Risk Assessment in Web3 Unveiled by BNB Chain's DappBay
BNB Chain recently unveiled insights via X (formerly Twitter), shedding light on its DappBay platform. Launched in July 2022, DappBay has emerged as a tool enabling users to explore new web3 projects while receiving real-time risk assessments.
Red Alarm: Identifying Risks in Web3 Projects
Central to DappBay is its Red Alarm feature, a risk screening tool evaluating smart contracts for potential fraud risks or logic flaws. Regularly updated, it identifies dapps and contracts deemed risky or potential scams.
At the forefront of the Red Alarm list is Genesis Universe, an NFT-based game on BNB Smart Chain. Despite its play-to-earn mechanism, caution is advised due to its presence on the Red Alarm list, highlighting operational uncertainties.
Notable Risky Projects on Red Alarm
Web3 Pilot, an investment platform, faces high risk and is flagged for its Ponzi scheme-like traits, enticing investors with unusually high returns.
Other Highlighted Projects
Red Alarm lists QuickPay and Silo as Ponzi schemes, while Defi Ujm is suspected to be a phishing website, amplifying the need for cautious user engagement.
Through DappBay's Red Alarm, BNB Chain aims to alert users to potential risks associated with various web3 projects, emphasising the importance of thorough evaluation before engagement.
(Updated on 7 December 2023)
Removal of DeXe DAO Studio from List
DeXe DAO Studio was mistakenly included in the list. They have since solved the issue with BNBChain and is now delisted.