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Top-performing projects in the crypto space are characterized by their real-world utility and viability. Uwerx impresses with these two, which is why it was able to overcome the recent hack on its protocol.
As it gears up for a successful relaunch on October 25th, let us find out how it intends to provide stronger security and enhanced features.
<h2 class="wp-block-heading" id="strong-uwerx-s-earlier-launch-on-uniswap-strong-strong-strong">Uwerx’s Earlier Launch On Uniswap </h2>
Uwerx ended its 5-phased presale on July 31st and officially launched the following day on <a href="https://www.thecoinrepublic.com/2023/10/13/uniswap-v3-white-paper-summary-differences-with-v1-and-v2/" target="_blank" rel="noopener noreferrer nofollow">Uniswap</a>. The launch was announced alongside a 3% sell tax, 1% token burn, and 2% marketing. A weekly buy-back program was also unveiled but later shut down after the hack as the reserved liquidity went toward the project’s relaunch.
In addition, the Uwerx team locked its liquidity and reaffirmed its plan to renounce smart contract ownership.
Furthermore, developers of the Uwerx freelance platform completed pages like the Freelancer Profile Creation, Privacy Policy, Finished Payments, and Forgotten Password pages. While they continued to update more features, they completed the Uwerx Vault and sent it for audit.
<h2 class="wp-block-heading" id="strong-uwerx-suffers-a-327k-loss-as-hacker-hits-the-protocol-strong-strong-strong">Uwerx Suffers A $327K Loss As Hacker Hits The Protocol</h2>
On August 2nd, Uwerx suffered a security breach that resulted in the loss of 176 ETH (valued at around $327,000). The security report on the incident revealed that the attacker received a flash loan of 20,000 ETH (valued at over $36 million) and exchanged it for 5,053,637 WERX tokens.
To disrupt the equilibrium of the Uniswap pool, the assailant put back 4,429,817 WERX, nearly tenfold the initial amount. In a cunning move, the attacker utilized the skim() function of Uniswap to direct the token transfer, causing 1% of the original token amount to be burned, enabling him make away with 176 ETH.
<h2 class="wp-block-heading" id="strong-uwerx-s-persistence-pays-off-as-its-october-relaunch-draws-near-strong-strong-strong">Uwerx’s Persistence Pays Off As Its October Relaunch Draws Near</h2>
Uwerx handled the subsequent challenges following its hack with impressive efficiency. Its crypto auditors, SolidProof and InterFi Network, were quickly notified of the security breach. Its team also publicly announced a white hat bounty to the hacker, offering to give up 20% of the stolen funds as a bounty reward if they send back 80%.
Moving forward, Uwerx has set its WERX relaunch date to occur on October 25th by noon UTC. The<a href="https://www.thecoinrepublic.com/2023/10/15/zimbabwes-gold-backed-digital-token-to-shift-as-a-payment-method/" target="_blank" rel="noopener noreferrer nofollow"> token</a> will be deployed on Polygon and features a new contract address and an accompanying Vault contract address. These two addresses have been audited and updated on the project’s whitepaper. Meanwhile, the relaunch price is $0.056.
In addition, there’s a 9-month lock on the team’s liquidity while the scheduled token burn event and the test airdrop of WERX tokens have been executed. An upcoming airdrop will take place shortly after the relaunch date. To receive the airdrop, users should resolve their receiving wallet addresses by 15:00 UTC on 8th October.
Meanwhile, the Uwerx community voted for a 10-week vesting period and a temporary 30% sell tax. This tax will decrease alongside the new vesting period and provide more liquidity for the project. It will also discourage malicious actors from exploiting the project.
Furthermore, there will be a YouTube media with explainer videos on the details of the new WERX token. These will be released closer to the token’s relaunch date. Meanwhile, users can send their opinions through the official feedback email, feedback@uwerx.network.
More still, the design for the MVP (minimal viable product) version of the <a href="https://www.thecoinrepublic.com/2023/05/10/how-uwerx-werx-is-connecting-clients-and-freelancers-better-than-fiverr/" target="_blank" rel="noopener noreferrer nofollow">Uwerx freelance</a> platform is nearing completion. The expected date of completion is October 30th. Meanwhile, the developers have finalized the designs for service integration for platforms like Asana, Monday.com, LinkedIn, and Trello. They have also designed the Course Creation by Freelancers and the Webinar sections. They hope to have a fully active platform within 6 months of design completion. At the same time, users can look forward to more updates on Twitter (X), Telegram, and email.
Considering the giant strides accomplished by Uwerx within this short period, the crypto market could witness another massive pump after Uwerx’s relaunch.
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Uwerx Turns Setback to Success As It Relaunches on October 25

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