DappBay's Red Alarm is a contract risk scanning tool that helps users identify high-risk projects to avoid rug pulls and frauds.
BNB Chain has launched a new platform, DappBay, to discover new Web3 projects with a novel feature called Red Alarm. The new alarm assesses project risk levels in real time and alerts users of potentially risky decentralized applications (DApps), according to a Thursday announcement.
Red Alarm is a contract risk scanning tool offered by DappBay that helps users identify high-risk projects to protect their investments from rug pulls and scams. Users can check if a contract address has logical flaws or fraud risks by entering it into the Red Alarm feature.
Gwendolyn Regina, an investment director at BNB Chain, said that DappBay allows the Binance Chain community to shortlist and rank the best recently launched projects, such as decentralized finance (DeFi) and nonfungible tokens (NFT), by utilizing market data. She added that:
"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."
DappBay's goal is to aid the community in understanding market trends with the most up-to-date project rankings and anticipating project dangers in real-time. It also has other features that allow dApp developers to list their projects on DappBay.
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Furthermore, DappBay collects and summarizes a comprehensive list of promising future projects in advance, allowing users to be the first to know about them.
Scams, rug pulls, and other fraud risks are unfortunately all too common in the cryptocurrency space. The launch of the new platform and the Red Alarm feature are welcome news as they provide much-needed services to the crypto community.
