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 blockchain-deployed code that can hold state and execute predefined rules when called.
Token Contract
A token contract is a smart contract that defines and manages a token's balances, transfers, supply, and other programmable rules.
Phishing
Fake sites, emails or messages built to trick you into revealing credentials or signing a malicious transaction.