The first half of 2023 was bright for Uwerx, the crypto-based freelance project that plans to restructure the freelance sector. The project carried out a successful presale, which ended on July 31, 2023.
However, the innovative efforts of Uwerx took a hit following a flash-loan attack on August 2, just after its official launch on Uniswap. How has Uwerx fared post-launch hack? Let us find out.
Uwerx’s Widespread Presale And Successful Launch On Uniswap
Uwerx’s presale outperformed its developers’ expectations, leading them to adjust the initial presale token allocation and introduce a fifth presale stage. Buyers also enjoyed various bonuses at different stages of the presale — meanwhile, the WERX token sold at a final price of $0.05645.
The presale attracted 2,291 members on Telegram and 2098 followers on Twitter. This led many analysts to believe Uwerx will soar to the moon after officially entering the crypto market.
This official entrance to the crypto market occurred on August 1. It introduced a 3% sell tax, 2% marketing and 1% burn. It also announced a scalable buy-back program that would occur weekly. Given the recent security breach, the buy-back funds aimed at bolstering the project will now be directed toward liquidity provision.
In addition, the Uwerx team promised to renounce all smart contract ownership after listing on exchanges. They also locked liquidity for 25 years, as promised during the presale.
Furthermore, immense progress has been recorded on the Uwerx platform. It already features core functionalities, like the Message Search, Contract Preview, Unlogged view for Agency, Freelancer, and Client, Application Preview, Chat System within Job Postings, and Agency Role Selection.
Other completed pages are Settings, Forgotten Password, Help Center, Login, Create Account, Privacy Policy, Finished Payments, and Security Sections.
Additional pages planned for release were Agency Dashboard, Client Dashboard, Additional Settings Pages, Freelancer Dashboard, and Management of Ongoing Projects. Afterward, the design of the platform’s premium features was to begin.
Meanwhile, the unique Uwerx Vault was completed, while 84% of the users were eager to use it once it got audit approval.
Hacker Targets Uwerx In A Flash-Loan Attack
Unfortunately, Uwerx suffered a security breach shortly after its launch on Uniswap. The breach occurred on August 2, resulting in the loss of 176 ETH (roughly $327,000). Various security protocols, like CertiK Alert and PeckShield Alert, reported the incident.
According to reports, the hacker flash-loaned 20,000 ETH (worth over $36 million) and exchanged the funds for 5,053,637 WERX tokens. Then, they created an imbalance by transferring 4,429,817 WERX tokens (about 10 times the initial amount) to Uwerx’s Uniswap pool.
Then, they triggered the skim() function of Uniswap by using the 0x00…1 address as the “to” address during the transaction. This prompted the protocol to burn 1% of the initial token amount, which they exploited.
Uwerx’s Visionary Path To Recovery
Despite the hack incident, the Uwerx community maintained their bullish sentiment on the project. This has motivated the team to proceed with an effective recovery strategy. First, they quickly contacted the auditors, SolidProof, InterFi Network, and other crypto security platforms that reported the incident. They also offered the exploiter 20% of the stolen funds in exchange for 80% of the funds.
Secondly, they presented a relaunch plan for a new WERX token on Polygon using funds reserved for the buy-back program. The new token was deployed on the Polygon Mainnet on August 22 after running some tests. The Uwerx Vault smart contracts were also altered due to the contract address change.
The new WERX contract address will be audited thrice (two audits by SolidProof and InterFi Network and one by an independent auditor) to ensure better security. Meanwhile, Uwerx will adjust the airdrop schedule, whitepaper, and tokenomics to reflect the new changes.
Thirdly, the Uwerx team organized a community poll from August 6th to 13th. This allowed members to decide on a new vesting period and a new sliding sell tax. This tax will go fully into the liquidity provision to support the project. It will also decrease throughout the new vesting period. The outcome yielded a new vesting period of 10 weeks, alongside a 30% sell tax. However, the tax would be temporary.
Furthermore, the Uwerx team will release YouTube media and explainer videos closer to the deployment date of the new WERX. This will help users understand the features of the modified WERX. Meanwhile, the team encouraged members to send their recommendations to the dedicated feedback email, feedback@uwerx.network.
In addition, the Uwerx platform design continued steadily. The developers have revamped the Job Application Page and completed the Milestones, Settings, Freelancer Profile Creation, and Application Boosting (using WERX) pages. Also, they’ve already started designing the premium features of the platform.
A minimum viable product (MVP) with sufficient features to satisfy early users is also in the works. Thus, users can expect the finalization of the rest of the premium designs by August’s end and the MVP by the middle/end of September. However, these deadlines are susceptible to modification.
Amidst these proposed changes to Uwerx, the team has assured users of the safety of their WERX tokens purchased during the presale. Hence, investors are assured of the commitment of the Uwerx team. They can also anticipate Uwerx to rebound swiftly and regain its previous momentum.
For more details about Uwerx, click the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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