BNB Chain launched DappBay, a platform to help users find new Web3 projects. DappBay has a new feature called Red Alarm that assesses project risks in real-time, and alerts users of potentially dangerous decentralized applications (DApps) according to a Thursday announcement.
DappBay’s Red Alarm contract risk scanner tool helps identify high-risk projects and protects investors from scams and rug pulls. Red Alarm allows users to check whether a contract address is vulnerable to fraud or logical flaws by entering it in.
Gwendolyn, an investment director at BNB Chain said that DappBay allows BNB Beacon Chain to shortlist and rank recent projects using market data. She also said that:
“The Red Alarm feature is the most important. It helps users stay one step ahead scammers. The system warns in real-time of possible risks associated with projects. This allows the community to make informed investments decisions.
DappBay is a community tool that helps to understand market trends and predict project dangers. DApp developers can also list their projects on DappBay.
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DappBay also compiles and summarizes a comprehensive list promising future projects in advance. This allows users to be first to learn about them.
Unfortunately, fraud risks such as rug pullings and scams are all too common within the cryptocurrency industry. Both the Red Alarm feature and the new platform are welcome developments that provide valuable services for the crypto community.
Eileen Wilson –Technology and Energy
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