DappBay: The app that helps you detect scams on the BNB Chain. Through its tool DappBay, the Binance platform aims to educate users and investors about the risks of cryptocurrencies. By listing the projects it considers malicious, but also by allowing users to query the platform using the project's contract addresses.
DappBay references 70 malicious projects!
Launched last July, the DappBay tool aims to help users of the Binance Smart Chain to see more clearly the projects hosted on its blockchain. Because with several thousand projects hosted by the blockchain, it is difficult to navigate between serious projects and scams.
Beyond the number of projects, it is above all the growth of this number that makes the task difficult for users.
Because inevitably, the development of an ecosystem also generates excesses. Applied to the cryptocurrency ecosystem, these excesses can sometimes take the form of fraudulent schemes such as rug-pull, scam, or even phishing.
The success of some token memes like Dogecoin or Shiba Inu has also given some developers ideas to clone the model with other tokens. In recent weeks, followers of the crypto universe have for example been able to follow the rise of the Saudi Shiba Inu token.
If all these projects are not scams, it is difficult for the investor to sort them out.
Currently, the platform lists 70 dubious projects. Projects are found in the “ Red Alarm ” category. Projects that Binance defines as “ untrustworthy and carry extremely high levels of risk .”
Among these projects, we can find BabyDogeGas, BNB Yield, or Grinch Bucks. For each of the referenced projects, there is an explanation for the red flag. For Caishencoin, DappBay highlights the risk of loss of funds related to programming errors.
DappBay allows to audit contract addresses
If DappBay is now known for referencing malicious projects, the platform also makes it possible to audit the contract addresses of the various projects hosted on the Binance blockchain.
This second tool, which is extremely visual, allows you to prioritize BNB Chain projects according to their degree of risk. For the image below, we have filled in the contract address of the BUSD token, the stablecoin of the Binance platform. It obviously appears that this is classified among the “Very Low Risk”.
For other projects, especially the most recent ones, this tool makes it possible to map the risk at a glance. According to information published by Binance, the platform has already reviewed more than 3,300 smart contracts since it went live last month.
According to the Binance community, Red Alarm features keep users one step ahead of scammers. As Gwendolyn Regina, director of the investment arm of BNB Chain, explains:
"Red Alarm's feature helps users stay one step ahead of scammers, the system provides real-time warning of potential risks associated with projects, enabling the community to make informed investment decisions."
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Binance Chain: The blockchain queen on questionable projects!
It is probably to silence this kind of criticism that the Binance blockchain acquired such a tool in mid-July. Frequently called into question for the many “ rug-pull ” projects it hosts, the BNB Chain suffers from this image. An image that dismisses a large number of investors from this blockchain, which is nevertheless full of quality projects.
To clear the image of an insecure blockchain, Binance wants to make its ecosystem more transparent for all of its users. As Binance's communication justified a few months ago:
"DappBay is a hub on the BNB Chain ecosystem that provides users with the tools to navigate this space more securely."
Detect potential projects with DappBay!
By using DappBay, you will be able to audit a project, even before it is put on the market and on the various exchanges. In addition to this, the application allows you to compile a number of information on upcoming projects.
Allowing you to save valuable time when choosing one or more projects to invest in. As the Binance platform states:
"With DappBay, you no longer need to spend a lot of time on social networks to gather bits of information about upcoming projects. DappBay allows you to discover high-potential projects easily and earlier than others."
More than a tool to check the security of a project DappBay can be used to spot the best news from the BNB Chain.
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