The DappBay app identifies BNB Chain projects that may be scams and also offers a smart contract scanner. Currently, DappBay has scanned over 3,300 smart contracts and alerts on 70 questionable projects.
DappBay helps identify scams on the BNB Chain
While the app was launched last July, the BNB Chain teams are looking back this week at the first figures for DappBay. This platform lists the different decentralized applications (dApps) of the NBB Chain, but beyond that, it is also a utility that helps users to identify potential scams, which they are facing on this blockchain.
Thus, DappBay has two main features: a smart contract scanner and a “red list” of questionable projects. To date, the BNB Chain has more than 1,300 dApps, 163 million unique addresses and has seen more than 3.3 billion transactions since its inception. These are all factors that are conducive to the encounter of malicious actors. Moreover, its low transaction costs compared to Ethereum (ETH) have provided fertile ground for scams in 2021.
At the time of writing, the “Red Alarm” menu lists 70 projects considered risky. Often, these projects have similar characteristics such as animal names, the keyword “Baby” or confusing names that suggest a connection to Binance.
In the example above, DappBay alerts that the “BabyDogeGas” smart contract poses a risk to the integrity of users’ funds. Note that the app still links to the “project’s” Twitter as well as its website, nevertheless with a warning.
A built-in smart contract scanner
In addition to its directory of potential scams, DappBay allows you to scan the BNB Chain’s smart contracts through its “Risk Scanner” tab. This is a feature that will be particularly useful at the slightest doubt and has already scanned over 3,300 smart contracts.
For example, it is particularly common on the BNB Chain to receive fraudulent tokens, which can siphon off our funds when we try to interact with them. Let’s take the example below with the token named ABFIN.org (ABFIN).
By copying and pasting the hash of its smart contract into the “Risk Scanner” module, we are warned that the code has not been verified and that there is therefore a great deal of risk in trying to interact with it.
Of course, DappBay can never replace a real in-depth analysis of a project. Note also that this application only works on the BNB Chain. However, it can be an additional tool during our researches and to help us to orient our judgment when we have a doubt about a token or a project.
