Amidst the ensuing struggles the crypto ecosystem has faced these past few months, the Uwerx project has garnered significant attention. Despite being a new project, many enthusiasts believe it could eventually contend with established freelance platforms like Fiverr and Upwork.
More so, in that light, the development team has shown immense dedication to enhancing the ecosystem to measure up to these aspirations, resulting in an accumulation of a remarkable database—2,098 Twitter followers and 2,374 Telegram members. No more significant evidence exists than its consecutive presale successes recorded at all phases.
However, as every great project at its peak is bound to experience, the Uwerx project has recently encountered a setback following a flash loan exploit.
Uwerx’s Inextinguishable Limelight
A popular sentimental pattern among the crypto community is that every new project proposes an almost insurmountable roadmap only to fail to the worst side. On the contrary, Uwerx has dramatically surpassed all those market sentiments and is now enjoying the limelight.
Since the outset of its presale phase, the Uwerx development team took a resolute stand toward meeting investor’s expectations without drifting away from the project’s mission and vision.
On the break of August 1, 2023, Uwerx launched and revealed its step-by-step plan to become a community-centric platform following an explosive presale. One of its pivotal taglines involves the deployment of liquidity securely locked on UniSwap for 25 years, underscoring its commitment to keep a stable liquidity pool effectively. Consequently, this mitigates the potential risks of sudden liquidity shortage.
Another action from the Uwerx team is introducing a series of guidelines to facilitate equal token distribution and utilization, including a 3% tax on token sales to ensure sustainability, a 1% burn stipulated to enhance the token’s value over time using deflationary tactics, and a 2% marketing fee to foster visibility.
Following this, the project intends to submit applications for inclusion on reputable platforms like CoinMarketCap. At the same length, they also promised to relinquish contract ownership once they were listed on centralized exchanges.
The buyback program is another move designed to stabilize and support the token’s price and overall market value. In the spirit of fairness, the exact timing of these buybacks is also deemed to remain undisclosed.
Fundamental design enhancements are also being done, including a client dashboard, freelancer dashboard, agency dashboard, supplementary settings pages and project management section.
After developing these features and verifying their functionality through rigorous tests, Uwerx has taken to unveiling its Minimum Viable Product (MVP). This will lay the foundation for the premium functionality design of the platform.
Uwerx vs. Flash Loan Attack: An Unprecedented Setback
Not too long ago, the Uwerx community went through a bat swing of anxiety and pessimism as it got caught in a flash loan exploit. As indicated by CertiKAlert, a prominent system that identifies and alerts about potential security vulnerabilities in blockchain projects, a malicious actor borrowed 20,000 ETH on the premise of getting a flash loan, which was valued at $36,726,400, and exchanged it for 5,053,637 WERX tokens.
In addition, the attacker transferred 4,429,817 WERX tokens into the Uniswap pool, thereby creating an imbalance in the token distribution. As noted by CertikAlert, the exploiter identified a vulnerability in Uniswap’s skim() function and designated the destination address as 0x00…1, exploiting the ‘uniswapPoolAddress’ template. This move caused 1% of the original token quantity to be burned, enabling the attacker to carry out the attack successfully.
The entire Uwerx community eagerly awaits the sequential response from the project team to address this unprecedented crisis— rectification, recovery, and reinforcing the system against future attacks.
Uwerx’s Recovery Blueprint Bears A Formidable Face
The recent unexpected flash loan attack has kept Uwerx and its community in a bad atmosphere. However, unlike many projects that have gone under the rug upon meeting such crises, Uwerx showcased remarkable resilience to move forward. Taking an impressive leap, the Uwerx team has displayed extraordinary determination to bounce back and issued its official statement outlining a strategic roadmap for the future. Also, they’ve even extended the attacker a 20% white hat bounty in return for 80%.
The Uwerx team has agreed to relaunch on the Polygon Network to chart the path forward. Numerous advantages of this strategic shift include reduced trading fees plus a more accessible and user-friendly experience for both old and new users alike.
It’s worth noting that Uwerx has repeatedly warned against any transaction involving WERX tokens during this transition. As such, the new WERX token’s contract address was released on August 22, 2023.
Uwerx initiated polling systems to gather user opinions, staying true to their commitment to community involvement. It includes a sliding sell tax that allocates 100% of the proceeds to Uwerx’s liquidity on UniSwap.
The polls decided that during the Vesting Period, this sales tax would commence at 30% and gradually decrease to 0% by the end of 10 weeks. They have also pledged the removal of the buy tax.
Having taken substantial measures to enhance security, the Uwerx team has enlisted reputable auditing entities like SolidProof, InterFi, PeckShieldAlert, and SlowMist Team. As promised by the team, the website and the white paper will be updated once the audit results are received and put up to a 100% mark. Similarly, they have shown the contract address on which the tests are being conducted—two by established auditors and one by an independent auditor.
Modifications are being made to the WERX tokenomics to foster a healthier trading ecosystem. The Uwerx Vault smart contracts will also be adjusted due to changes in the contract address. The team also planned to open the Vault for public use and relaunch WERX simultaneously.
While most analysts may agree that these strategic alterations are optimistic and have a sense of direction, only time knows their potency.
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