A smart contract-enabled blockchain developed by cryptocurrency exchange Binance is launching a new tool to help users detect cryptocurrency scams.
According to a new company blog post, BNB Chain (BNB) is launching DappBay, a decentralized application (DApp) with Red Alarm, a new blockchain scanning tool aimed to detect crypto projects that are high risk of being scams.
“DappBay is a DApp hub on the BNB Chain ecosystem that provides users with tools to navigate the space more securely. DappBay provides an easy-to-use contract risk scanning tool, Red Alarm, that identifies identify high-risk projects to help users protect their investments against potential risks.
DappBay also ranks recently launched digital asset projects based on market data so traders can maximize their investment.
“DappBay shortlists and ranks the best projects recently launched including Gamefi, DeFi (decentralized finance), NFT (non-fungible token), and more, based on market data.
The fastest user growth, top tokens, and popularity rankings make it easy to find the latest and most popular projects and take advantage of investment opportunities quickly.”
Gwendolyn Regina, Investment director at BNB Chain, said the goal of the security tool is to help traders outsmart scammers and protect their investments.
“Using market data, DappBay allows the BNB Chain community to shortlist and rank the best projects that have recently launched, such as Gamefi, Defi, NFT, and others.
Most importantly, the Red Alarm feature keeps users one step ahead of scammers; The system provides real-time alerts about potential risks associated with projects, allowing the community to make informed investment decisions.
This is a breakthrough, not only for the BNB Chain community, but for the entire blockchain community.