Wallet Approval
A wallet approval gives a smart contract permission to use or move specific tokens from your wallet.
✦ Key Insight
Dangerous approvals can allow scammers or malicious contracts to drain funds.
✕ Common Misconceptions
Giving unlimited approvals to unknown contracts and never revoking old approvals.
Detailed Explanation
How It Works
When using DeFi apps, you may approve a token before swapping, staking, or providing liquidity.
FAQs
Can approvals be revoked?
Yes, using trusted approval-checking tools.
In Practice
Dig Deeper
Smart Contract
A smart contract is self-executing code stored on a blockchain that automatically performs actions when certain conditions are met.
Token Contract
A token contract is the smart contract address that defines and manages a token on a blockchain. It is the on-chain source that tells wallets and applications how the token behaves, including its name, supply logic, and transfer rules.
Phishing
Phishing is a scam where attackers trick users into revealing private information or signing harmful transactions.