Table of Contents
- Uwerx’s Moves Post-Launch
- Uwerx Faces A Flash Loan Attack
- Uwerx’s Recovery Effort: A New WERX Is Set To Emerge
More than its ground-breaking features, the developers' use of agile methodology propelled Uwerx to the top of the crypto industry. They have shown so much transparency and commitment towards Uwerx’s vision, drawing in more users and investors to become WERX holders.
Their efforts were rewarded with the Uwerx launch, which went well. The launch exceeded their initial forecast, with the WERX token gaining traction regardless of the crypto winter.
Despite the recent hack incident, Uwerx continues to thrive as the developers make recovery plans and move towards relaunching a new WERX. Let’s take a deeper look at Uwerx’ssuccessful launch, its moves post-launch, the hack, and its recovery plans.
Uwerx successfully launched into the crypto market on August 1, and most crypto users quickly purchased the WERX token, which was delivering tons of gains to its holders. Right after the launch ended, Uwerx announced its moves post-launch.
It deployed liquidity on Uniswap, and the developers locked in their tokens, which will last for 25 years. The developers remain firm on giving up smart contract ownership immediately after Uwerx launches on centralized exchanges. They will be submitting their applications to CoinGecko and CoinMarketCap soon. These prove Uwerx’s transparency and sustainability.
The Uwerx team is working on the premium design. They will release the Minimum Viable Product (MVP) to the community by September so they can test it. After that, they will resume working on the premium design based on the feedback received.
There will be a weekly buyback campaign to support the Uwerx platform further. However, the dates and times will not be released to ensure all community members are on the same page.
Uwerx witnessed a flash loan attack on August 2, with the hacker stealing around $327,000. He exchanged 5,053,637 WERX, which he got by flash loaning 20,000 ETH. He then created an imbalance by sending 4,429,817 WERX to the Uniswap pool. The amount was over ten times the initial balance.
Afterward, he used the skim() function of Uniswap with the address 0x00...1 as the “to” address. He also used the transfer function of the Uwerx contract, which usually modifies a sender’s balance first.
This resulted in the burning of an extra 1% of the WERX tokens since the receiver’s address was a UniswapPoolAddress (0x00...1). That was the imbalance the attacker took advantage of to gain 176 ETH ($327,000).
Following the attack, the Uwerx team immediately contacted Solidproof and InterFi Network, the auditors of the Uwerx platform. They also alerted PeckShieldAlert and SlowMist_Teamdirectly on Twitter. A white-hat bounty was offered to the attacker, urging them to keep 20% and return 80% of the stolen ETH.
More surprisingly, Uwerx has decided to relaunch its platform. Therefore, a new WERX will emerge, and the team is already working on the launch. The new contract address has been presented to the community to see the tests done.
However, it will only be released once its audits are completed. The contract address will undergo three audits, two by established auditors and one by an independent auditor. This is to ensure tight security for the new WERX.
There will be liquidity for the new WERX to provide more stability. To do so, the buyback campaign has been paused, and its funds will be used to provide liquidity for WERX. Also, there is a sliding sell tax, wholly directed to liquidity, and a no-burn tax. The sell tax starts at 30% and will reduce to 0% at the end of the 10-week vesting period.
Uwerx will be deployed on the Polygon network rather than Uniswap, where it was previously deployed. This will result in lower gas fees and using WERX on the platform without bridging. So far, the team has deployed WERX on the Polygon MainNet. Users can now add the contract address to their preferred wallets on the Polygon network.
Those who purchased WERX on Uniswap are covered, as the team will perform an airdrop at the end of the vesting period. Also, the team assures those who purchased WERX during the presale that their tokens are secure and unaffected by the change.
In light of improving the new Uwerx platform, the Uwerx Vault will now be deployed alongside the new WERX. Their smart contracts have been sent to the auditors, and the process of deploying them will be expedited once the audit results are in.
Also, changes will be made to Uwerx’s website and whitepaper to reflect the ongoing changes. This will be done once the results of the just-concluded polls are ready. The WERX allocations were modified to:
Once the presale results are in, the developers will burn 25,499,071 WERX. The Uwerxcommunity has significantly contributed to the recovery efforts made so far by providing constructive feedback to the team via [email protected]. Rather than letting the hack challenge demoralize them, they have further deepened their trust in Uwerx as a game-changer.
The community keeps thriving, with 2,098 Twitter followers and 2,291 Telegram members. This shows that Uwerx is greater than the recent challenge it is facing. It is determined to return better, so the team is working hard to ensure the relaunch happens without glitches.
There will be more announcements underway. Also, YouTube videos will be released to update users on all they need to know about the incoming WERX. As we await the emergence of the new WERX, you can become acquainted with Uwerx by becoming a community member.
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.