BNB Chain’s dApp platform, DappBay, will help users evaluate projects before investing in them.
BNB Chain on Thursday announced the launch of a new platform for decentralized applications (dApps), designed to provide a fraud alert to users looking to invest in the DeFi and Web3 ecosystem.
The new tool is available on BNB Chain’s DappBay, a dApp hub that has an integrated risk assessment system called Red Alarm.
An anti-fraud feature
Red Alarm is an anti-fraud feature that provides an innovative scanning tool that users can leverage to easily browse new projects.
With it, a user can identify potentially high-risk projects and use the details provided to make informed decisions, thus avoiding what could be a scam or a pull of the rug.
To track new projects for potential red flags, the user will need to enter the contract address of the project in question. The BNB Chain community can use the assessment details to rate newly launched projects across DeFi, NFT and GameFi, said Gwendolyn Regina, chief investment officer at BNB Chain in a statement.
“More importantly, the Red Alarm feature helps users stay one step ahead of fraudsters; the system notifies you in real time of potential risks associated with projects, which allows the community to make informed investment decisions,” she added.
The Red Alarm page shows that one of the new DeFi projects has “significant risk”, noting that the “contract contains logical or programming backdoors that could drain users’ funds”.
DappBay will not only benefit BNB Chain users, but the wider blockchain community as well.
