ABOUT NIBIRU CHAIN
Decentralized Finance (DeFi) has long faced a persistent problem in providing a user experience that matches the ease of use, flexibility, and efficiency found in centralized exchange-based products. This has resulted in the DeFi space being predominantly utilized by power users who can navigate its complexity. Nibiru aims to address this issue by bridging the gap between decentralized exchanges (DEXs) and centralized exchanges (CEXs), making DeFi more accessible to a broader range of users and enhancing the overall user experience.
Nibiru is a DeFi hub that offers a suite of core applications, including a decentralized derivatives exchange, spot exchange, and an oracle network. These applications are vertically integrated with Nibiru's own Inter-Blockchain Communication (IBC)-enabled, Layer 1 blockchain on Tendermint Core consensus. This blockchain features instant finality and ~1.4s block times, achieved through experiments in modifying consensus settings with a set of 100 non-collocated validators. For 250-byte transfers, traditional Tendermint consensus chains have 10,000 Transactions Per Second (TPS) with a block time of ~6 seconds. With roughly ¼ of the block times, Nibiru's theoretical TPS limit exceeds 40,000.
Oracle-based decentralized exchanges for leveraged and spot trading have achieved significant product-market fit, as demonstrated by the success of protocols like Frax, Curve, and GMX. Nibiru's Core applications, built by the founding contributors, are most similar to these protocols.
Trading on Nibiru should feel like trading on a centralized exchange, with the notable differences being the absence of off-chain settlements, discretionary custodying of funds, "keeper" networks, and external liquidators. Everything on Nibiru is driven by smart contracts and automation, enhancing accessibility and ease-of-use in the decentralized exchange ecosystem.
TRACING NIBIRU'S PROGRESS: TESTNET AND EXPANDING COMMUNITY
Nibiru released the initial version of its testnet, which included its perpetual features platform and spot AMM in January, 2023. Since then, Nibiru has designed and implemented its Oracle Module and associated Price Feeder, its “Heart Monitor”, which indexes all of the project’s data from the chain, and added robust APIs for interfacing with this data.
Since then, Nibiru’s Discord community has surpassed 85,000 members, and its ambassador program – which includes those who want to build on behalf of the project, as well as those who wish to create content and engage with the broader DeFi ecosystem on Nibiru’s behalf – has garnered more than 1,000 applications.
Nibiru launched its four-phase implementation of its Incentivized Testnet (ITN) in February 2023, for which performance can be tracked through Nibiru Stats. As of April 19, 2023, according to data indexed from the nodes and Google Analytics tracking on the web application, there were 144K perp traders, 146K spot AMM LPs, and 153K spot AMM swap users, with a total of 369K cumulative new users. The Nibiru development community in particular has shown strength with 73K unique validator nodes and 23K WASM smart contracts deployed.
The first two phases of the ITN have already been completed. The first phase focused on staking and the project’s Oracle module, allowing users to test the functionality of key features of the Nibiru network. Phase two involves governance, ensuring decentralization by preparing community members to be involved in the governance proposal process. Additionally, this phase will be the first scalability test, with active set sizes surpassing the standard 80-100 seen on other Tendermint chains.
The third phase of ITN will incentivize activity on Nibiru’s perp and swap applications, allowing users to experiment with the platforms prior to their launch.
Finally, Nibiru plans to let users simulate protocol functionality across the entirety of its full-stack feature set, allowing builders a glimpse of how it will function in a more realistic environment with a trading competition.
CONTRIBUTORS, ADVISORS, AND INVESTORS
Nibiru is being built by a global contributor base which unifies a wealth of experience from blockchain and DeFi architecture (Thorchain, Tendermint, Sommelier), web2 technology (Google, Yahoo, IBM), high-frequency trading (Balyasny, Blue Ridge), academia (MIT PhD), crypto listings (Republic, BitMart), and traditional finance (J.P. Morgan, Credit Suisse, BNP Paribas). The contributors numerous repeat founders, crypto-natives, technology / finance veterans, and traders have already successfully built scaled web2 and web3 projects alike.
Nibiru has been supported by partners such as Strangelove Ventures for front-end design and Republic Crypto advisory for business development, partnerships, tokenomics, and economic design of several of the applications.
In addition, Nibiru is supported by its dozens of contributors and thousands community supporters, who will play a significant role in the evolution and governance of the Nibiru project and its goal of developing and democratizing the DeFi ecosystem.
