The smart contract-made it possible for blockchain established by crypto exchange giant Binance is releasing a new tool that assists users detect crypto scams.

According to a new business post, BNB Chain (BNB) is releasing DappBay, a decentralized application (DApp) center including Red Alarm, a new blockchain scanning tool that intends to detect crypto projects that are at high danger of being scams.

“DappBay is a DApp hub on the BNB Chain ecosystem that offers users the necessary tools to navigate the space more safely. DappBay features an easy-to-use contract risk scanning tool, Red Alarm, which identifies potential high-risk projects to help users protect their investments from potential risks.”

DappBay likewise ranks recently-launched digital property projects based upon market information so traders can make the most of financial investments.

“DappBay shortlists and ranks the very best just recently introduced projects, consisting of Gamefi, DeFi (decentralized finance), NFT (non-fungible token), and so on., based upon market information.

With ‘Fastest User Growth,’ ‘Best Performing Tokens’ and ‘Trending’ rankings, you can quickly discover the most recent and most popular projects, and quickly take financial investment chances.”

Gwendolyn Regina, financial investment director at BNB Chain, states that the objective of the security tool is to help traders remain an action ahead of fraudsters and safeguard their financial investments.

“Using market information, DappBay enables the BNB Chain community to shortlist and rank the very best just recently introduced projects, such as Gamefi, Defi, NFT, and others.

Most significantly, the Red Alarm function assists users in remaining one action ahead of fraudsters; the system cautions in genuine time of possible dangers connected with the projects, enabling the community to make educated financial investment choices.

This is an advancement, not just for the BNB Chain community, however for the whole blockchain community.”

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