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Uwerx’s commitment to its community has significantly contributed to the success of the crypto so far. While it might be a new crypto, Uwerx has quickly risen to the top to sit with other established cryptos. This is due to its features, the utility-based WERX token, and the developers’ commitment.
Following its official launch on August 1, Uwerx received a warm welcome from everyone in the crypto market. The WERX token continued to gain upward momentum, thriving amidst the bear market and making gains for holders and investors.
Although the platform was recently exploited, Uwerx has already developed recovery plans and taken resolute actions to counteract the hack. In this article, we will discuss Uwerx’s successful launch, its moves post-launch, the hack, and its recovery plans.
Uwerx’s Successful Launch: What To Expect Next
Right before its launch, Uwerx’s presale was very successful, with the WERX tokens allocated to each stage selling out quickly. This was due to WERX’s utility, profitability, and the bonuses it provided for early users and investors.
The momentum that Uwerx gathered during its presale showed in its official launch on August 1. The launch was successful beyond initial predictions, as all crypto users bought the WERX tokens. After the launch, everyone wondered what to expect next from the Uwerx platform, and Uwerx went to work.
Firstly, Uwerx deployed liquidity on Uniswap, and its developers began the liquidity lock on their tokens, which will last for 25 years. As previously promised, they will forfeit the smart contract ownership immediately after Uwerx goes live on centralized exchanges. They will soon submit their applications to CoinGecko and CoinMarketCap.
The team has begun working on the platform’s premium design. They are looking to release the Minimum Viable Product (MVP) with functions to the community by September so that they can test it. Based on the feedback received, they will keep working on the premium design. ‘
A buyback campaign will be launched to provide more support for the Uwerx platform. This campaign will happen weekly, but the dates and times will not be released to avoid users taking advantage of it.
Shortly after Uwerx’s launch, the platform was exploited, with the attacker stealing about $327,000. The attacker flash-loaned 20,000 ETH ($36,726,400), which he swapped for 5,053,637 WERX. He sent 4,429,817 WERX to the Uniswap pool. The attacker created an imbalance because he sent ten times more than the initial balance.
Afterward, he used Uniswap’s skim() function with the 0x00…1 address and Uwerx’s transfer function, which always modifies the sender’s balance first. Since the receiver’s address was a UniswapPoolAddress variable, an additional 1% of the WERX tokens were burned. This was how the attacker exploited the Uwerx platform, stealing 176 ETH ($327,000).
Uwerx Makes Resolute Moves to Counteract the Hack
Rather than give up on its vision of being a revolutionary platform, Uwerx immediately took actionable steps to counteract the hack and repurpose its platform. Hence, there will be a relaunch of Uwerx and the new platform, and the WERX token will be highly secured.
Immediately after the hack was noticed, the Uwerx team alerted Solidproof and InterFi Network, the auditors of the Uwerx platform. They also contacted PeckShieldAlert and SlowMist_Teamdirectly on Twitter. Furthermore, a white-hat bounty was released for the exploiter to return 80% of the stolen funds and keep 20%.
Significant progress has been made regarding the relaunch. The new contract address has been tested out and shown to the community. However, to reinforce security for Uwerx, the contract address will not be released until thoroughly audited. It will undergo three audits: two by reputable and established auditors and one by an independent auditor.
There will be more liquidity on the new WERX. The buyback campaign will be put on hold, and the funds reserved for it will be directed to liquidity. There is now a sliding sell tax directed entirely to liquidity and a zero-burn tax. The sell tax will begin at 30% and decrease to 0% at the end of the 10-week vesting period.
Uwerx will now deploy on Polygon and no longer on Uniswap. The team has put so much effort into ensuring this goes smoothly. They have been able to deploy the new WERX on the Polygon MainNet and show it to the community. Token holders must add the contract address to their chosen wallets on the Polygon network.
This deployment on Polygon will result in lower trading fees and the ability for WERX holders to use their token on Uwerx without having to bridge. The team promises to conduct an airdrop for those who purchased WERX on Uniswap to ensure their tokens are safe.
The Uwerx Vault is almost complete, and surprisingly, it will be deployed with the new WERX. Their smart contracts have been sent out to the auditors for thorough audits.
Uwerx’s tokenomics will be slightly adjusted, and the new proposed allocations are:
● User Performance Incentives: 6% (45,000,000)
● Liquidity Reserve: 14% (105,500,000)
● Presale: 57% (427,500,000)
● Marketing: 9% (67,500,000)
● Team Tokens: 6% (45,000,000)
● Partnership Incentives: 2% (15,000,000)
● Joining Incentives: 6% ( 45,000,000)
Also, the developers will burn 25,499,071 WERX at the end of the presale. Uwerx’s whitepaper and website will be updated with these changes once the results of the polls conducted between August 6 and 13 are out.
Uwerx’s moves post-hack have been commendable, and the Uwerx community has recognized its efforts. The team also remains committed to hearing users’ opinions and feedback before making any decisions, and you can send yours to [email protected]. Also, they will be releasing articles and YouTube videos to educate users on what to expect with the relaunch and update them on ongoing changes.
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.
Source : Crypto Daily