EXPLORING NIBIRU'S CORE DAPPS
Nibiru's core components consist of a derivatives and leveraged liquidity platform, a spot liquidity center with a swap feature, an oracle-based validation network, a stablecoin, permissionless CosmWasm smart contracts, and a staking and utility token called NIBI.
These elements are fully integrated into the comprehensive Nibiru ecosystem – a groundbreaking decentralized exchange that offers the user experience, efficiency, and functionality typically found in centralized exchanges.
A crucial aspect of Nibiru's project is its interoperability. It functions as an open-source, scalable network that serves as a comprehensive DeFi hub for the interchain ecosystem.
Nibiru's leveraged derivatives center ("Nibi-perps") relies on AMM-based price discovery, providing a platform for users to take leveraged exposure on any digital asset, whether native to the IBC ecosystem or external (EVM, +).
The derivatives center introduces three innovations within perps: Automation Liquidation Protocol (ALP), Dynamic Optimizations, and Decentralized Oracle Solution. Nibiru's ALP allows for the automatic identification and liquidation of underwater positions, made possible by running its own Layer 1. Dynamic Optimizations enable dynamic repegging and liquidity depth, incorporating elements from Curve's crypto pools, leading to improved execution prices and closer parity between underlying and derivative assets. Nibiru's Decentralized Oracle Solution aligns incentives between validators and traders while reducing potential attack vectors present in centralized oracles.
Nibiru’s spot liquidity center operates a constant product spot AMM and stableswap, which enable unique features when paired with Nibiru’s other primitives. In the future, its LP tokens can be used as collateral for other primitives such as perps or lending. Stableswap collateral can be used to LP in the perps AMM for additional yield. The stableswap enables more forms of USDC variants (e.g. axlUSDC, Gravity USDC) that can be used to mint NUSD. More generally, Nibiru’s native spot AMM functions as a public good utility and provides a more seamless user experience and foundational service to the community.
Additionally, Nibiru's integrated stablecoin (NUSD) functions as a capital-efficient swap vehicle, attracting liquidity from Ethereum to Cosmos by offering superior tools for stable yield generation and cross-exchange arbitrage. Central to this promise is Nibiru's Rust-based smart contract operations on top of the protocol itself. This framework offers enhanced security against many attack vectors affecting Ethereum while improving flexibility and development speed for builders seeking a protocol that emphasizes interoperability with other chains.
WHAT PROBLEM DOES NIBIRU SOLVE?
Republic Crypto has written about The Super Token Thesis and Shitcoin Minimalism in the past, outlining the vision of a one-token-fits-all solution to streamline the cryptocurrency landscape. The current state of crypto is characterized by a multitude of applications, resulting from individual teams eagerly developing separate projects. While this diversity drives rapid innovation, it also creates a complex environment that users often find challenging to navigate. This situation resembles a city with homes built without proper infrastructure or planning, leading to disorganization and hindered growth potential.
Unlocking widespread adoption requires enhancing the usability and scalability of these systems. To achieve this, the crypto industry must simplify the user experience and make it accessible to a broader audience by consolidating numerous applications and platforms into a more streamlined, unified experience.
Nibiru addresses the gap between DeFi's potential and the reality that its user experience and cross-chain interoperability complexities hinder the democratization and simplicity it should offer. Nibiru is scalable, interoperable, and designed with a user experience akin to a centralized exchange. A primary goal of this design is to enable enhanced UX from a single, combined stack. All of Nibiru's components are integrated into a fully automated smart contract platform, creating a level playing field for traders without giving any player an unfair advantage to front-run others.
For instance, a similar product suite in the EVM ecosystem would involve a gas token (ETH), perps exchange (e.g., GMX/GLP on Arbitrum) without the need to bridge between Layer 1 and Layer 2, spot AMM (e.g., UNI), stableswap (e.g., CRV/CVX), stablecoin (e.g., FRAX/FXS), and oracle solution (e.g., Pyth Network). In contrast, Nibiru compresses governance and user interface into a single application with a simplified token structure, streamlining the experience for users.
THE NIBIRU TOKEN
Nibiru operates on a two-token system. Its governance and staking token NIBI, and its integrated stablecoin NUSD.
