Emerging Public Blockchain Nibiru: Technical Features and Ecological Development Behind Its Rapid Rise

Recently, a new Layer 1 public chain called Nibiru Chain has attracted widespread attention in the industry. The project's community size has expanded more than threefold in just one month, and the number of social media followers has exceeded 500,000. As a new public chain that has received over 20 million USD in funding support, 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.

Nibiru Chain plans to launch its mainnet this week. As a rapidly developing Layer1 project, what unique technological advantages does it possess? What security issues do developers need to pay attention to when building projects within its ecosystem? Let's delve into these questions together.

Nibiru Chain Protocol Analysis

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

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

2. Nibi-Swap: This is Nibiru's automated market maker protocol, which plans to support two types of liquidity pools: stablecoin exchange 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 collateral ratio. In the future, Nibiru Chain plans to support more types of collateral assets, making $NUSD a presence in the Cosmos ecosystem similar to a well-known algorithmic stablecoin.

4. Nibi-Oracles: This is Nibiru's native oracle solution that allows validator operators to actively participate in oracle consensus voting, ensuring that off-chain data can be integrated into the blockchain with high accuracy, providing low-latency feedback for external APIs and smart contracts.

In 2024, the development focus of Nibiru Chain will be on expanding its ecosystem. Major plans include integration with key DeFi projects across multiple chains, listing on mainstream centralized exchanges, achieving parallel optimistic execution, and realizing full EVM compatibility.

Secure Development Practices

For developers intending to build applications on the Nibiru Chain, the development process and required programming languages are basically the same as those used in other Cosmos-based public chains. Here are some guidelines to help improve the security of project contracts:

Contract Development Security

1. Be prepared to respond to attacks: Developers need to build upgradable 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 the mathematical function full_mul() that does not overflow.

4. Emphasize Access Control: Access control is one of the key issues in program security and needs to be handled carefully.

5. Avoid infinite loops: Developers need to be careful to avoid potential infinite loops when passing data packets between two CosmWasm contracts.

Project Security Practices

1. Smart Contract Audit: It is recommended to conduct a comprehensive security audit after the contract development is complete and before the mainnet deployment.

2. Using Multi-Signature Wallets: Project teams should consider using multi-signature wallets to manage project funds and smart contracts, in order to reduce potential access control risks and the possibility of internal malfeasance. Nibiru Chain has currently adopted a certain multi-signature solution, and project teams may consider using this solution for asset management.

Conclusion

Nibiru Chain, as an emerging Layer1 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 and high-quality services to developers and ordinary users. With its mainnet about to launch, we look forward to seeing more innovative applications and solutions based on Nibiru Chain emerge.