Nibiru Chain: Technical Features and Ecological Development of Emerging Public Chains

Nibiru Chain, as an emerging Layer 1 public chain, has achieved significant growth in community size within just one month, with its Twitter followers surpassing 500,000. This project, which has raised over 20 million USD, focuses on addressing security and speed issues in DeFi applications and is expected to become a strong competitor to a well-known decentralized trading platform.

Nibiru Chain plans to launch its mainnet this week. As a rapidly rising Layer 1 project, what technical features and competitive advantages does Nibiru Chain have? What security issues should be noted when developing projects in its ecosystem? Let's explore these questions together.

Nibiru Chain Protocol Analysis

Nibiru Chain's core business focuses on the DeFi trading sector, mainly consisting of the following four core components:

1. Nibi-Perps: This is an on-chain perpetual contract trading platform that allows users to trade popular crypto assets with up to 10x leverage. Stakers of the $NIBI token will receive governance rights and trading fee discounts for Nibi-Perps.

2. Nibi-Swap: The automated market maker protocol of Nibiru, which plans to support two types of liquidity pools: stablecoin exchange pools and regular constant product pools.

3. $NUSD: An over-collateralized stablecoin of the Nibiru ecosystem. Initially, it will support users to mint NUSD using $USDC and $NIBI, with the collateral ratio determining the specific proportion. This design makes $NUSD somewhat similar to a well-known algorithmic stablecoin in the Cosmos ecosystem.

4. Nibi-Oracles: Nibiru's native oracle solution that allows validator operators to participate in oracle consensus voting, achieving high-fidelity integration of off-chain data, providing low-latency feedback for external APIs and smart contracts.

Nibiru Chain's development focus in 2024 includes expanding the ecosystem, integrating with major DeFi projects across multiple chains, listing on mainstream trading platforms, completing parallel optimistic execution, and achieving comprehensive EVM compatibility.

Secure Development Practices

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

Contract Development Security

1. Be Prepared to Respond to Attacks: Developers need to build scalable smart contracts and develop comprehensive risk response plans.

2. Pay attention to the standardization of address verification: Cosmos SDK addresses have two valid representations (all lowercase and all uppercase), and this characteristic should be considered when handling addresses in contracts.

3. Note on Operations and Overflow: It is recommended to use the Uint256 and Uint512 types of CosmWasm, and to use mathematical functions that do not overflow, such as full_mul().

4. Access Control Issues: Ensure that key functions in the contract have appropriate access control mechanisms to prevent unauthorized operations.

5. Avoid Infinite Loops: When handling inter-contract communication, be mindful to prevent potential infinite loop issues to avoid running out of gas.

Project Security Practices

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

2. Use Multi-Signature Wallets: Project teams should consider using multi-signature wallets to manage project funds and smart contracts in order to reduce single point of failure risks. Nibiru Chain has adopted a certain multi-signature solution, and project teams may consider using this solution for asset management.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for areas such as DeFi, gaming, and physical assets. It aims to address the accessibility, security, and performance issues of Web3 applications, offering comprehensive services to developers and users. With the continuous development of its ecosystem, Nibiru Chain is expected to secure a place in the highly competitive blockchain field.