What is Unlimited approval?
Coin98 Super App has integrated various popular AMMs in the market to provide a seamless, simple, fast, and extremely safe trading experience for users. To help users have a better understanding of the advanced features when trading on Coin98 Super App, let's take a look at the term “Unlimited Approval” and see what it means.
What is Unlimited Approval?
Unlimited Approval is a feature that enables users to grant platforms and smart contracts the permission to spend tokens/ coins on your behalf without limit.
Normally, when swapping on a specific AMM such as Uniswap, users need to approve the smart contract/ platform to transfer those tokens on their behalf. When swapping a specific amount, you can choose to set an allowance of that exact amount.
Advantages
When the Unlimited Approval feature is activated, users can save time and gas fees as they only need to confirm their allowance once. The approval will then be automatically renewed in all transactions afterward.
Risks
When giving these platforms/ smart contracts unlimited approval, users will face 2 main risks: malicious projects and bug exploits. This risk gives hackers the right to use the approved tokens for many lucrative purposes.
Therefore, in order to mitigate these risks for users, Coin98 only integrates the Unlimited Approval function with, the top-tier AMMs in the market with transparent information, trustworthy teams, and a large number of users.
How to select/deselect Unlimited Approval
Unlimited Approval is the default feature displayed in the confirmation popup for an approve transaction during the native swap on Coin98 Super App.
To selection this option, choose the swapping pair with the desired amount of token in the Native Swap and click on Approve button. There will be 2 options:
Approve only the amount of token you desired to swap
Unlimited approval for this token
The Unlimited Approval offers a superior user experience, but with the highlighted risks, please carefully take it into consideration.
Last updated
