BNB Chain Launches dApp Hub With Anti-Scam Tool

  • The newly launched dApp aggregator, called DappBay, will allow users to easily discover “great investment opportunities” on the BNB Chain.
  • The platform also comes with a built-in smart contract risk scanning tool, called Red Alarm, which was designed to protect users from high-risk projects.
Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao. CryptoMonedaseICOs

The BNB Chain has revealed a new dApp discovery platform that features a built-in anti-scam tool to help users identify risky projects, the network said in a blog post on 14 July.

According to the announcement, the newly launched DappBay is meant to help BNB Chain users safely navigate its ecosystem, and discover “great investment opportunities in the process”. The platform features a novel risk scanning system, called Red Alarm, which allows users to protect their investments by identifying high-risk and scam projects in advance. The Investment Director at BNB Chain, Gwendolyn Regina, said in a statement:

“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. This is a breakthrough, not only for the BNB Chain community, but for the entire blockchain community.”

Regina further noted that DappBay will not only protect people from scams and rug pulls, but also allow the BNB Chain community to shortlist and rank recently launched projects using trusted market data. The platform will also gather and summarize a comprehensive list of promising future projects, making it easier to make informed decisions. DappBay has additional features that will help developers list their projects, and also track metrics such as fastest user growth and best performing tokens.

Launched by cryptocurrency exchange Binance in 2020 as the Binance Smart Chain, the network had its name changed in February of this year as the company was trying to distance itself from the ecosystem. The BNB token — which was launched in an ICO by Binance in 2017, and powers the BNB Chain — saw its total supply reduced by 1.9 million tokens (worth around $405 million) on Wednesday as part of the ecosystem’s quarterly burn program.

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