Binance chain’s Red Alarm sounded and added as many as 50 new projects as potential scams or rug pulls.
The Red Alarm system reportedly analyzed over 3000 contracts in July alone and it flagged a mix of crypto projects from Dogecoin (DOGE) derivatives to other DeFi-like protocols.
The projects could be flagged for various reasons, from smart contracts performing differently as advertised to programs containing backdoors that are able to drain users’ funds.
“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 of BNB Chain
The Red Alarm also comes with a risk scanner that allows users to verify any Binance Chain smart contract. The automated scanner would assess the risks involved to see if it contains any red flags.
The Red Alarm is just one of the many features of DappBay.
What is DappBay?
Launched in July 2022, DappBay is a dApp (decentralized app) hub on the Binance Chain ecosystem (formerly known as BSC). It is created by Binance Chain and it comes with a range of dashboards.
“Using market data, DappBay allows the BNB Chain community to shortlist and rank the best recently launched projects, such as Gamefi, Defi, NFT, and others,”Gwendolyn Regina, Investment Director of BNB Chain
DappBay displays and ranks the fastest growing GameFi project as well as gaming tokens based on market data.
It also features some of the current trending and upcoming projects scheduled to launch in the near future.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief