Nibiru Chain: The Rise of a New Public Chain and Ecological Development

Nibiru Chain, as an emerging Layer 1 public chain project, has recently attracted widespread attention in the industry. After launching its airdrop event at the end of January 2024, the project's community size rapidly expanded, growing more than three times within a month, and its Twitter followers surpassed 500,000. As a new public chain with a financing scale of over 20 million USD, Nibiru Chain is dedicated to addressing security and speed issues in decentralized finance (DeFi) applications, and is expected to become a strong competitor to certain existing DeFi platforms.

Nibiru Chain plans to launch its mainnet this week. As a rapidly growing Layer 1 project, what technical features and competitive advantages does Nibiru Chain possess? What security issues should developers pay attention to when building projects in its ecosystem? Let's delve into these questions.

Nibiru Chain Protocol Analysis

Nibiru Chain's core business focuses on DeFi trading. Its main components include:

1. Nibi-Perps: An on-chain perpetual contract trading system that allows users to trade popular crypto assets like Bitcoin, Ethereum, and Cosmos with up to 10x leverage. $NIBI token holders can participate in the governance of Nibi-Perps and enjoy discounts on trading fees.

2. Nibi-Swap: An automated market-making protocol that plans to support two types of liquidity pools: stablecoin exchange pools and regular constant product pools.

3. $NUSD: The over-collateralized stablecoin of the Nibiru ecosystem. Initially supports minting NUSD using $USDC and $NIBI, with the collateral ratio determined by system parameters. In the future, more types of collateral will be supported, currently $NUSD is similar to $FRAX in the Cosmos ecosystem.

4. Nibi-Oracles: A native oracle solution that allows validators to participate in oracle consensus voting, efficiently and accurately integrating off-chain data into the blockchain, providing low-latency feedback for external APIs and smart contracts.

In 2024, the development focus of Nibiru Chain includes expanding the ecosystem, integrating with major multi-chain DeFi projects, landing on mainstream trading platforms, completing parallel optimistic execution, and achieving full EVM compatibility.

Secure Development Practices

When developing applications on the Nibiru Chain, the development process and required languages are essentially the same as those of other Cosmos-based public chains. The following security guidelines can help enhance the security of project contracts:

Contract Development Security

1. Preparation for Attack Response: Developers need to build upgradeable smart contracts and establish comprehensive risk response plans.

2. Address Verification Standardization: The Cosmos SDK address has both lowercase and uppercase valid representations. When handling addresses in contracts, this characteristic must be taken into account to avoid bypassing security checks.

3. Operations and Overflow Handling: Use CosmWasm's Uint256 and Uint512 types, employing mathematical functions that do not overflow, such as full_mul(), to guard against risks like integer overflow and division by zero.

4. Access Control: Implement strict access control mechanisms to prevent unauthorized contract calls that may lead to security risks.

5. Prevent Infinite Loops: When handling data packet transmission between contracts, be careful to avoid potential infinite loop issues to prevent excessive gas fees.

Project Security Practices

1. Smart Contract Audit: Conduct a comprehensive security audit of the smart contract before deployment on the mainnet to identify and eliminate potential security risks.

2. Multi-signature Wallet Management: Implement multi-signature wallets to manage project funds and smart contracts, diversifying risks and enhancing security. Nibiru Chain has adopted a certain multi-signature solution, and project parties may consider using similar tools for asset management.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for DeFi, gaming, and the on-chain management of physical assets. It aims to address accessibility, security, and performance issues in Web3 applications, offering comprehensive and high-quality services to developers and users. With the mainnet about to launch, Nibiru Chain is expected to play a significant role in the blockchain ecosystem, driving further development of DeFi and Web3 technologies.