BNB Chain’s dApp platform will help dApp users to assess projects before investing in them.
BNB Chain on Thursday announced The launch of a new decentralized application (dApp) platform designed to warn users of fraud as they seek to invest in DeFi and the Web3 ecosystem.
The new tool is available in BNB Chain’s Dappbay, a dApp hub with a built-in risk assessment system dubbed red alarm,
An anti-scam feature
Red Alarm is an anti-scam feature that provides an innovative scanning tool that users can use to easily navigate through new projects.
With this, a user can see potentially high risk projects and use the given details to make an informed decision, which could lead to a rug pull or scam.
To assess new projects for any potential red flags, the user must enter the contract address of the given project. Gwendoline Regina, investment director at BNB Chain, said in a statement that the BNB Chain community can use the valuation details to rank newly launched projects in DeFi, NFT and GameFi.
,Most importantly, the Red Alarm feature helps users stay one step ahead of scammers; The system provides real-time warnings of potential risks associated with projects, allowing the community to make informed investment decisions,” He added.
red alarm Page One of the new DeFi projects shows a “significant risk”, noting that “the contract involves logical or programming backdoors that enable users to withdraw funds.”
DappBay will benefit not only the users of the BNB chain, but also the wider blockchain community.