[ad_1]
Werx is clearly committed to transforming freelancing. A glance at its pre-sale and launch success is irrefutable proof. However, Werx suffered a setback shortly after its successful launch due to flash loan attacks.
Here’s what we know about the project’s recovery plan.
Werx: Post-Presale Update And Launch Active Don’t change places
Uwerx’s the pre-sales phase was noteworthy, attracting more than 2,000 followers on Telegram and Twitter. The event ended on July 31, while WERX tokens eventually sold out at a price of $0.05645.
Werx launched on August 1, 2023 in Don’t change places and locks its liquidity for 25 years to ensure a stable liquidity pool. They also proposed a 3% sales tax to ensure sustainability, a 1% burn to increase the value of the token price over time using deflationary measures, and a 2% marketing fee to drive visibility. Meanwhile, his team reiterated its promise to forfeit all smart contract holdings once they are listed on centralized exchanges.
Additionally, the team announced a weekly Buyback program to stabilize and support the WERX price. However, there is a specific date and time for that repurchase not disclosed to ensure fairness. These funds will be channeled to provide liquidity due to the hack.
Moreover, the developers added core functionalities to it Werx platforms, such as Message Search, Contract Preview, Unlisted View for Agencies, Freelancers and Clients, Application Preview, Chat System in Job Postings, and Agency Role Selection. Core design now finish
Other complete pages are Settings, Forgot Password, Help Center, Login, Create Account, Privacy Policy, Payment Completed, Security Section, Freelancer Profile Creation, Milestones, Job Application Page Overhaul, and Application Upgrade (using WERX).
Furthermore, the upcoming features of the platform are Agency Dashboard, Client Dashboard, Additional Settings Page, Freelancer Dashboard, and Ongoing Project Management. The developers plan to start designing premium elements from Werx platform after they fix the above features.
Some have already been completed Werx Vault, which 84% of the community says they will use once the smart contracts are fully audited.
Hackers Exploit $327K After Official Launch
Shortly after its launch, Werx witnessed the exploitation of flash loans. Certificate Alert (on Twitter) stated that the hacker obtained a flash loan of 20,000 ETH (worth over $36 million) and used it to acquire 5,053,637 WERX tokens. Then, the attacker sent 4,429,817 tokens to Uwerx’sswimming pool Don’t change placeswhich causes an imbalance in its token supply.
Next, attackers take advantage of it Uniswap slide() functionality, sets the receiving address as 0x00…1, encouraging the protocol to burn 1% of the initial token amount during the transaction. This helped the hacker in stealing 176 ETH (worth approximately $327,000).
Werx And Community Hugs That The Future With WERX Relaunch
In the light recent hacking incident, that is Werx the team and its community have implemented appropriate strategies to overcome emerging challenges. They contacted immediately Solid Evidence And AntarFi Network. They also provide ‘white hat rewards’, offering hackers 20% of the stolen funds in exchange for 80%.
As part of the recovery plan, Werx will relaunch WERX tokens on Polygon using liquidity intended for the buyback scheme. New WERX deployed at Polygon main network on August 22.
Additionally, the team has modified it Werx Vault and plans to implement it with new smart contract addresses. They will audit the token’s new contract address three times to ensure better security. Two of the audits will be conducted by the two new audit firms, while the independent auditor will conduct one audit. After that, they will readjust the airdrop schedule, whitepaper, etc tokenomics to reflect these changes.
That Werx the community is actively involved in the recovery plan. In a poll conducted August 6 to 13, they favored a new 10-week vesting period and a new sales tax of 30%. The tax is temporary and will decrease throughout the new vesting period, while 100% of the funds generated will be used to provide liquidity.
Additionally, the team has assured users of the safety of their WERX tokens purchased during the pre-sale. There will also be YouTube media and explainer videos to be released aroundWERX implementation date. This will help users understand the details of the newly modified WERX token. Meanwhile, members are encouraged to submit their opinions via the official feedback email, [email protected].
On Wednesday, September 6 at 18:00 UTC, Werx Teams start their Token Lock. This is followed by Werx Token Burn Event on Thursday, September 7 at the same time, where 25,499,071 WERX tokens were burned. At the moment, Werx Test Airdrop is set for today, Friday, September 8 at 18:00 UTC. Participants are reminded that there is no need to change the receiving wallet address from the address previously associated with their Ethereum account.
Smart contracts for tokens and vaults have been audited, including independent peer review and evaluation by leading third-party auditors. We are currently waiting for the results of the third audit. MVP development is scheduled to begin in late September or early October.
Thanks to the commitment of the developers, the premium features of Werx the platform is already up and running as they have completed the Milestones, Setup, Freelancer Profile Creation, and Application Upgrade (using WERX) pages and updated the Job Application Page.
With this proposed strategy, we are very confident Werx can still fulfill experts’ speculations to become a leading competitor in the market.
Follow the discussion about Werx using the link below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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.
[ad_2]
Source link
