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With rapid community growth and over $20 million in funding, how has the new blockchain Nibiru emerged as a potential competitor to dYdX?
Layer1 blockchain Nibiru Chain launched its airdrop incentive at the end of January 2024, and after a month of airdrop activities, its community grew by over 3 times, with over 500,000 Twitter followers. As a new blockchain with funding exceeding $20 million, Nibiru Chain focuses on addressing the security and speed of DeFi applications, positioning itself as a potential competitor to dYdX.
Currently, Nibiru Chain plans to launch its mainnet this week. As a rapidly growing Layer1 platform, what are the technical features and competitive advantages of Nibiru Chain? What security issues should be considered in the development of its ecosystem projects? Today, Beosin will analyze them one by one.
NibiruChain Protocol Analysis
Nibiru Chain primarily focuses on DeFi trading as its core business, with the following four core components:
1. Nibi-Perps
On-chain perpetual contract trading, allowing users to engage in leveraged trading of popular cryptocurrencies such as BTC, ETH, and ATOM, with leverage of up to 10x. $NIBI stakers will have governance rights and trading fee discounts on Nibi-Perps.
2. Nibi-Swap
Nibiru's automated market maker protocol, planning to support two types of liquidity pools: stablecoin exchange pools and regular constant product pools.
3. $NUSD
Fully collateralized stablecoin in the Nibiru ecosystem. Nibiru plans to initially support users to mint NUSD using $USDC and $NIBI, with the specific ratio determined by the collateral ratio (CR). If CR = 80%, it means that to mint 100 $NUSD, users need to provide 80 $USDC and the equivalent of 20 $NUSD in NIBI. In the future, Nibiru Chain will support more types of collateral, and currently, $NUSD is more like the $FRAX in the Cosmos ecosystem.
4. Nibi-Oracles
Nibi-Oracles is Nibiru's native oracle solution, allowing validator operators to actively participate in oracle consensus voting, integrating off-chain data high-fidelity into the blockchain, and providing low-latency feedback from external APIs and smart contracts.
In 2024, Nibiru Chain will focus on expanding its ecosystem, with major developments including integration with major DeFi projects on multiple chains, listing on top-tier centralized exchanges, completing parallel optimistic execution, and achieving comprehensive EVM compatibility.
Security Development Practices
If developing applications on Nibiru Chain, the development process and required languages are almost the same as other Cosmos-based blockchains. Following the security guidelines below can enhance the contract security of projects:
Secure Contract Development
1. Prepare for attacks
Similar to developing contracts using Solidity, developers need to consider how to deal with attacks and fix vulnerabilities. Therefore, developers need to build upgradable smart contracts and develop risk response plans.
2. Pay attention to address standardization
Any valid Cosmos SDK address has two valid representations: all lowercase and all uppercase. For example, cosmos1uzwqa88hcqe5gs7u7lgjxekz7xc6sm0f7xwp6a and COSMOS1UZWQA88HCQE5GS7U7LGJXEKZ7XC6SM0F7XWP6A are the same address, and Nibiru is the same. When dealing with addresses in contracts, we need to consider this characteristic of addresses.
As shown in the code above, since dest has not been standardized and lowercase addresses are typically used, anyone can bypass the BLACKLIST by providing an uppercase address.
3. Pay attention to operations and overflow
In CosmWasm contracts, developers need to pay attention to integer overflow risks or situations like division by zero. It is recommended that developers use CosmWasm's Uint256 and Uint512 types and mathematical functions like full_mul() that do not overflow.
4. Access control issues
Access control is one of the main security issues in program security, and due to the numerous security incidents caused by access control issues, it is also important in Cosmwasm contracts. Below is a typical case:
fn update_config(deps: DepsMut, msg: UpdateMsg) -> Result {
let config = CONFIG.load(deps.storage)?;
let new_config = Config {
rewards_vault_contract: msg.vault_address
.map(|human| deps.api.addr_validate(&human))
.transpose()?
.unwrap_or(config.rewards_vault_contract)
};
CONFIG.save(deps.storage, &new_config)?;
Ok(Response::new().add_attribute("action", "update_config"))
}
The above code allows anyone to call update_config() because it lacks checks and restrictions on the caller's address, allowing them to set their own address as the vault address and receive all rewards generated by the contract.
5. Be cautious of infinite loops
Cosmwasm contracts have a high gas limit for execution, but improper use can exhaust gas. CosmWasm contracts may enter infinite loops and consume a large amount of gas fees by recursively calling themselves in the ACK handler. If developers pass data packets between two CosmWasm contracts, they need to be aware that this may cause an infinite loop and consume a large amount of gas fees.
Project Security Practices
1. Smart Contract Audit
Smart contract audit involves systematic testing and review of smart contract code to discover potential security vulnerabilities as much as possible, eliminate security risks, and ensure that the code has no logic flaws, conforming to the expected operation flow and results. Regular security audits of project smart contracts are essential, and audits are recommended to be conducted after the completion of contract development and before mainnet deployment.
2. Use of Multi-Signature Wallets
Project parties need to consider using multi-signature wallets to manage project treasury and smart contracts. Multi-signature accounts need to be held by multiple entities to avoid potential access control risks and internal malfeasance. Currently, Nibiru Chain has adopted the Nomos multi-signature solution, and project parties can consider using Nomos for asset management.
Summary
As a new Layer1 blockchain, Nibiru Chain provides an innovative platform for DeFi, gaming, RWA, and other fields, aiming to address the accessibility, security, and performance issues of Web3 applications, and providing comprehensive and excellent services for developers and ordinary users. |
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Post time 19-3-2024 13:33:12
