[ad_1]
Uwerx is altering the face of crypto and freelancing. Its launch, which occurred on August 1, 2023, witnessed huge success, exceeding expectations such that it now sits among the many prime cryptos available in the market.
Nonetheless, following the profitable launch, Uwerx witnessed a hack problem. However Uwerx continues to be dedicated to its core values. These values are transparency, safety, and sustainability.
This text will deal with Uwerx’s profitable launch, the hack, and Uwerx’s restoration technique. We can even speak about Uwerx’s updates and the massive issues which might be underway.
Uwerx’s Launch Exceeds Expectations: The Subsequent Massive Issues Are Underway
The gig economic system is creating alternatives for freelancers and serving to them to achieve monetary freedom. Nonetheless, there could possibly be extra.
Think about a freelancing business the place the rights of freelancers are protected, service charges are decrease (on this case, only one%), and blockchain know-how is included, resulting in decentralization of freelancing, incentivization of freelancers, and extra.
With the launch of Uwerx, a revolutionary freelancing platform, that is now freelancing’s actuality.
Uwerx, which launched on August 1, 2023, at 16:00 UTC, noticed a big success past what was initially forecasted. The builders’ agile methodology additionally contributed to the launch’s success.
Uwerx was initially deployed on Uniswap (UNI), enabling token holders to commerce their WERX on the protocol. Simply because the staff beforehand acknowledged, they started the 25-year liquidity lock on the builders’ tokens to guarantee traders and customers of the challenge’s sustainability.
They reiterated that they might surrender good contract possession as soon as the challenge goes dwell on centralized exchanges. In tandem with this, the staff submitted their functions to coin itemizing websites.
A buyback marketing campaign was launched to assist the Uwerx platform additional, and it’s anticipated to scale as time progresses. The campaigns might be weekly. Nonetheless, particular dates and instances is not going to be launched to keep away from anybody taking undue benefit.
The staff is working laborious to complete the platform’s core performance design instantly. They’re specializing in Shopper, Freelancer, and Company Dashboards, Undertaking Administration, and Further Settings Pages.
After finishing these, a Minimal Viable Product (MVP) with capabilities might be accessible to the general public. The suggestions gotten from these will information the staff in designing the premium performance.
The staff has accomplished the Uwerx Vault, which 84% of the group welcomed. Customers can start utilizing it as soon as the Uwerx Vault good contract audit is accomplished.
The Flash Mortgage Assault
Following the profitable launch, Uwerx was attacked on August 2, 2023, with the attacker gaining over $327,000. The attacker flash loaned 20,000 ETH, which was swapped for five,053,637 WERX. Afterward, the attacker despatched 4,429,817 WERX to the Uniswap pool, round ten instances the prior stability.
The Uwerx contract had a personal deal with variable, the UniswapPoolAddress, which was initially set to 0x00…1. Therefore, the attacker created an imbalance by transferring tokens to the precise Uniswap pool utilizing the skim() operate of Uniswap with the 0x00…1 deal with because the “to” deal with.
The attacker used the switch operate of the Uwerx contract, which first modifies the sender’s stability. If the “to” deal with is the uniswapPoolAddress variable (i.e., 0x01), it burns an additional 1% of the preliminary quantity. Consequently, an extra 1% of the tokens have been burned, creating the imbalance exploited by the attacker, which led the attacker to achieve 176 ETH, or $327,000.
Uwerx Deploys A Mindblowing Hack-Restoration Technique
Though the hack was speculated to be a giant blow, Uwerx took it in a optimistic gentle and has but once more proven it’s right here to remain. Quite than fold their fingers, the Uwerx staff confronted the problem head-on and devised methods to beat the hack.
First, they acknowledged the hack was true, an indication of their transparency and truthfulness to the group. Following this, they’ve put out a white-hat bounty, asking the attacker to return 80% of the exploited funds and maintain 20%.
Secondly, Uwerx is ready to relaunch and might be again higher and stronger. The brand new contract deal with might be launched to the group, and sufficient time might be given for everybody to arrange themselves. The contract deal with might be audited twice by respected firms and as soon as by an impartial contractor.
Though Uwerx was constructed on Polygon, it was initially deployed on Uniswap. However with the relaunch, it’ll deploy on Polygon. The benefits will embody decrease gasoline charges and the zero want for WERX holders to bridge in the event that they need to use their tokens on the Uwerx platform.
An airdrop might be performed as soon as the vesting interval is over to make sure those that purchased WERX on Uniswap don’t lose out following the relaunch. Additionally, the staff assures those that purchased WERX throughout the presale that their tokens are protected.
The funds initially reserved for the buyback program might be used for the relaunch to offer liquidity. The staff additionally suggests a sliding promote tax with 100% going to liquidity and a no-burn tax to assist the Uwerx platform considerably.
Additionally, the tokenomics might be modified to accommodate customers and traders, and the latest proposition is:
Presale: 57% (427,500,000)
Person Efficiency Incentives: 6% (45,000,000)
Liquidity Reserve: 14% (105,500,000)
Advertising and marketing: 9% (67,500,000)
Workforce Tokens: 6% (45,000,000)
Partnership Incentives: 2% (15,000,000)
Becoming a member of Incentives: 6% ( 45,000,000)
Primarily based on the presale consequence, 25,499,071 WERX might be burned. The Uwerx Vault good contracts are actually being modified as a result of change in Uwerx’s contract deal with. Additionally, Uwerx’s whitepaper might be barely modified to replicate all of the adjustments that might be made.
The event of the Uwerx platform continues to be in movement. Regardless of the latest hurdle, sections like Settings, Privateness Coverage, Assist Middle, Login, Create Account, Forgotten Password, Completed Funds, and Safety have been accomplished.
Uwerx has all the time been community-driven. As such, the staff is conducting two polls this week to listen to what the group needs. These polls have already been put up on Uwerx’s Telegram channel and Twitter web page. The polls ask the group how lengthy the vesting interval must be and their ideas on directing the sliding promote tax to liquidity.
The polls will finish on August 13 at 18:00 UTC. After that, the staff will start constructing the brand new WERX on August 14 and announce the precise particulars of the brand new WERX relaunch. Extra suggestions and opinions may be despatched to their electronic mail, [email protected].
To additional maintain everybody within the loop, there might be a press launch earlier than the week runs out. This may additional element Uwerx’s restoration plan. Additionally, a extra detailed replace might be launched on August 21 regarding WERX’s relaunch.
This hack incident has demonstrated Uwerx’s resilience, persistence, sustainability, and transparency because it upholds its imaginative and prescient and goal amidst this setback. Additionally, Uwerx is able to flip these challenges into alternatives, reinforce stronger safety measures, and rebuild once more.
The Uwerx group has grown exponentially, with over 2,500 Telegram members and a couple of,000 Twitter followers. Uwerx is unquestionably the way forward for freelancing, and its staff is placing in efforts to make sure the challenge delivers on all its guarantees.
With the strikes the staff is making and Uwerx’s clear imaginative and prescient, you won’t need to miss out on the chance to be part of the strongest and most supportive rising group. Click on the hyperlinks beneath for extra particulars:
Web site: https://www.uwerx.community
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
It is a sponsored article. The views and opinions introduced on this article don’t essentially replicate the views of CoinCheckup. The content material of this text shouldn’t be thought-about as funding recommendation. At all times do your individual analysis earlier than deciding to purchase, promote or switch any crypto property.
[ad_2]