The Rise of the Emerging Public Chain Nibiru Chain: Technical Features and Security Development Practices

Recently, a Layer 1 public chain named Nibiru Chain has garnered widespread attention. The project has achieved significant community growth in a short period, with its Twitter followers exceeding 500,000. As an emerging public chain with a financing scale of over $20 million, Nibiru Chain focuses on enhancing the security and speed of DeFi applications, and is expected to become a strong competitor to a well-known derivatives trading platform.

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

Nibiru Chain Protocol Analysis

The core business of Nibiru Chain revolves around DeFi trading, 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 such as Bitcoin, Ethereum, and Atom with leverage of up to 10 times. Stakers of the NIBI token will receive governance rights for Nibi-Perps and discounts on trading fees.

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

3. NUSD: This is an over-collateralized stablecoin in the Nibiru ecosystem. Initially, users can mint NUSD using USDC and NIBI, with the specific ratio determined by the collateralization ratio. In the future, the Nibiru Chain plans to support more types of collateral, making NUSD a presence similar to a well-known stablecoin in the Cosmos ecosystem.

4. Nibi-Oracles: This is Nibiru's native oracle solution, allowing validators to participate in oracle consensus voting, efficiently integrating off-chain data onto the blockchain, providing low-latency feedback for external APIs and smart contracts.

In 2024, the development focus of Nibiru Chain includes: integration with major DeFi projects on multiple chains, listing on mainstream centralized exchanges, achieving parallel optimistic execution, and comprehensive EVM compatibility.

Secure Development Practices

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

Contract Development Security

1. Prepare for attacks: Developers need to build scalable smart contracts and formulate a comprehensive risk response plan.

2. Pay attention to the standardization of address validation: Cosmos SDK addresses have two valid representations (all lowercase and all uppercase). When dealing with addresses in contracts, this characteristic needs to be considered to avoid bypassing security checks.

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

4. Access control issues: Ensure that critical functions can only be called by authorized addresses to avoid unauthorized operations.

5. Prevent infinite loops: When handling packet transmission between contracts, be careful to avoid falling into infinite loops that consume excessive gas fees.

Project Security Practices

1. Smart Contract Audit: Conduct a comprehensive security audit of the contract before deployment on the mainnet to identify and address 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 access control risks and the possibility of internal malfeasance.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for DeFi, gaming, and tokenization of physical assets. It aims to address the accessibility, security, and performance issues of Web3 applications, offering comprehensive services for developers and users. With the continuous development of its ecosystem, Nibiru Chain has the potential to become an important player in the blockchain space.