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 real-time risk assessment of Decentralized Apps (DApps).
As per the related announcement on Thursday, Red Alarm is a scanning tool that allows crypto users to check DeFi projects’ smart contracts for possible fraud risks and vulnerabilities.
Gwendolyn Regina, an investment director at BNB Chain, explains that DappBay enables the BNB community to categorize new projects as quickly as possible, whether they are Decentralized Financial Services (DeFi) or Non-Fungible Tokens (NFT). To that end, she states:
"The Red Alarm feature helps our users stay one step ahead of the scammers as the system provides real-time warnings of potential project risks, allowing the community to make well-informed investment decisions."
DappBay aims to help the community better understand market developments by ranking projects and mapping their risks in real-time. In addition, the platform has a number of features for developers that allow projects to be listed on DappBay.
In order to stay on trend, DappBay prepares a list of promising crypto projects in advance so that users can find out about them as early as possible.
Unfortunately, scams, rug pulls, and other forms of fraud are not uncommon in the crypto market. With Red Alarm, the BNB Chain is therefore introducing a potentially important feature that could protect crypto investors who are willing to take risks from nasty surprises.
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