BNB Chain’s latest addition to their ecosystem is a dApp named DappBay, which can be used for scouting out new Web3 projects. The core feature of DappBay is a tool called ‘Red Alarm’ which analyzes a given project in real-time and gives the user feedback on risk level.
The Binance-founded blockchain has made it extremely user-friendly by simply requiring users to enter a project’s contract address to detect whether it has logical flaws or fraud risks. In an industry plagued by scams and rug pulls, this application will aim in reversing that narrative by warning potential victims from investing their assets in certain projects.
In a quote from Gwendolyn Regina, the investment director at BNB Chain, she said “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.”
However, that’s not the only thing DappBay is capable of doing. Utilising market data, DappBay will allow members of the BNB Chain community to rank and shortlist the best newly launched projects in the fields of Defi, NFTs, GameFi, and more. Tracking statistics such as fastest user growth, best-performing tokens, or trending projects will all be at the hands of users and developers alike.
Additionally, DappBay will also be able to compose a detailed list of upcoming projects ahead of their launch, giving the opportunity for crypto users to scope out favorable projects.
The intention is to help the community understand market trends with the various tools and metrics available for use. All in all BNB Chain has created a product that is not only beneficial to their community, but to all blockchain users.