Coin98 Exchange now supports the Wallet Approval tool, revokes token allowances from dApps on all supported Blockchains, and protects users from potential loss risks.
Why should you use Wallet Approval tool?
In order to trade, farm, stake, or interact with any dApps, users are required to allow smart contracts to access your assets. There are 2 approaches to allowance: Allow for a specific amount of tokens and unlimited approval.
Allow for a specific amount of tokens: Users give access to a particular amount of tokens for smart contracts of DApp. It can not exceed the maximum tokens that you grant.
Unlimited approval: It means that users provide a smart contract with full permission of your funds.
Unlimited approval brings them a fast and frictionless experience; however, it might potentially affect the risk of asset loss if users interact with untrustworthy platforms or scamming pools.
It is recommended not to grant unlimited access to a platform to keep your funds safe.