BNB Chain launches a new platform to warn users of scam projects. BNB, the smart contract-enabled blockchain developed by Binance announced that it has launched a new platform that will help users to detect crypto scams and high risk projects.
DappBay is a platform that helps its users to find and discover new Web3 projects and aims to help the community in understanding market trends with the most up-to-date project rankings.
DappBay is also equipped with a special feature named the “Red Alarm”, which is a new blockchain scanning tool that assesses crypto projects and detects the projects which are deemed to be at high risk of being scams.
You can now use DappBay on #BNBChain to seamlessly risk screen Web3 projects.
🔸Practical help in discovering innovative Web3 projects
🔸Red Alarm assesses project risk levels in real time and alerts users of potentially risky dApps
— BNB Chain (@BNBCHAIN) July 14, 2022
On their company blog post, BNB describe DappBay as “a DApp hub on the BNB Chain ecosystem that offers users the necessary tools to navigate the space more safely. DappBay features an easy-to-use contract risk scanning tool, Red Alarm, which identifies potential high-risk projects to help users protect their investments from potential risks.”
The Importance Of Security
With the growing numbers of crypto scams and rugpulls that are happening in the space, it is important that large companies like Binance start to take countermeasures to help users avoid becoming victims of scams.
Gwendolyn Regina, an investment director at BNB Chain, describes the importance of DappBay’s Red Alarm feature by stating: “most importantly, the Red Alarm feature helps users in staying one step ahead of scammers; the system warns in real time of potential risks associated with the projects, allowing the community to make informed investment decisions.“