The rise of new public chains, focusing on the security and speed of Decentralized Finance applications.

A new Layer 1 public chain launched an airdrop event at the end of January 2024. After a month, its community size has expanded more than three times, and the number of social media followers has surpassed 500,000. This public chain, which has raised over $20 million, is committed to addressing the security and speed issues of Decentralized Finance applications, and is expected to become a strong competitor to a well-known derivatives trading platform.

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

Analysis of Core Components of the Protocol

This new public chain primarily focuses on Decentralized Finance trading business, its core components include:

1. On-chain perpetual contract trading Allow users to trade popular cryptocurrency assets with up to 10x leverage. Stakers of the platform's native token will gain governance rights and transaction fee discounts.

2. Automated Market Maker Protocol The plan supports two types of liquidity pools: stablecoin exchange pools and regular constant product pools.

3. Stablecoins in the Ecosystem This is a collateralized stablecoin. Initially, it supports minting using USDC and the platform's native token, with the specific ratio determined by the collateralization ratio. In the future, it will support more types of collateral, similar to algorithmic stablecoins in certain cross-chain ecosystems.

4. Native Oracle Solution Allow validators to participate in oracle consensus voting, integrating off-chain data with high fidelity onto the blockchain, providing low-latency feedback from external APIs and smart contracts.

In 2024, the public chain will focus on expanding its ecosystem, with major development plans including integration with key DeFi projects across multiple chains, listing on mainstream centralized exchanges, completing parallel optimistic execution, and achieving full EVM compatibility.

Security Development Practice Recommendations

When developing applications on this new public chain, the process and required languages are basically the same as other Cosmos ecosystem public chains. The following security guidelines can enhance the contract security of the project:

Contract Development Security

1. Be prepared to respond to attacks Developers need to build upgradeable smart contracts and develop 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 handling addresses in contracts, this characteristic must be taken into account to avoid bypassing security checks.

3. Pay attention to operations and overflow It is recommended to use specific types ( such as Uint256 and Uint512 ) and secure mathematical functions ( such as full_mul ( to avoid issues such as integer overflow and division by zero.

4. Emphasize Access Control Access control is key to program security. Ensure that critical functions can only be called by authorized addresses to prevent unauthorized operations.

5. Preventing Infinite Loops Be aware that data packet transmission between contracts may lead to infinite loops, avoiding excessive gas consumption.

)# Project Security Practices

1. Conduct regular smart contract audits Conduct a comprehensive security audit after the completion of contract development and before mainnet deployment to identify and eliminate potential risks.

2. Use a multi-signature wallet Use a multi-signature wallet to manage project funds and smart contracts, decentralize control, and reduce the risk of internal malfeasance. This public chain has adopted a certain multi-signature solution, and the project party may consider using the same solution for asset management.

) Conclusion

This emerging Layer 1 public chain provides an innovative platform for Decentralized Finance, gaming, physical assets, and other fields, aiming to address the accessibility, security, and performance issues of Web3 applications. It offers comprehensive and high-quality services for developers and users, with the potential to occupy an important position in the blockchain industry.