Table of Contents
- Uwerx's Path To Dominance In The Freelance Market
- Uwerx Incurs $327,000 Loss Due To Flash Loan Attack
- How Will Uwerx Recover From The Flash Loan Attack
Since the freelance industry was experiencing exponential growth, there was a need for a platform that brings fairness, low fees, and ease of doing business. Uwerx has already taken that role with its standout features and blockchain technology. It has been impressive since its presale, translating to a large following.
However, investors' trust in Uwerx was shaken after Uwerx recently experienced a flash loan attack. Many of them wonder how Uwerx can come back from this. Let us find out.
Uwerx finally launched into the coin market on August 1, 2023, following a very impressive presale stage that brought in many investors. Its 2,291 Telegram members and 2,098 Twitter followers joined in cheering it on.
The project's developers began executing their plans and delivering on their promises. They deployed their liquidity Uniswap. They also set out guidelines to aid in regulating the distribution and usage of the WERX token.
Since the project aims to list reputable exchanges, the team started preparing applications for CoinGecko and CoinMarketCap. They also assured the community that they would fulfill their promise of relinquishing smart contract ownership once Uwerx is listed on centralized exchanges.
With the agile methodology approach, Uwerx developers were able to update the platform with new features while considering user feedback.
The team updated the platform with features like the Freelancer Dashboard, Agency Dashboard, Client Dashboard, Additional Settings Page, and Management of Ongoing Projects pages. They will soon start designing the premium components of the platform and improve the Client Dashboards, Project Management features, Additional Setting Pages, and Agency.
Plans are already in place to unveil a Minimum Viable Product (MVP) by the middle or end of September. This will be done after core functionalities have been updated.
Since 84% of voters in a poll showed their satisfaction with the Uwerx Vault, the team promises to make this feature accessible once the smart contract audits are completed.
Uwerx's achievements are clear for all to see, and experts believe it is only the beginning of more future successes.
Following a successful launch on August 1, 2023, Uwerx experienced a bad time when it became a victim of a flash loan attack. The attack occurred on August 2, 2023, and saw a hacker flash loaning 20,000 ETH and exchanging it for 5,053,637 WERX tokens.
The attacker then sent 4,429,817 WERX tokens to the Uniswap pool, causing an imbalance in the system.
As reported by CertiKAlert, the attacker exploited the skim() function of Uniswap and used the 0x00…1 as the "to" address. This enabled them to bypass the UniswapPoolAddress" template to make away with 176 ETH (around $327,000).
As expected, the attack has caused a wave of pessimism toward Uwerx's future.
In the wake of the flash loan attack, Uwerx developers announced they were on top of it. They offered the attacker 20% of the steal and urged him to return 80% to them. The team then outlined a recovery strategy that will set things back in place. The quick response showed their commitment to addressing the issue.
The first part of the plan involved relaunching Uwerx, but this time, on the Polygon Network. On August 22, 2023, the team deployed Uwerx on the Polygon mainnet. This move from UniSwapto Polygon is to ensure security and sustainability. The team released the new WERX contract address, 0x24BCc05a01CB9AEA91195F6624D08333a17a7377, to the community.
They assured the community that this new contract address will be audited by three auditing companies - two well-known auditors and one independent auditor. All users have to do is add the new contract address to their chosen wallet(s) on the Polygon Network.
With the relaunch on the way, the Uwerx team warned users not to buy any WERX token pair as it is definitely a scam. They added that many fake groups and Telegram channels may take advantage of the attack to scam unsuspecting users.
To make the relaunch possible, the team will utilize funds previously kept for the buy-back program as liquidity. They also held polls to decide on the length of the vesting period and the percentage of sell tax. The results of the polls came in at 30% sell tax and 10 weeks 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, they will direct all the sell tax to the liquidity pool.
According to the team, the sliding sell tax will go towards liquidity and be zero at the end of the vesting period.
As for the long-anticipated Uwerx Vault, the team aims to deploy it simultaneously with the token.
In addition to the updates, Uwerx developers have taken the security of the project up a notch. They sought the services of SlowMist, SolidProof, PeckShieldAlert, and InterFi Network and have now decided to get audits from three auditors. Two of them will be well-known auditors, and one will be an independent auditor.
The team also plans to release a Minimum Viable Product (MVP) similar to the final product. Additionally, they stated that there will be no minting or airdrops until they complete a full audit.
They are also committed to raising awareness; however, they want everything verified before unleashing their arsenal. As the deployment draws closer, the team will use YouTube media and explainer videos to educate the community about the relaunch.
Although the flash loan has been a slight setback to the Uwerx journey, the project's team urges frustrated investors to bear with them as they are working meticulously to relaunch a more secure Uwerx that will be the future of the freelance industry.
The team is still open to suggestions and urges users to send them to [email protected].
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.