Uwerx Prepares for New Beginnings, Announces Relaunch Date

Uwerx holds significant potential with its numerous offerings to freelancers. The project proved its viability by successfully overcoming a flash-loan attack and is already on its way to relaunch on the Polygon network.

As Uwerx’s relaunch draws near, here are some interesting details to note so you won’t miss out on upcoming airdrops and other promotions. 

Uwerx Powered Through Its Presale

To carry out a successful presale is no easy feat in today’s market. Uwerx achieved this by prioritizing its investors and offering various bonuses. At the end of the presale, its WERX token sold for $0.05645.

Uwerx officially launched on Uniswap on August 1st. Its WERX token was unveiled with a 3% sell tax, 2% for marketing, and 1% burn. Also, its team initiated the lock on its liquidity as previously promised. Meanwhile, they announced a weekly buy-back program to provide further support. 

However, the program was suspended while its funds went into liquidity provision following the hack incident. In addition, the team intends to forfeit their smart contract ownership after listing WERX on centralized exchanges.

Moreover, Uwerx developers completed the Uwerx Vault, which was forwarded for audit approval. On the other hand, the Uwerx freelance platform already featured designs of the Contract Preview, Help Center, Settings, and Message Search, and revamped the Job Application Page and Application Boosting (using WERX). However, some other features were still under construction. 

Hacker Exploits 176 ETH From Uwerx

On August 2nd, Uwerx was attacked after its Uniswap launch. The attacker obtained 20,000 ETH (over $36 million) in a flash loan and exchanged the funds for 5,053,637 WERX tokens. They transferred 4,429,817 WERX back to the Uwerx Uniswap pool and caused an imbalance in the pool. 

Afterward, the attacker prompted Uniswap’s skim() feature by using 0x00…1 as the recipient’s address. Also, the transfer feature of Uwerx’s contract, which first modifies the sender’s balance, caused the protocol to perform a 1% burn of the initial amount during the transaction. 

Consequently, the imbalance and token burn enabled the attacker to steal 176 ETH (worth around $327K).

Uwerx Prepares For A Late-October Relaunch

Despite massive outcry on social media, Uwerx was undeterred by the hack incident. Its team quickly contacted SolidProof and other crypto security platforms. They also sent forth a white hat bounty, offering to leave 20% of the stolen funds for the attacker in return for 80% of the funds.

Furthermore, the project kick-started its recovery plan, which includes a WERX token relaunch on Polygon. The relaunch is scheduled for October 25th by 12:00 PM UTC, while the sell price will be $0.056. The team created a new token contract address and a new Uwerx Vault smart contract address to match. These have been audited by two established auditors and an independent auditor. Meanwhile, the project’s whitepaper has been updated to reflect these changes. 

In addition, a new vesting period of 10 weeks and a 30% sell tax was voted for by the Uwerx community. The sell tax is designed to decrease alongside the new vesting period and deter potential exploits. Meanwhile, the generated funds will provide liquidity for Uwerx. Also, the Uwerx team has implemented a 9-month lock on its allocated liquidity. They have also conducted the scheduled token burn event and a test airdrop using the new WERX token contract address. 

Moreover, the team will perform another airdrop shortly after the WERX relaunch. Therefore, users are advised to resolve their receiving wallet addresses by 15:00 UTC on October 8th to receive the airdrop. Also, they should anticipate YouTube media with explainer videos to help them understand the details of the relaunched WERX. These will be released closer to the token’s redeployment date. Meanwhile, users can send their recommendations through the official feedback email, feedback@uwerx.network.

Regarding the Uwerx freelance platform, the developers are actively progressing with the MVP designs. They have completed the designs for service integration for platforms like LinkedIn, Asana, Trello, and Monday.com. The design for the Webinar section is also complete alongside the Course Creation by Freelancers. 

Meanwhile, the MVP version of the platform is scheduled for completion on October 30th. This means that users will soon enjoy a live version of the platform. As the developers work towards meeting the schedule, new features will be announced on Telegram, Twitter, and email. They hope to have an active freelance platform running within 6 months from October 30th.

Thanks to the dedication of the Uwerx team, Uwerx investors are positioned for massive gains after relaunch. Ensure you don’t miss out. 

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