The BNB Chain, namely the blockchain developed by Binance, has inaugurated a new website to alert users to potentially fraudulent decentralized applications: fake tokens, dubious tax system, absent social networks, etc. For now, 191 projects already make up the list.
BNB Chain relies on user security
If you happen to doubt the reliability of a crypto project on the BNB Chain, know that there is a tool to meet your needs. The DappBay website now has a new tab called “Risk Scanner”. It allows anyone to enter the address of a smart contract of a decentralized application (dApp) and to know an estimate of the risk associated with its use.
The judge is none other than Binance and the judging criteria are quite vague. Nevertheless, we know that they are based on smart contract analysis and that the elements observed include tokenomics, fees associated with buying or selling tokens, potential flaws in the code and even the state of the associated social networks or website.
Here is an example made with any dApp on the BNB Chain:
Example of using BNB Chain’s DappBay scanner
The scanner tells us the following: “This address contains bugs, vulnerabilities or malicious code that may cause catastrophic losses for investors, please stay away from this project as soon as possible.” No additional details about the origin of these bugs or the potential repercussions are mentioned.
For the BNB Chain, Binance also makes available the “RedAlarm”. This list is made up of 191 decentralized applications are considered risky investments. This is updated every Friday to stay as close as possible to the current state of the blockchain.
It is important to note that the Risk Scanner is considered a proactive alert by Binance. The website clarifies that this is not investment advice because “this does not represent the level of risk of the underlying dApp projects”. Still, it is an interesting tool to know for BNB Chain users wishing to ensure the reliability of an application before using it.
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Source: Dapp Bay
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Lilian Aliaga
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