On Thursday, an announcement was made that there’s a new platform in the crypto market called DappBay – it will discover new Web3 projects.
On the BNB Chain, this new platform has a feature that will alarm the users – this new feature is called Red Alarm which analyzes if a project is a scam or prone to rug-pull.
DappBay has this awesome tool that helps users identify if there are high-risk, rug-pull-prone projects in the market. What Red Alarm does is analyzes the risks involved in a project and suggest if users should invest their hard-earned money in a particular coin or project.
Red Alarm also lets the users see if a project’s code or smart contract has logical flaws. The users need to put the smart contract code into the Red Alarm feature and it will identify if there are any flaws in the contract.
According to Gwendolyn Regina, DappBay will help the community rank the best projects in the Web3 space. The platform utilizes market data to make decisions.
“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.”
Gwendolyn Regina, investment director at BNB Chain
DApp developers can list their projects on DappBay to see how they rank. Additionally, users can now understand market trends and see real-time project rankings based on market data,
This feature was much needed in the space as most of the projects are launched with the intention of scamming innocent and new investors – DappBay will solve this problem by helping the new user with the knowledge if a particular project is worth investing in or not.
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