BNB Chain has reportedly introduced a new platform dubbed “DappBay” to explore new Web3 initiatives. 

Specifically, the freshly rolled out DappBay will reportedly come with a novel functionality named “Red Alarm”, which seeks to run assessments for project risk levels in a real-time manner, and send warnings to users of potentially risky decentralized applications (DApps). 

Red Alarm reportedly functions as a contract risk scanning solution, designed by DappBay to assist users in carrying out the identification of high-risk initiatives and to guard their investments against rug pulls and scams. 

Users are reportedly able to run checks on a contract address to see if it has logical flaws or fraud risks, via entering it into the Red Alarm feature.

Gwendolyn Regina, an investment director at BNB Chain, further remarked that DappBay reportedly makes it possible for the BNB Beacon Chain community to shortlist and rank the best recently launched initiatives, nominally decentralized finance (DeFi) and nonfungible tokens (NFT), via taking advantage of market data. 

“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.”

The primary target of DappBay is reportedly to come to the community’s aid regarding the understanding of market trends, with the most up-to-date project rankings and anticipating project dangers in real-time. 

It is also equipped with different functionalities which enable DApp developers to list their projects on DappBay.

Moreover, DappBay collects and summarizes a comprehensive list of promising future initiatives in advance, allowing users to be the first to know about them.