BNB Chain launches DappBay platform with Red Alarm to warn users of potential rug pulls and scams

bnb chain-dappbay

BNB Chain, the world’s largest smart contract blockchain in terms of transaction volume and daily active users today announced the launch of DappBay, a dApp hub on the BNB Chain ecosystem. 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 rug pulls and scams.

Red Alarm uses BNB Chain’s advanced risk control capabilities to allow users to assess project risks by simply entering the contract address to discover if it has logical flaws or fraud risks.

“Using market data, DappBay allows the BNB Chain community to shortlist and rank the best recently launched projects, such as Gamefi, Defi, NFT, and others. 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. This is a breakthrough, not only for the BNB Chain community, but for the entire blockchain community,” said Gwendolyn Regina, Investment Director at BNB Chain.

The objective behind DappBay is to help the community grasp market trends with the latest project rankings and forecast project related risks in real time. It also has other features that help developers to list their own dApps on DappBay and utilize the influence and comprehensive tools of BNB Chain for marketing. “Fastest User Growth”, “Best Performing Tokens” and “Trending” rankings help the community to easily discover the latest and most popular projects.

Furthermore, DappBay analyzes and compiles an exhaustive list of promising upcoming projects in advance of their launch so that users no longer have to spend a lot of time on social media to piece together fragments of information about upcoming projects. 

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