Given the large number of cryptocurrencies in the coin market, Uwerx faced a great challenge as it was geared to make its way into the coin market. However, it launched into the market with a resounding welcome from freelancers and early investors. The successful presale convinced investors that pitching their tents with Uwerx was the right move in the market.
This conviction was short-lived as Uwerx faced a great test following a hack attack on August 2, 2023. But true to their dedication to the project, Uwerx developers have rallied to try again and make it better.
What Investors Gained From Uwerx's Noteworthy Presale
After an exceptional presale phase, Uwerx finally launched on August 1, leaving smiles on the faces of early investors. Last-minute participants in the presale were not left out as the platform celebrated its presale success by giving a 15% bonus on top of the earlier 12.5% bonus. This meant that investors smiled at the bank with a 27.5% bonus.
With 2,096 Twitter followers and 2,280 Telegram members, Uwerx keeps appealing to more and more investors.
The project's developers have enhanced the platform, integrating features like Message Search, Contract Preview, Application Preview, Freelancer role selection, etc. The platform now features completed pages such as Create Account, Help Center, Settings, Forgotten Password, Login, Finished Payments, Privacy Policy, and Security Sections.
Uwerx developers introduced various new features to make the platform more appealing. These additions include the Freelancer Dashboard, Agency Dashboard, Client Dashboard, Additional Settings Page, and Management of Ongoing Projects pages. After adding these features, the development team will focus on designing the premium components of the platform.
The Uwerx community is excited to learn that the Uwerx Vault is near its audit approval. With 84% of poll voters expressing keen interest in utilizing the Vault, it goes to show that they can't wait to start securing their funds and generating passive income with the Vault.
Following the August 1st launch of Uwerx into the cryptocurrency market, the platform developers introduced a 3% sell tax, 1% burn, and 2% for marketing.
As promised, the Uwerx team has placed a 25-year lock on deployed liquidity. They also assure the community that they will not deter in their promise to relinquish smart contract ownership after the Uwerx lists on centralized exchanges (CEXs).
How Uwerx Lost $327,000 In One Day
August 2, 2023, was a bad day for Uwerx developers and investors. Users received shocking news that a hacker had attacked Uwerx's Uniswap pool.
According to tweets from crypto security platforms PeckShield Alert and CertiK Alert, the attacker created an imbalance in the Uniswap pool, which they exploited.
After flash-loaning 20,000 ETH and swapping it for 5,053,637 WERX tokens, they returned 4,429,817 WERX tokens (about 10 times the initial amount) to the Uniswap pool. This resulted in an imbalance.
Taking advantage of the imbalance, they called on the skim() function of Uniswap using the 0x00…1 as the "to" address and thus exploited the uniswapPoolAddress" template. This imbalance led to the burning of 1% of the initial token amount, making it easy for the hacker to steal 176 ETH (around $327,000).
This theft caused panic among Uwerx users, with many wondering if Uwerx could bounce back from it.
Uwerx Developers Get To Work
The August 1 attack highlighted the resilience of the Uwerx development team and the shared love in the Uwerx community. The team wasted no time getting the community to understand they would ensure a smooth and quick recovery.
The team immediately contacted SolidProof, InterFi Network, and other crypto auditing platforms to report the attack. They sent a public message to the attacker, urging them to return 80% of the stolen funds and take 20% as a bounty reward.
To get things rolling, the team planned to use the liquidity intended for the buy-back scheme to relaunch the WERX token on the Polygon network. On August 22, 2023, the Uwerx team deployed Uwerx on the Polygon mainnet and announced 0x24BCc05a01CB9AEA91195F6624D08333a17a7377.
To ensure a more secure contract, the team has engaged the services of two established auditors and one independent auditor. They have urged users to add the new contract address to their Polygon Network wallets.
The Uwerx team has also started updating the website, white paper, tokenomics, and the scheduled airdrop to reflect the latest developments. According to the team, the changes will take effect when they receive the results of the ongoing audits and confirm that all aspects are covered.
In a community centric move, the Uwerx team conducted a poll asking the community to decide on the length of the vesting period and the percentage of the proposed sell tax. Results of the poll showed 30% for the sell tax and 10 weeks for the vesting period.
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, 100% of the sell tax proceeds will be directed towards thliquidity pool.
Not leaving anything behind, the Uwerx team is also working on the Uwerx Vault. They intend to deploy both the token and the Vault simultaneously. They also aim to release a Minimum Viable Product (MVP) that resembles the final product. In the meantime, minting and airdrops will be on hold until a full audit has been done.
Uwerx developers recognize the patience of the community and promise to launch Uwerx as soon as possible. However, they aim to make sure that there is no room for mistakes; hence, they are focused on the quality of the new Uwerx and will not rush the process.
The community is urged to keep sending messages and constructive feedback to feedback@uwerx.network. They are also assured that all WERX tokens bought during the presale are safe.
Experts believe that the team's approach could set Uwerx back on track to becoming the project of the year.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
