BNB Chain has launched a new platform, DappBay, to discover new Web3 projects, and warn users of potential rug pulls and scams. DappBay is equipped with a feature called Red Alarm, which assesses project risk levels in real-time and alerts users of potentially risky decentralized applications (DApps).

Users can check if a contract address has logical flaws or fraud risks by entering it into the Red Alarm feature. The platform allows the BNB Beacon Chain community to shortlist and rank the best recently launched projects, such as decentralized finance (DeFi) and nonfungible tokens (NFT), by utilizing market data. DappBay's goal is to aid the community in understanding market trends with the most up-to-date project rankings and anticipating project dangers in real-time.

It also has other features that allow DApp developers to list their projects on DappBay. The platform collects and summarizes a list of promising future projects in advance, allowing users to be the first to know about them. .