New Public Chain Nibiru Chain: A Potential New Star Focused on Decentralized Finance Security and Performance

Recently, a new Layer 1 public chain called Nibiru Chain has attracted market attention. The project has more than tripled its community size through an airdrop event in just one month, with its Twitter followers surpassing 500,000. As an emerging public chain project that has raised over $20 million, Nibiru Chain's primary goal is to address security and speed issues in decentralized finance (DeFi) applications, and it is expected to become a strong competitor to a well-known derivatives trading platform.

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

Nibiru Chain Protocol Overview

Nibiru Chain's core business focuses on Decentralized Finance trading. Its main components include the following four:

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 Cosmos with up to 10x leverage. $NIBI token holders will gain governance rights for Nibi-Perps and receive trading fee discounts.

2. Nibi-Swap: This is Nibiru's automated market maker protocol, which plans to support two types of liquidity pools: stablecoin swap pools and standard 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. For example, if the collateralization ratio is 80%, users need to provide 80 $USDC and $NIBI worth equivalent to 20 $NUSD to mint 100 $NUSD. In the future, Nibiru Chain plans to support more types of collateral assets.

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

In 2024, Nibiru Chain's development focus includes expanding its ecosystem, planning to integrate with major Decentralized Finance projects on multiple blockchains, listing on mainstream centralized exchanges, completing parallel optimistic execution, and achieving full compatibility with the Ethereum Virtual Machine (EVM).

Best Practices for Secure Development

For developers looking to build applications on the Nibiru Chain, the development process and required programming languages are fundamentally the same as other public chains in the Cosmos ecosystem. Here are some suggestions to enhance the security of project contracts:

Contract Development Security

1. Be prepared to respond to attacks: Developers need to build upgradeable smart contracts and formulate 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. When dealing with addresses in contracts, this characteristic needs to be taken into account.

3. Pay attention to operations and overflow: It is recommended to use CosmWasm's Uint256 and Uint512 types, and use mathematical functions that do not overflow full_mul().

4. Access control issues: Ensure that only authorized users can execute critical functions, such as configuration updates.

5. Prevent infinite loops: When handling data packet transmission between contracts, be careful to avoid situations that may lead to infinite loops and excessive gas consumption.

Project Security Practices

1. Smart Contract Audit: Conducting a comprehensive security audit of the smart contract before deploying it on the mainnet is crucial.

2. Use Multi-Signature Wallets: Project teams should consider using multi-signature wallets to manage project funds and smart contracts to reduce potential access control risks and internal fraud risks.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for Decentralized Finance, gaming, and the tokenization of real-world assets. It is committed to addressing the accessibility, security, and performance issues of Web3 applications, offering comprehensive and high-quality services to developers and users. With the upcoming launch of its mainnet, Nibiru Chain is expected to secure a position in the competitive blockchain ecosystem.