For good measure, the Uwerx development team has diligently sought the advancement of its ecosystem in its vision geared toward revolutionizing the freelancing terrain. Consequently, they have attracted a remarkable user base.

This is evidenced by their consecutive presale success and impressive followers across varied social media platforms.

Nonetheless, this promising upswing took a deep decline when Uwerx experienced a flash loan exploit last week, throwing the entire ecosystem into a cesspool of pessimistic concerns and questions about the project’s security system and credibility.


Uwerx: Breaking Barriers Toward a Bullish Run

Amidst the turmoil of SEC-instigated challenges within the crypto space, Uwerx is inarguably enjoying the spotlight. Despite being a relatively nascent project, it has been experiencing an outstanding ascent, outperforming market criticisms by a milestone.

Since the beginning of its presale, the Uwerx development team has been laser-focused on ensuring stakeholders' expectations are duly met while strictly abiding by the project's mission and vision.

On August 1, 2023, after the final presale, Uwerx unveiled to the public its strategies for a community-oriented platform. The first key action involved deploying liquidity, which was locked for 25 years on UniSwap. It exemplified their obligation to maintain a stable liquidity pool and effectively eliminate the risk of sudden liquidity drains or market hacks.

The Uwerx team has also brought to the fore a set of rules to enable beneficial token distribution as well as token utilization. These include a 3% sell tax for sustainability measures, a 1% burn to increase the token's value over time through a deflationary technique, and a 2% marketing fee to foster visibility.

Another note-worthy action is that the project is set to submit proposals for enlistment on reputable platforms such as CoinGecko and CoinMarketCap. As a follow-up, they have pledged to renounce contract ownership once listed on centralized exchanges.

Uwerx also planned to initiate a Buyback program to stabilize and support the token's price and market value, effectively not divulging exact dates and times to ensure fairness for all token holders.

More so, Uwerx plans to introduce core functionality designs in expectation of rapid advancement ranging from the client dashboard to the freelancer dashboard to the agency dashboard to the management of ongoing projects section and additional settings pages.

After the culmination of these features and ascertaining their functionality through in-house testing, Uwerx aims to unveil its Minimum Viable Product (MVP), laying the foundation for designing premium functionalities of the platform.


Uwerx Vs. Flash Loan Attacks: A Daunting Endeavor

Last week, the Uwerx community was plunged into despair as it fell victim to a flash loan attack. As confirmed by CertiKAlert, the malicious actor took a flash loan worth 20,000 ETH (equivalent to $36,726,400) and promptly exchanged it for 5,053,637 WERX tokens.

Additionally, the attacker transferred 4,429,817 WERX tokens to the Uniswap pool, thereby causing the token supply to be imbalanced. The exploiter keyed into the vulnerability of Uniswap's skim() function, designating the recipient's address as 0x00…1, henceforth exploiting the "uniswapPoolAddress" template. As a result of this imbalance, 1% of the initial token amount was burned, allowing the attacker to execute the attack.

The prevalence of flash loan attacks is no longer a new development in the DeFi space, as they go ahead to exploit vulnerabilities in smart contracts and protocols. Presently, the entire Uwerx community is anxiously awaiting the project team's sequential response to this unprecedented crisis: rectification, recovery strategy, and fortification.


Will Uwerx Survive The Flash Loan Attack?

Contrary to public expectations, Uwerx and its community have demonstrated significant resilience amid the flash loan attack. Truth be told, most projects have gone under the rug while facing this kind of crisis.

But the Uwerx team has shown a solid determination to bounce back, having issued an official statement outlining their plans for the future and even offering the attacker a white-hat bounty of 20%.

The Uwerx development team has decided to relaunch and deploy their tokens on the Polygon Network. Several benefits abound from this decision, including lower gas fees for trading, making easier and faster ways for old users and newcomers to engage with the platform.

Uwerx also issued a comprehensive warning that, since the relaunch is still in progress, any WERX token pair on the market is a total sham. Updates on the new WERX token are set to be released on Monday 21st August, 2023.

Throughout the Vesting Period, there would be a Sell Tax that starts at X% and decreases to 0% by the end of the Vesting Period. This means that if the Sell Tax starts at 50%, over a 10-week vesting period, it would decrease by 5% per week. Also, they have promised to eliminate the buy tax.

At the moment, the Uwerx project team is working tirelessly on rigorous measures to ensure the protection of their new contract. In that light, they have enlisted SolidProof and InterFi for audits and directly contacted SlowMist Team and PeckShieldAlert.

Following the trend, the tokenomics of WERX tokens will be changed in a bid to create a healthy trading environment. The Uwerx Vault smart contracts will also undergo necessary adjustments due to the contract address change, as well as the whitepaper.

At present new updates have been added to the platform to enable a hitch-free user experience such as Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security sections.

Analysts acknowledge these proposed changes as optimistic and on the right track, but only time will reveal their actual impact. An analytical intake of all the happenings proves that Uwerx strives to create sustainability for its platform and users.


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