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- 📢 Gate Square #Creator Campaign Phase 2# is officially live!
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- 📢 Gate Square #MBG Posting Challenge# is Live— Post for MBG Rewards!
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Nibiru Chain Mainnet launched to create the next generation of public chain ecosystem in the Decentralized Finance field.
Nibiru Chain: How Emerging Public Chains Rise to Become Potential Stocks in the Decentralized Finance Field
At the beginning of 2024, a Layer 1 public chain named Nibiru Chain quickly attracted a lot of attention through an airdrop event. In just one month, its community size expanded more than threefold, and its Twitter followers surpassed 500,000. As an emerging public chain project with over $20 million in funding, Nibiru Chain is committed to addressing security and speed issues in decentralized finance (DeFi) applications, and is expected to become a strong competitor to industry giant dYdX.
Nibiru Chain plans to officially launch its mainnet this week. As a rapidly rising Layer 1 project, let's delve into the technical features and competitive advantages of Nibiru Chain, as well as the security issues that need to be considered in project development within its ecosystem.
Nibiru Chain Protocol Analysis
Nibiru Chain's core business focuses on Decentralized Finance trading, with its main components including:
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 up to 10x leverage. NIBI token holders will receive governance rights and trading fee discounts for Nibi-Perps.
Nibi-Swap: Nibiru's automated market maker protocol, planned to support two types of liquidity pools: stablecoin exchange pools and regular constant product pools.
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. In the future, it will expand to support more types of collateral, and NUSD's positioning in the Cosmos ecosystem is similar to that of FRAX.
Nibi-Oracles: Nibiru's native oracle solution that allows validators to participate in oracle consensus voting, achieving high-fidelity integration of off-chain data and low-latency feedback.
The development focus of Nibiru Chain in 2024 includes: integration with major multi-chain Decentralized Finance projects, listing on large centralized exchanges, completing parallel optimistic execution, and achieving comprehensive EVM compatibility.
Security Development Practices Guide
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 security of project contracts:
Contract Development Security
Be prepared to respond to attacks: Developers should build upgradeable smart contracts and establish comprehensive risk response plans.
Address Verification Standardization: Cosmos SDK addresses have two valid representations (all lowercase and all uppercase). When handling addresses in contracts, this characteristic must be taken into account to avoid security vulnerabilities caused by inconsistent address formats.
Pay attention to calculations and overflow: Use CosmWasm's Uint256 and Uint512 types, and employ mathematical functions that do not overflow, such as full_mul().
Strict access control: Ensure that key functions can only be called by authorized addresses to prevent unauthorized operations.
Preventing Infinite Loops: Special care must be taken in the design, especially when it involves cross-contract data packet transmission, to avoid potential infinite loop issues.
Project Security Practices
Conduct regular smart contract audits: Perform a comprehensive security audit after the contract development is complete and before mainnet deployment to identify and fix potential vulnerabilities.
Use Multi-Signature Wallets: Adopt multi-signature wallets to manage project funds and smart contracts, spreading risk and enhancing security. Nibiru Chain has integrated the Nomos multi-signature solution for project parties to consider using.
Conclusion
Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for DeFi, gaming, and the 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 users. With the mainnet set to launch soon, Nibiru Chain is expected to stand out in the highly competitive public chain market and become an important player in the DeFi space.