DappBay - Find Upcoming BSC Projects along with Risk Levels
I do nearly all my DeFi investing on the Binance Smart Chain Network (BSC) thanks to the wide variety of web3 projects, low transaction fees and speed of the network. Finding news projects and researching them has always been a bit of a pain and can take a long time, but things have become just a little bit easier thanks to DappBay which is quickly becoming one of my new favorite tools.
I discovered DappBay thanks to a bnbchain.org blogpost that was released on July 14. The new site not only helps you discover new and upcoming web3 projects on the BSC network, but it also has a "Red Alarm" feature which details each projects risk level with its innovative contract risk scanning tool. Thank you very much!
Selected by Kols
The first feature on the site is called "Selected by Kols" which is a list of the newest decentralized applications (dApps) as selected by crypto KOLs (key opinion leaders) or influencers. The list currently has six dApps listed including three that I was somewhat familiar with.
Thetan Arena - a play to earn PvP movile game that I had downloaded and played on my phone
Alpaca Finance - the first leveraged yield farming protocol built on the BSC network which I hadn't planned on using
BabySwap - a "supportive" Baby Metaverse for new Automated Market Maker, NFT and GameFi projects
The three other projects I had not heard of yet were an RPG game called Elemon, a multi-chain NFT trading marketplace called Galler, and an NFT marketplace aggregator called Rareboard that has a Rarity Dashboard built in.
Games Ranking
The second feature on the site is called "Games Ranking" and list three games on the BSC network in two different categories - Fastest Growth (user growth over 24 hours) and those with the Best Performing Tokens (24 hour price surge).
The site doesn't just list games and if you select View All you can look at all the protocols broken down by the various categories.
DeFi
Games
Gambling
Exchanges
Collectibles
Marketplaces
Social
Other
Trending
The "Trending" feature is listed third and is similar to the Selected by Kols feature in that it lists trending dApps. The Trending section highlights three projects, none of which I was familiar with.
OpenLeverage - a permissionless lending and margin trading protocol
Galaxy - the largest web3 credential data network
FstSwap - a trading and automated liquidity provision protocol
Red Alarm
This is the fourth feature listed on the site and the one I'm most excited about. Any tool that helps research a site is welcomed so feel free to add this to your tool bag on the BSC network. The goal here is to highlight projects that DappBay deems to be untrustworthy and of high risk.
On the front page three well known protocols, DRIP, Baked Beans and BNB Miner. All three are listed as having "Significant Risk" as they have determined the contract employed performs different that what has been stated by the projects owners. Clicking down further for each of the three sites we are told.
"The contract performs differently from what the project owners advertised, and such inequality (between advertisement and actual performance) will lead to unexpected results. For example, a contract deployer may advertise his contract as an “auto trading bot” but when users interact with the contract, all of the user funds will be transferred to the deployer’s address. It is not recommended to interact with a scam contract since all of the funds can be lost."
There is another View All option here to look at the risks associated with many more sites. For example, the Panda Pets site warning is "The contract contains logical or programming backdoors that are able to drain users' funds." Guess I won't have to do any more research on that site.
Upcoming
The "Upcoming" feature alerts you to knew projects coming on the BSC network with three listed on the main page and another View All option to see more. The three projects listed on the front page all have July release dates.
Melos Studio - a destination for creating, discovering and collecting original music
Froyo - a decentralized game publisher
so-col - offers "supercharging" of creators, brands and communities with web3 and NFTs
Featured
The final section of the homepage is "Featured" and lists featured sites in four categories, Games, DEX, Lend and NFT with some well known sites such as PancakeSwap and ApeSwap listed.
Risk Scanner
Another feature I love is the Risk Scanner which can be found in the upper right hand corner by selecting the icon that looks like a shield with a check in it. By copying and pasting the BSC contract address in the bar provided the contract can be verified and given a risk level. I expect to use this feature on any contract I'm looking into that isn't already listed.
Final Thoughts
DappBay is basically an aggregator for decentralized applications on the BSC network which has recently become known as the "BNB Chain". I'm always on the lookout for new tools in the area for finding and researching new projects on my network of choice, which is the Binance Smart Chain as you may have already guessed by now.
Given the high chances of a rug pull scam when you might land on a platform with a malicious smart contract, it is nice to have a tool that helps mitigate the risk. If you work with a lot of protocols on Binance like me, give DappBay a spin.