Binance's Blockchain Drops DappBay Platform with Built-in, Anti-scam Tools

Binance’s blockchain, BNB Chain, launched DappBay, a dApp hub on the BNB Chain ecosystem featuring anti-scam technology via an announcement on Thursday. Binance’s founder and CEO, Changpeng “CZ” Zhao, also took to Twitter to confirm the release saying “Stay #SAFU.” 

The new dApp allows the BNB Chain community to shortlist and rank recently launched projects, such as Gamefi, decentralized finance (DeFi), non-fungible tokens (NFTs) and more. 

Binance emphasized its anti-scam tools and technology called Red Alarm built into the platform, which helps users stay ahead of scammers by providing real-time warnings and potential risks associated with different projects. 

Investment director at BNB Chain, Gwendolyn Regina, explained in the announcement she believes this new technology is not only good for the BNB Chain community, but it’s good for the entire blockchain community. 

The new platform’s objective is to create a space where community members can grasp market trends, follow and rank the latest projects, all while managing potential risks with Red Alarm.

This announcement comes just two days after Zhao was involved in some security drama himself. On Tuesday, Zhao tweeted that Binance’s internal threat system detected a potential exploit on Uniswap V3 on the Ethereum blockchain. While there was a security risk, it was later confirmed that it was a phishing attack where the attacker sent a message to thousands of users claiming to airdrop Uniswap’s token UNI to certain wallets. If users interacted with the message, it gave the attacker access to that users’ wallet. 

Zhao received a lot of backlash for the premature tweet, to which he sent a series of nine tweets to explain why he did it. In short, he felt it was essential to send something out, albeit premature, in the case of an actual attack, than to not send a tweet out at all. He felt an early tweet could have saved millions of users. 

Author: Tyler Irvin

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