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BNB Chain launches new tool DappBay to help users detect scam projects

Binance Chain is launching a red alerting decentralized application (Dapp) hub, a new blockchain scanning tool aimed at detecting high-risk crypto projects, an app called DappBay.

DappBay is a Dapp on BNB Chain (formerly known as BSC) that supports decentralized platforms including DeFi, GameFi, NFT. It is also equipped with a ‘red alert’ feature to scan and highlight a project with investment risk and potential threat of sell-offs and scams.

DappBay displays the most trending Dapps as well as rapidly growing tokens by analyzing market data and calculating user traffic.

In general, DappBay will assist users looking for a reliable platform to seize investment opportunities as well as help them ‘land safely’ in a decentralized world by evaluating the parameters of essential threats.

Gwendolyn Regina, chief investment officer at BNB Chain, says that the purpose of the tool is to help traders stay one step ahead of scammers and protect their investment.

“Using market data, DappBay allows the BNB Chain community to shortlist and rank the best projects that have recently launched, such as Gamefi, Defi, NFT, and others. This is a breakthrough, not only for the BNB Chain community, but for the entire blockchain community”.

With the increasing number of Dapps comes the emergence of new types of scams and fraudulent activities through every possible platform. To prevent such illegal activities, it is essential for developers to deploy more DappBay-like platforms on different blockchains.