BNB Chain Launches New dApp Hub to Assist Users in Identifying High-risk Projects

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BNB Chain says that DappBay, its recently-launched dApp hub, will improve the overall security impression of users across its ecosystem.

BNB Chain has launched DappBay, a dApp hub for the ecosystem, with inbuilt anti-scam tools to protect users. According to the Binance-founded network, DappBay has a Red Alarm feature that would let users assess a project’s risk by inputting a contract address to check for any flags, logical flaws, or fraud risks.

Speaking on the BNB Chain dApp hub, Gwendolyn Regina, investment director at BNB Chain, explained in a statement:

“The Red Alarm feature helps users in staying one step ahead of scammers; the system warns in real time of potential risks associated with the projects, allowing the community to make informed investment decisions.”

User Value Proposition of the BNB Chain dApp Hub

By referencing and using market data, DappBay will reportedly allow the BNB Chain community to rank recently launched projects. These include GameFi, decentralized finance (DeFi), and non-fungible tokens (NFTs), to name a few. In addition, developers will be able to list their own dApps on the platform and track projects, potentially using metrics such as best performing tokens and fastest user growth. Furthermore, the dApp hub will also analyze and compile promising projects ahead of their launch.

BNB Chain Gets Major Performance Upgrade from Rising Web3 Infrastructure Provider Ankr

In other recent news, rapid growth Web3 infrastructure provider Ankr announced a major collaborative scheme with BNB Chain. In June, Ankr said it is integrating its open-source contributions to the BNB Chain to provide a substantial performance boost.

BNB Chain’s Ecosystem Coordinator Samy Karim described the Ankr development as instrumental to his network’s Erigon upgrade. In addition, Karim added that the BNB Chain ecosystem was now able to remain competitive and “offer both users and builders the latest benefits.”

Binance Blockchain Ecosystem Name Change

Until early this year, BNB Chain was known as Binance Smart Chain. However, the network rebranded in February, a move seen as an attempt to dissociate from its blockchain ecosystem. In addition, Binance renamed its BNB token from Binance Coin to “Build and Build.” Speaking on the name change development, Karim explained in a media session:

“Over the years, we’ve realized that BNB has evolved into something beyond Binance and in fact, BNB means Build and Build (not Binance Coin), it’s something CZ has tweeted before. The BNB ecosystem is bigger than Binance, and has transcended Binance in terms of its use cases.”

Furthermore, the Binance exchange also believes that removing the Binance name will provide the BNB Chain with more opportunities and freedom. This is especially so as the platform continues to seek innovative measures within its space.

Binance also added that the BNB Chain will become multi-chain. So far, Binance has spent more than $1 billion to support the BNB Chain ecosystem. Binance considers this investment necessary as the ecosystem continues competing with the Ethereum network and other Layer 1 blockchains.

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Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.