchased WERX on Uniswap will be abandoned. The team plans on airdropping their tokens once the vesting period is over.

On August 22, the team deployed WERX on the Polygon MainNet. They also released the contract address, which users must add to their chosen wallets on the Polygon network. The address is on their Telegram channel and Twitter page.

Also, there is a heavy focus on the new WERX and Vault smart contracts. To switch things up, Uwerx will be integrating the new WERX smart contract with the Vault smart contract, and it plans on deploying both simultaneously. The smart contracts have been sent out to the auditors, and the team awaits the results of the audits.

More liquidity will be provided for the new WERX. The funds reserved for the buyback campaigns will be directed to liquidity to achieve this. Also, there is a no-burn tax and a sliding sell tax to increase Uwerx’s liquidity. The sell tax will begin at 30% and decrease to 0% at the end of the 10-week vesting period.

Recall that two polls were conducted between August 6 and 13 to hear the community’s opinion on directing the sliding sell tax to liquidity and the duration of the vesting periods. The team is already working on the results and will update Uwerx’s whitepaper and website once everything checks out 100%.

There will also be a slight adjustment to Uwerx’s tokenomics, and it is as follows:

User Performance Incentives: 6% (45,000,000)
Liquidity Reserve: 14% (105,500,000)
Marketing: 9% (67,500,000)
Presale: 57% (427,500,000)
Team Tokens: 6% (45,000,000)
Partnership Incentives: 2% (15,000,000)
Joining Incentives: 6% (45,000,000)

Once the presale is completed and the results are out, the team will burn 25,499,071 WERX. The new airdrop and vesting schedules have been released.

Uwerx’s platform development is still in progress, and work is being done on the premium design. The team hopes to release the MVP by the middle of September. They are open to constructive feedback, which can be sent to feedback@uwerx.network.

The community will also be constantly updated, and YouTube videos will be released to explain the concept of the new WERX. This is to ensure everyone is well-enlightened and prepared for the relaunch.

On Wednesday, 6th September at 18:00 UTC, the Uwerx Team executed their Token Lock. This was succeeded by the Uwerx Token Burn Event on Thursday, 7th September at the same time, during which 25,499,071 WERX tokens were burned. Furthermore, the Uwerx Test Airdrop is set to occur today, Friday 8th September at 18:00 UTC. For this airdrop, participants can retain their existing Ethereum address for receipt. Token and vault smart contract audits were done and one independent peer audit was done along with a reputed third party auditor as well. Currently, the third audit is awaiting the results.

Uwerx is set to make bigger and bolder moves, and its relaunch plans so far prove it. The team is focused on doing all the necessary underground work to ensure everything runs smoothly with the relaunch.

The smart contracts for the tokens and vaults have been audited, with both an independent peer review and a check by a well-regarded third-party auditor. We are currently awaiting the results of the third audit. Development of the MVP is slated to commence either at the end of September or the start of October.

Uwerx’s resilience amidst this incident has given everyone hope that things will be done better this time. Hence, anticipation and excitement for the new WERX are already building up. Despite this challenge, the Uwerx community keeps growing, with over 2,300 Telegram members and over 2,000 Twitter followers.

To stay updated with new developments on Uwerx, click the links below:

Website: https://www.uwerx.network

Telegram:

Twitter: https://twitter.com/uwerx_network

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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The post Uwerx Responds To Hack With Resolve By Activating Relaunch Plans appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 11, 2023 11:09 am