- On DappBay, crypto users can find emerging DeFi projects.
- The Red Alarm can be used to check the fraud risk of projects in real time.
- Curated ranking of new projects should make it easier for users to get an overview.
The BNB Chain has launched a new platform called Dapp Bay, where crypto investors can find new DeFi projects. The platform is also equipped with a feature called Red Alarm, which performs a real-time risk assessment of decentralized apps (dApps).
As can be seen from the corresponding announcement today Thursday, Red Alarm is a scanning tool that allows crypto users to check the smart contracts of DeFi projects for possible fraud risks and vulnerabilities.
Gwendolyn Regina, an investment director of the BNB Chain, explains that DappBay thus enables the BNB community to classify new projects as quickly as possible, whether they are Decentralized Financial services (DeFi) or Non-Fungible Tokens (NFT). To this end, it executes:
“The Red Alarm feature helps our users to always be one step ahead of the scammers, because the system warns in real time about potential risks of the projects, which allows the community to make well-informed investment decisions.“
The aim of DappBay is to help the community to better understand market developments by sorting projects in a ranking and mapping their risks in real time. In addition, the platform still has a number of features for developers, through which projects can be listed on DappBay.
In order to stay fully in line with the trend, DappBay creates a list of promising crypto projects in advance, so that users know about them as early as possible.
Scams, rug pulls and other forms of fraud are unfortunately not uncommon in the crypto market. With Red Alarm, the BNB Chain is therefore introducing a potentially important feature that could save risk-taking crypto investors from nasty surprises.