The new public chain Nibiru Chain is rising rapidly and may become a potential competitor to dYdX.

Recently, a new public chain called Nibiru Chain has attracted widespread attention in the industry. This public chain launched an airdrop event at the end of January 2024, and within just one month, the community size has grown more than threefold, with Twitter followers exceeding 500,000. As an emerging public chain project that has raised over $20 million, Nibiru Chain focuses on addressing the security and speed issues of DeFi applications, and is expected to become a strong competitor to dYdX.

The Nibiru Chain plans to launch its mainnet this week. As a rapidly developing Layer 1 public chain, what are its technical features and competitive advantages? What security issues should developers pay attention to when building projects in its ecosystem? Let's delve into this together.

Nibiru Chain core components

Nibiru Chain mainly focuses on the DeFi trading sector, with its core components including:

1. Nibi-Perps: An on-chain perpetual contract trading system that allows users to trade popular crypto assets with up to 10x leverage. Holders of the NIBI token will gain governance rights and discounts on trading fees.

2. Nibi-Swap: An automated market maker protocol that plans to provide two types of liquidity pools: stablecoin exchange pool and regular constant product pool.

3. NUSD: The over-collateralized stablecoin of the Nibiru ecosystem. Initially supports minting 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.

4. Nibi-Oracles: A 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 Nibiru Chain 2024 development plan includes: expanding the ecosystem, integrating with major multi-chain DeFi projects, landing on well-known centralized exchanges, completing parallel optimistic execution, and achieving full EVM compatibility.

Security Development Guide

When developing applications on the Nibiru Chain, the development process and required languages are basically the same as other Cosmos ecosystem public chains. The following security guidelines can help enhance the security of project contracts:

Contract Development Security

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

2. Address verification standardization: Pay attention to the case representation of the Cosmos SDK address to ensure correct handling.

3. Pay attention to operations and overflow: Use CosmWasm's Uint256 and Uint512 types, employing mathematical functions that do not overflow, such as full_mul().

4. Strengthen access control: Strictly limit the calling permissions of key functions to avoid unauthorized operations.

5. Prevent infinite loops: Handle the data packet transmission between contracts with caution to avoid issues caused by gas exhaustion.

Project Security Practices

1. Regularly conduct smart contract audits: Perform a comprehensive security check on the contracts before deploying them on the mainnet.

2. Use a multi-signature wallet: Employ multi-signature to manage project funds and smart contracts, reducing internal risks. Nibiru Chain has integrated the Nomos multi-signature solution for project teams to consider using.

Conclusion

Nibiru Chain, as an emerging Layer 1 public chain, provides an innovative platform for DeFi, gaming, and the on-chain management of physical assets. It aims to address accessibility, security, and performance issues of Web3 applications, offering comprehensive and high-quality services to developers and users. With the mainnet about to launch, Nibiru Chain is expected to play a significant role in the blockchain ecosystem.