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Nibiru Chain launches Mainnet DeFi new public chain potential analysis
Nibiru Chain: The Rise and Potential of an Emerging Layer 1 Public Blockchain
Nibiru Chain, as an emerging Layer 1 public chain project, has recently gained attention due to its airdrop activities. In just one month, the project's community size has more than tripled, with Twitter followers surpassing 500,000. As a new public chain that has secured over $20 million in funding, Nibiru Chain focuses on addressing the security and speed issues of DeFi applications, and it 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 growing Layer 1 project, what are the technical features and competitive advantages of Nibiru Chain? What security issues should developers pay attention to when building projects in its ecosystem? Let's delve into these questions.
Nibiru Chain Protocol Analysis
Nibiru Chain's core business focuses on the DeFi trading sector. Its main components include:
Nibi-Perps: This is an on-chain perpetual contract trading system that allows users to trade popular crypto assets such as Bitcoin, Ethereum, and Cosmos with up to 10x leverage. Stakers of the NIBI token will receive governance rights for Nibi-Perps and transaction fee discounts.
Nibi-Swap: This is the automated market maker protocol of Nibiru, which plans to support two types of liquidity pools: stablecoin exchange pools and standard constant product pools.
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. In the future, Nibiru Chain plans to support more types of collateral assets.
Nibi-Oracles: This is Nibiru's native oracle solution, allowing validators to participate in oracle consensus voting, integrating off-chain data with high fidelity onto the blockchain, providing low-latency feedback for external APIs and smart contracts.
Nibiru Chain's development plan for 2024 includes expanding its ecosystem, integrating with major multi-chain DeFi projects, listing on mainstream trading platforms, completing parallel optimistic execution, and achieving full EVM compatibility.
Secure Development Practices
When developing applications on the Nibiru Chain, the development process and required languages are basically the same as other Cosmos-based public chains. Here are some guidelines to enhance the security of project contracts:
Contract Development Security
Prepare to respond to attacks: Developers need to build upgradeable smart contracts and develop comprehensive risk response plans.
Pay attention to the standardization of address validation: Cosmos SDK addresses have two valid representations (all lowercase and all uppercase). This feature should be taken into account when handling addresses in contracts.
Pay attention to operations and overflow: It is recommended to use CosmWasm's Uint256 and Uint512 types, and to use the non-overflowing mathematical function full_mul().
Access control issues: Ensure that important functions can only be called by authorized addresses to avoid unauthorized access.
Avoid infinite loops: Be aware that self-calls in the ACK handler may lead to infinite loops, consuming a large amount of gas fees.
Project Security Practices
Smart Contract Audit: Conduct a comprehensive security audit of the smart contract before deployment on the mainnet to identify and eliminate potential risks.
Use multi-signature wallets: Consider using multi-signature wallets to manage project funds and smart contracts. Nibiru Chain has adopted the Nomos multi-signature solution.
Conclusion
Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for DeFi, gaming, and physical assets. It is committed to addressing issues of accessibility, security, and performance in Web3 applications, offering comprehensive services for developers and users. With the imminent launch of its mainnet, Nibiru Chain is expected to occupy an important position in the blockchain ecosystem.