From Adversity to Triumph: Uwerx Developers Announce Relaunch Date
The Uwerx developers have continuously shown commitment and dedication towards Uwerx’s vision. This is part of why Uwerx quickly garnered attention and trust from the crypto industry.
Its successful launch on August 1 further reiterated Uwerx’s profitability, with the WERX tokens quickly selling out. Shortly after the launch, which left everyone amazed at Uwerx’s pumping value, the project’s developers made further moves to push Uwerx to its highest standard.
Although this was shortly interrupted by the hack, the team has devised sturdy plans to counteract the hack by relaunching WERX. As the relaunch date draws near, the team continues to drop important updates to ensure everyone knows what to expect. We will discuss these updates in this article.
Uwerx Platform Development Continues Post-Launch
The Uwerx team quickly commenced working on the Uwerx platform immediately after the launch. So far, some platform sections, like Forgotten Password, Create Account, Finished Payments, Security, Help Center, and Login, have been finished.
The core functionality design work on various aspects of the platform has been completed. Furthermore, the completion of the premium design is in sight.
Finally, there is significant progress towards releasing the Minimum Viable Product (MVP). The MVP release is expected to happen on October 30, 2023. This is a great feat for Uwerx, as the community will finally experience and use the platform.
After the MVP release, more designs and functionalities will be added to the Uwerx platform. They include the Project Catalog, Voting, and Consultation designs. To further support the platform, buyback campaigns will be introduced in due time.
Following the launch, Uwerx hosted its platform on Uniswap. The team also carried out the liquidity lock, which, as earlier stated, will be for 25 years. Also, they remain resolute in renouncing ownership of the smart contract as soon as Uwerx is listed on centralized exchanges. To facilitate this, they will soon submit applications to CoinMarketCap and CoinGecko.
Uwerx’s Flash Loan Attack
Uwerx fell victim to a flash loan attack, with the attacker stealing about $327,000. The attacker who initiated a flash loan of 20,000 ETH exchanged it for 5,053,637 WERX. They then transferred 4,429,817 WERX into a Uniswap pool. This deposit was quite significant, as the deposited amount was over ten times more than the prior balance in the pool, creating an imbalance.
Using the Uniswap skim() function with the 0x00…1 address and Uwerx’s transfer function, which first adjusts the sender’s balance, the perpetrator burned an extra 1% of the WERX tokens. Ultimately, they made away with $327,000 (176 ETH) illegally.
Uwerx Finally Sets A New Date For Relaunch
Despite the hack, Uwerx strives to ensure it becomes the revolutionary force needed in the freelancing and crypto industries. Its developers re-strategized and planned the relaunch of a new WERX with more robust security.
Finally, the relaunch date is out, and a new WERX is set to emerge on October 25, 2023, at 12:00 PM UTC. In tandem with the relaunch, a new contract address was released. The audit results of the smart contracts are in. While the WERX smart contract passed, the auditors pointed out some things that needed to be fixed in the Uwerx Vault smart contract.
To ensure no stone is left unturned in achieving maximum security for the new WERX, the team has developed a new smart contract and sent it back to the auditors. They are currently awaiting the results.
Unlike before, the new WERX will be deployed on Polygon to decrease transaction fees and eliminate bridging for WERX holders whenever they trade on the platform. More importantly, ensure you have added the new contract address to your wallet on Polygon.
The Uwerx team is continuously working around the clock to ensure Uwerx achieves its new goals and plans for the relaunch. They have locked up their tokens again to prove Uwerx’s transparency and credibility. The 9-month lock started on September 6, 2023, and will end on June 6, 2024.
They have performed the test airdrop stated in the last update. They airdropped 1 WERX to users' receiving wallets. The team has finally burned the 25,499,071 WERX following the presale results and updated Uwerx’s website and whitepaper.
The new WERX will be provided with excess liquidity to support it. The liquidity will come from the funds initially allocated to the buyback campaigns. Liquidity will also be gotten from the sliding sell tax, which started at 30% and will reduce to 0% at the end of the ten-week vesting period.
So much has been achieved with Uwerx’s platform development. With the MVP release on October 30, the team is already working on integrating Asana, LinkedIn, Monday, and Trello into the platform. They are also working on the Webinar section to ensure freelancers are provided with the educational materials they need for their freelancing journey.
The new WERX will be more robust and security-fortified. As the relaunch date draws near, the developers strive to keep the community updated. Therefore, it is necessary for you to carefully read the updates made on Uwerx’s Telegram channel and Twitter page.
The team remains community-centered. Hence, users can make inquiries or ask questions through [email protected]. They can also send feedback or opinions to [email protected].
Undoubtedly, the new WERX will be much better, and now is the perfect time to become a part of the new change coming to the crypto market. The Uwerx community is increasing daily, with about 2,108 Twitter followers and 2,364 Telegram members. So, get ready for the incoming WERX by joining the community today.