BNB Chain has launched a new platform, DappBay, to discover new Web3 projects. DappBay is equipped with a new feature called Red Alarmwhich assesses project risk levels in real time and alerts users to potentially risky decentralized applications (DApps)as announced on Thursday.
Red Alarm is a contract risk scanning tool offered by DappBay that helps users identify high-risk projects to protect their investments from rug pulls and scams. Users can check a contract address for logical flaws or fraud risks by entering it into the Red Flag feature.
Gwendolyn Regina, chief investment officer at BNB Chain, said that DappBay enables the BNB Beacon Chain community to shortlist and rank the best recently launched projects, such as decentralized finance (DeFi) and non-fungible tokens (NFT), using market data. He added that:
“Most importantly, the Red Alarm feature helps users stay one step ahead of fraudsters; the system alerts in real time to potential risks associated with projects, allowing the community to make investment decisions knowingly.”
DappBay’s goal is to help the community understand market trends with the most up-to-date project rankings and anticipate project dangers in real time. It also has other features that allow DApp developers to list their projects on DappBay.
In addition, DappBay collects and summarizes a comprehensive list of promising future projects in advance, allowing users to be the first to know about them.
Scams, ear-pulling, and other fraud risks are unfortunately all too common in the cryptocurrency space. The launch of the new platform and the Red Alarm feature are welcome news as they provide much-needed services to the cryptocurrency community.
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