While Uwerx developers were still basking in the euphoria of a successful launch on August 1, 2023, the project fell victim to a flash loan attack. As expected, many investors lost confidence in the project.
However, Uwerx developers went to work to put the project back on the path to success.
Uwerx’s Aims To Succeed In The Freelance Industry
August 1, 2023, was a great day for Uwerx developers as the project launched into the coin market. Since the project developers had delivered on their promises, investors were sure that the ever-transparent team would execute every remaining plan.
As predicted, the Uwerx team went to work. They announced the guidelines to help regulate how the WERX token is distributed and used. They prepared applications and sent them to platforms like CoinMarketCap and CoinGecko to list WERX tokens on their platform.
They assured the Uwerx community they would still forfeit smart contract ownership immediately after Uwerx lists on centralized exchanges.
They followed this by adding more features to the Alpha version of the Uwerx platform. The features include the Additional Settings Page, Agency Dashboard, etc. Furthermore, they announced the introduction of a Minimum Viable Product (MVP) and started working on the platform’s premium features.
Uwerx Suffered a Huge Loss
Uwerx’s wave of success experienced an abrupt pause when the project lost $327,000 to a flash loan attack. The unfortunate event involved a hacker causing an imbalance by swapping 5,053,637 WERX tokens with a flash loaned 20,000 ETH and sending 4,429,817 WERX tokens back into the Uniswap pool.
Uwerx Developers Start Recovery
As soon as Uwerx developers noticed the flash loan attack, they sought ways to mitigate their losses. They posted a public message asking the hacker to keep 20% of the steal and return 80%.
Furthermore, the team announced they will relaunch Uwerx on the Polygon network. They added that they would use the funds kept for the buy-back program as liquidity for the relaunch.
Additionally, the Uwerx development team began updating the platform. They added the Create Account, Settings, Finished Payments, Help Center, Login, Security, Privacy Policy, and Forgotten Password sections.
In addition to the updates, the team announced a new contract address to be audited by three companies (two established and one independent).
The audit results revealed that the Uwerx Vault Smart Contract had some issues while the WERX Token Smart Contract had none. This meant they had to create a new smart contract to ensure a watertight platform. The team swiftly created a new contract address and submitted the WERX Token Smart Contract and the Uwerx Vault Smart Contract for another audit.
The new WERX Contract Address is 0x9b2CFE1608250BEA375c6199b474B402BaD920da
Furthermore, the team has burned 25,499,071 WERX tokens, raising the value. They announced the deployment of the Uwerx Vault and urged the community to use the new contract address to participate in the upcoming airdrop.
They also released the workflow of their designs for creating educational materials (courses). This was in line with the team’s commitment to transparency.
With innovation in mind, the team started working on ways to integrate services and platforms like Monday.com, Asana, LinkedIn, and some webinar sections. They also released a Figma file showing designs for these service integrations and asked the community to go through it and send feedback to feedback@uwerx.network.
Additionally, the Uwerx team has unveiled the finalized design for freelancer-created courses. Additionally, they have shared designs for seamless integrations with prominent platforms such as LinkedIn, Trello, Asana, and Monday.com. The design for the webinar section has also been presented to the community.
The anticipated airdrop will come shortly after the October 25, 2023, relaunch. Users are advised to confirm their designated wallet address by 15:00 UTC on October 8, 2023.
Uwerx developers have addressed concerns surrounding DEXTools and various token/staking contracts, assuring users of their safety and the absence of associated risks.
A tax mechanism has been implemented to be exclusively allocated to the liquidity pool. This measure protects the platform against potential attacks. In the event of an attack, the team can set the tax rate at 80%, which will force the attacker to lose 80% of their funds.
Regarding the sell tax, the team has established a cap of 30%, with a firm commitment that this rate will never surpass the percentage. This deliberate choice aims to prevent potential misuse.
As promised during the Uwerx presale, the team will relinquish smart contract ownership once all smart contracts for premium features work efficiently. The team is optimistic that WERX will be listed on centralized exchanges before this.
Recognizing the need to promote the platform at every opportunity, the team will intensify its marketing approach and tailor it to align with the relaunch, MVP debut, and platform release.
Uwerx Prepares For Its Relaunch
Following the result of the second audit, the Uwerx team went to work to fix every issue noticed.
Aiming to get back on track as quickly as possible, the team has announced October 25, 2023, as the launch date for the new Uwerx. They promise to fix every issue before then. As for the MVP version of the Uwerx platform, the development team has announced that it will be up and running by October 30, 2023.
Additionally, the team is constantly working on making the Uwerx platform fully operational within six months from October 30, 2023.
All these innovations from the team have assured the Uwerx community that despite the flash loan attack, the project’s developers can still position Uwerx as the future of freelancing.
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