According to a Thursday statement, DappBay has a revolutionary feature called Red Alarm that evaluates project risk levels in real-time and warns users of potentially problematic decentralized applications (DApps).
DappBay's Red Alarm contract risk scanning technology enables customers to find high-risk projects and safeguard their investments from fraud and scams.
By inputting a contract address into the Red Alarm tool, users can determine whether it contains logical errors or fraud threats.
According to Gwendolyn Regina, an investment director at BNB Chain, DappBay enables the BNB Beacon Chain community to rate and select the finest recently released applications, including nonfungible tokens and decentralized finance (DeFi) by utilizing 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."
DappBay wants to help the community comprehend market trends by providing the most recent project rankings and real-time project risk detection. DApp developers can list their apps on DappBay using additional functionalities that it has.
Additionally, DappBay compiles and presents a thorough list of noteworthy upcoming projects in advance so customers can learn about them first.
Unfortunately, there are far too many scams, rug pulls, and other fraud dangers in the cryptocurrency industry.
The introduction of the new platform and the Red Alarm function is good news since they give the crypto community services that are desperately needed.