Nibiru Chain Rises: Can the New Public Chain Become a New Star in Decentralized Finance?

Nibiru Chain, as an emerging Layer 1 public chain, has recently attracted significant attention. During the airdrop event launched at the end of January 2024, the project's community size rapidly expanded, with Twitter followers surpassing 500,000. As a new public chain that has raised over 20 million USD, Nibiru Chain is committed to addressing security and speed issues in DeFi applications, and is expected to become a strong competitor to a well-known derivatives trading platform.

The Nibiru Chain mainnet is scheduled to launch this week. As a rapidly emerging Layer 1 public chain, what technical features and competitive advantages does Nibiru Chain have? What security issues should developers pay attention to when building projects in its ecosystem? Let's discuss these questions together.

Nibiru Chain Protocol Analysis

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

1. Nibi-Perps: On-chain perpetual contract trading system that supports users to trade popular crypto assets with up to 10x leverage. NIBI token stakers can enjoy governance rights and trading fee discounts.

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

3. NUSD: Fully collateralized stablecoin of the Nibiru ecosystem. Initially supports the use of USDC and NIBI to mint NUSD, with plans to expand to more types of collateral in the future.

4. Nibi-Oracles: Native oracle solution that allows validators to participate in oracle consensus voting, achieving high-fidelity integration of off-chain data.

In 2024, Nibiru Chain plans to further expand its ecosystem through multi-chain DeFi project integration, listing on mainstream exchanges, achieving parallel optimistic execution, and full EVM compatibility.

Secure Development Practices

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

Contract Development Security

1. Prepare for attacks: Build scalable smart contracts and develop risk response plans.

2. Address Verification Standardization: Pay attention to the case sensitivity differences of Cosmos SDK addresses to avoid issues such as bypassing blacklists.

3. Operations and Overflow: Use CosmWasm's Uint256 and Uint512 types, employing mathematical functions that do not overflow.

4. Access Control: Pay attention to the access control settings in the contract to avoid unauthorized operations.

5. Prevent infinite loops: Be aware of the potential infinite loop issues caused by data packet transmission between contracts.

Project Security Practices

1. Smart Contract Audit: Conduct a systematic review and testing of the contract code before deploying on the mainnet.

2. Use multi-signature wallets: adopt multi-signature management for project funds and smart contracts to reduce access control risks.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for areas such as Decentralized Finance, gaming, and physical assets. It is committed to addressing the accessibility, security, and performance issues of Web3 applications, offering comprehensive service support to developers and users. As the mainnet is about to launch, it is worth our continued attention whether Nibiru Chain can stand out in the highly competitive public chain market.