NIBI is used to pay for gas fees and secure the network, facilitating the creation of new blocks and validating transactions on the network. Staking NIBI also allows users to participate in decentralized governance, an on-chain process by which members of the Nibiru ecosystem come to consensus to influence changes in the protocol by voting on community governance proposals.
NIBI’s supply will cap out at 1.5 billion tokens, and will be distributed as follows over an 8-year timeframe:
Split (%) |
Group |
Description |
Schedule |
60 |
Community |
Stakers, perps traders, and liquidity providers of the AMM |
Non-linear schedule similar to Juno or Curve. |
21 |
Contributors |
Core contributors |
1 year cliff, then 3 year linear vest |
8.5 |
Seed |
Seed investors |
1 year cliff, then 3 year linear vest |
10.5 |
Private |
Strategic partners and private investors |
1 year cliff, then 3 year linear vest (liquid each quarter) |
Nibiru’s stablecoin, NUSD, will function similarly to BUSD on Binance, where the stablecoin gives traders advantages in the form of maker and taker fee reductions and/or external incentives. NUSD is the capital-efficient stablecoin that will enable swaps across the entirety of the protocol.
NIBIRU’S UNIQUE FEATURES
Nibiru investor NGC Ventures sums up the project and its unique approach to building the future of DeFi as such:
“Nibiru aims to build the next-generation DeFi hub, seamlessly integrating leveraged derivatives trading, spot trading, staking, and bonded liquidity provision with a user experience akin to centralized exchanges. DeFi users want a secure, transparent and self-custodial trading hub and Nibiru is an obvious choice. We are proud to be part of Nibiru's journey to disrupt this space.”
Nibiru’s distinguishing features make it an unparalleled tool in the rapidly evolving DeFi ecosystem, bringing enhanced interoperability and a world class user experience to the marketplace. The project acts as a full stack application that combines key trading elements of other, earlier-generation projects in one interface, doing so without the need for a third-party token. Nibiru is the one-stop, do-everything protocol with an unparalleled feature set that democratizes DeFi and puts builders first.
The financial activities on the Nibiru ecosystem (trading, yield generation, staking) all aggregate the value to one single token NIBI. It does not fragment the value accrual by having an over-reliance on external blockchains, instead having a similar thesis on value accrual (a single token) that has been shared by Aave, Frax, and Curve.
A LOOK AHEAD
While Nibiru’s current suite includes its decentralized derivatives exchange, spot exchange, oracle network, stablecoin, and CosmWasm smart contracts, the idea is that the hub expands to encapsulate all DeFi primitives including lending, yield-bearing vaults, liquid staking, index tokens, and options. These extensions could be built by any external developers or the core contributors, but the idea is for Nibiru’s application ecosystem to develop in an organized fashion with simplified, intuitive supporting infrastructure. In other words, Nibiru’s aim is to introduce an urban planning-analogous ecosystem development strategy for its Layer 1, bringing simplicity to a world of complexity.
Nibiru’s road ahead includes technical and financial audits. First up is a full smart contract audit to be conducted by Zellic and penetration testing from Salus Security, after which the team is considering a public, crowdsourced audit from crowd4rena.
Stay tuned for Nibiru’s mainnet launch this Summer.
Nibiru Disclaimer:
This notice should not be construed as an offering of securities or as investment advice or any recommendation as to an investment or other strategy by Republic Crypto LLC d/b/a Republic Advisory Services (“Republic Advisory Services”) or any of their affiliates. Republic Advisory Services is being compensated $192,000 in cash and 1.5% of the total network supply of tokens meaning the total supply to ever exist, including beyond the Token Genesis Event, created by the company or its affiliates herein. Republic Advisory Services nor any of its affiliates has independently verified any of the information provided or makes any assurances as to the completeness, accuracy or reliability of any such information provided by MRTX Services Limited, (MRTX). This web page may contain external links to third-party content (content hosted on sites unaffiliated with Republic Advisory Services), and Republic Advisory Services nor any of its affiliates makes any representations whatsoever regarding any third-party content/sites that may be accessible directly or indirectly from this post. Linking to any such third-party sites in no way implies or constitutes an endorsement or affiliation of any kind of Republic Advisory Services (or any of its affiliates) and any third-party. Republic Advisory Services is a subsidiary within a family of companies owned by OpenDeal Inc. (together sometimes referred to as "Republic"). Republic and its affiliates do not provide tax, accounting or legal advice — all recipients are advised to consult with their own advisers.
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