BNB Chain unveils dApp risk scanning tool ‘Red Alarm’

BNB Chain’s dApp platform DappBay will help users assess projects before investing in them.

BNB Chain on Thursday announced the launch of a new decentralised applications (dApps) platform, designed to offer a scam alert to users as they look to invest in the DeFi and Web3 ecosystem.

The new tool is available at BNB Chain’s DappBay, a dApp hub that features a built-in risk assessment system dubbed Red Alarm.

An anti-scam feature 

Red Alarm is an anti-scam feature that provides for an innovative scanning tool which users can leverage to easily navigate through new projects. 

With it, a user can spot potentially high risk projects and use the given details to make informed decisions, thereby keep off what could turn out to be a rug pull or scam

To assess new projects for any possible red flags, a user will need to enter the contract address of the given project. The BNB Chain community can then use the assessment details to rank newly launched projects in DeFi, NFTs and GameFi, Gwendolyn Regina, Investment Director at BNB Chain said in a statement.

“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,” she added.

The Red Alarm page shows one of the new DeFi projects to have “significant risk”, noting that the “contract contains logical or programming backdoors that are able to drain users’ funds.”

DappBay will not only benefit BNB Chain users, but also the broader blockchain community.